08/17/2024
๐จ ๐จ ATTENTION HOME BUYERS ๐จ ๐จ
โผ๏ธ ๐๐
๐
๐๐๐๐๐๐ ๐๐ฎ๐ ๐ฎ๐ฌ๐ญ ๐7๐ญ๐ก, 2024 โผ๏ธ
Starting August 17th ๐
, REALTORS will NOT ๐ซ be able to show you a home ๐ก unless you've signed โ๐ผ a Buyer's Representation Agreement ๐ with them. All buyers looking to purchase any residential property starting Today MUST sign a โBuyer Representation Agreementโ before walking into a property.
๐ก ๐๐๐โ๐ ๐๐๐ ๐๐๐๐ ๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐๐?
Starting August 17th, no REALTORยฎ๏ธ will be able to unlock a door without you first signing the agreement. This is non-negotiable and is part of a legally binding settlement for all REALTORS.
๐ ๐๐๐ข๐ญโฆ๐๐๐๐ ๐๐ ๐ ๐๐๐๐ ๐๐ ๐๐๐๐?
The Buyer Representation Agreement ๐is a contract ๐ค between you, as the Buyer, and your REALTORยฎ๏ธ. It outlines the details of your relationship, roles and responsibilities, and the REALTORโs compensation ๐ฐ. Just like commission, the terms are negotiable. The compensation/commission stated is the MAXIMUM amount your broker/agent can receive from the transaction.
๐ต ๐๐, ๐๐๐๐๐๐ ๐๐๐ ๐๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐๐๐๐๐๐๐?
Well, yesโฆbut actually, maybe noโฆ
The agreement states that the Buyer is responsible for commissions; however, there are situations where others, including the Seller or the Listing Broker, may cover this cost. Unfortunately, us agents don't, and can't, work for free. ๐ฌ So, it has never been more imperative to have an agent who knows what they're doing and is worth their cost! ๐ฒReach out to your agent if you have questions about your specific scenario.
๐ ๐๐๐ ๐๐๐ ๐๐ ๐๐๐ ๐๐๐๐?
Historically, Sellers paid the Listing Broker a commission, which was then shared with the Buyerโs Broker. However, this led to a misunderstanding that โThe Seller pays the Buyerโs Agent,โ which isnโt entirely accurate. This misconception resulted in a class-action lawsuit, driving these changes. With the new NAR settlement, Agents/Brokers cannot advertise ANY compensation via the MLS, meaning Buyerโs Agents arenโt guaranteed compensation like before.
๐ค ๐๐๐๐ ๐๐
๐ ๐๐๐โ๐ ๐๐๐๐ ๐๐ ๐๐๐๐๐? ๐๐๐ ๐ ๐๐๐ ๐๐๐ ๐๐
๐๐๐๐ ๐๐๐๐๐๐๐๐๐?
The agreement will outline the termination process, so itโs crucial to interview and hire your Buyer Representation carefully.
๐ ๐๐๐ฒ ๐๐จ๐ข๐ง๐ญ๐ฌ:
1๏ธโฃ The length of the agreement is determined by you and your agentโit can be as short or as long as you both agree.
2๏ธโฃ Keep in mind that specifics can vary from state to state, so be sure to clarify the terms before signing.
๐ค ๐๐๐๐๐๐๐๐๐ & ๐๐๐๐๐๐๐๐๐๐๐๐๐๐
Choosing a professional REALTORยฎ๏ธ is more critical than ever to successfully closing on your next property purchase. This new rule with the Buyer Representation Agreement is just one aspect of the NAR settlement, which is rapidly changing the real estate industry nationwide.
If you have any questions, or need more details, feel free to reach out. I'm here to help and would love to be your REALTOR!!!!! Now, more than ever, who you hire matters! ๐ก
! ๐๐ฝ
(Credit: Jamie Proctor via Melissa Forney )
Shaquitta Ledbetter, Realtor ยฎ๏ธ
Cell 318.349.0785๐ฑ
Office 318.213.1555 โ๏ธ
Keller Williams NW Louisiana
795 Brook Hollow Drive
Shreveport, La 71105
Each office is independently owned and operated
Licensed real estate agent in the State of Louisiana
