08/17/2024
Historical Changes Start today in the Real Estate Industry:
🏡ATTENTION HOME BUYERS🏡
***On August 17th, all buyers currently looking to purchase a home MUST sign a “Buyer Representation Agreement”- prior to walking into a property.
✅ JUST SHOW ME THE HOUSE!!
**Starting August 17th, NO REALTOR will be able to unlock a door without you first signing the agreement 🤯 This will be non-negotiable for any person with a Realtor designation.
✅ Wait…WHAT DO I HAVE TO SIGN?
*The agreement between buyer and Realtor is a Buyer's Representation Agreement, the contract between you and that realtor stating you will be using them to buy a home and breaking down the roles, duties, and responsibilities owed to you by your agent, etc. This form also spells out what broker commission you and/or the seller are to pay. Whatever commission is on this agreement is the MAXIMUM commission your broker/agent can receive out of the transaction.
✅ I HAVE TO PAY COMMISSION?
Well yes…but actually maybe no… 🤔
With the new NAR ruling going into effect, advertising cooperating broker and buyer broker commissions will now be BANNED on the MLS.
So, now, when your agent shows you a home, they may likely not have any idea if they are going to get paid from the transaction. Commissions are always negotiable, of course, and there are a number of ways your agent can get paid. By the seller either in the form of direct compensation to the Buyer brokerage or as a form of concession/credit to the buyer. In some cases, the buyer will be paying the commission for their agent out of pocket and this will be spelled out in the buyer’s representation agreement.
✅ HIRE A PROFESSIONAL AGENT
Selecting an agent when buying a home is an important decision.
August 17th is approaching a lot of changes will happen behind the scenes. This new rule with a buyer representation agreement is just one facet of the NAR ruling, which will change the landscape of how real estate is sold in the United States. 🇱🇷
✅ ALIGNMENT & COMMUNICATION
Now, more so than ever, aligning yourself with a full-time professional realtor will be vitally important for the success of your home purchase.
This is a nationwide initiative. All Realtors MUST participate in accordance with these new laws. Don't shoot the messenger!
Best wishes on your home search.
