08/20/2024
As a home seller, you have a wide range of choices when it comes to listing your home. Agents who are REALTORS® are a trusted source of advice and stand ready to help you navigate this complex process. NAR’s recent settlement has led to several changes related to broker commissions.
Here is what the settlement means for home sellers:
Sellers still have the choice of offering compensation to buyer brokers. You may consider doing this as a way of marketing your home or making your listing more attractive to buyers.
Your agent must conspicuously disclose to you and obtain your approval for any payment or offer of payment that a listing broker will make to another broker acting for buyers.
This disclosure must be made to you in writing in advance of any payment or agreement to pay another broker acting for buyers, and must specify the amount or rate of such payment.
If you choose to approve an offer of compensation, there are changes to how this can happen.
You as the seller can still make an offer compensation, but your agent cannot include it on a Multiple Listing Service (MLS)—MLSs are local marketplaces used by both buyer brokers and listing brokers to share information about properties for sale.
Your agent can advertise your listing via off-MLS platforms such as social media, flyers and websites.
You as the seller can still offer buyer concessions on an MLS (for example, concessions for buyer closing costs).
Here is what the settlement doesn’t change:
Agents who are REALTORS® are here to help you navigate the process of selling your home and are ethically obligated to work in your best interest. Compensation for your agent remains fully negotiable, and if your agent is a REALTOR®, they must abide by the REALTOR® Code of Ethics and have clear and transparent discussions with you about compensation.
You have choices. Send me a DM to discuss more as it relates to your specific home and how I can advocate for you during the home selling process.
More details about these changes and what they mean can be found at facts.realtor
