08/18/2024
Today is August 17, and a lot of people are hearing things about Realtors and agreements, etc. Here is the short unfiltered version:
- yes, you will need to sign an agreement before making an appt to see a home. (Except open houses-- see below)
- no, you don't have limited options-- this agreement can be a customer agreement, can be only for that day, can be only for a specific number of homes, can even be a non-exclusive agreement. You can negotiate terms...in a perfect world, there is time to sit down and have a buyer consult and make sure the agent is a good fit. If there isn't time for that, remember... you have options.
- yes, you can still (on your own) visit open houses without an agreement...but if you want an agent from the open house to show you another home down the street, you have to sign something first.
- yes, these changes can feel cumbersome. But, knowing what you are getting into, how compensation works for having someone represent you during one of your largest financial purchases, will benefit everyone in the long run.
- lastly, in many markets things will remain relatively the same...there just might be some situations when your buyer agent isn't sure if the seller OR listing broker are offering compensation to the buyer agent before seeing the home. Two things are important if this happens. #1 if you are listing your home, make sure you get a good agent that answers the phone and is prepared to communicate with many buyer agents calling and asking about if any compensation is being offered. #2 if you are buying a home, find an agent that is a consummate professional and is transparent about the homes on your list, the communication they are receiving from those listings, and that has a plan for negotiating your needs so whatever you pay out of pocket is within your budget you have set aside for your home purchase....and if you are financing, that all the numbers still make sense for you and your expenses.
