08/13/2024
Industry Update 🤝
You may have seen some headlines discussing the NAR Settlement in regards to our real estate industry. Because of that Settlement, REALTORS® will have to implement a few changes to how they practice real estate.
1. Before an agent can show you a property, you must sign a written agreement, whether that is a Buyers Agency Agreement or another agreement that outlines the relationship between you and the agent, how commission will be paid, and the duties that the agent will perform for you. This is MANDATORY for any REALTOR® to show you a home. So before you get upset, just know it is for transparency and protection for both the consumer and the agent, and is now a requirement through our REALTOR® designation status.
2. In the past, agents could get onto their multiple listing service (MLS) and pull information about the listed properties as well as how much commission the seller was offering for a buyer's agent bringing a buyer. Commissions will no longer be displayed on the MLS. The Buyers Agency Agreement you signed or written agreement you signed, will outline the commission that can be collected from you as agreed upon, and or collected from the seller if agreed upon in a sales contract or written agreement.
3. Every agreement you sign in regards to purchasing a property, listing agreement, or buyers agency agreement will have verbiage "compensation is not set by law and is fully negotiable." Although this has always been true, the actual words will now be displayed. Buyers and sellers will and have always been able to negotiate our fees. We take pride in our work and representation for our clients. We work hard for our commissions.
So if you decide to list or purchase a property in the near future, just know that you will see some slight changes to how we present information but thankfully we have awesome agents who stay ahead of the game and are well informed and will be there every step of the way to make your transaction as smooth as possible. If you have any questions, feel free to DM us!
At Pia Friend Realty, we are your 'Friend' and expert in real estate. Our office has been in business since 1999, and still going strong! We have seen and been through all the industry changes, but what you can count on is our ability to adjust, educate, and be there 100% of the way for our clients.
Here is Q&A from NAR for any other questions: https://www.nar.realtor/the-facts/nar-settlement-faqs
Pia Friend Realty Powered by The Gerety Group, LLC.
524 Liberty St.
Oskaloosa, KS 66066
1-800-994-4742
www.piafriend.com
