08/16/2024
🐝You may have heard some buzz about the recent real estate industry developments—no media hype here, just the facts! Let’s cut through the noise and get to what really matters for you.⬇️⬇️
🌟The Lowdown:
𝘐𝘧 𝘺𝘰𝘶’𝘳𝘦 𝘱𝘭𝘢𝘯𝘯𝘪𝘯𝘨 𝘵𝘰 𝘣𝘶𝘺, 𝘩𝘦𝘳𝘦’𝘴 𝘸𝘩𝘢𝘵 𝘺𝘰𝘶 𝘯𝘦𝘦𝘥 𝘵𝘰 𝘬𝘯𝘰𝘸:
1️⃣ Buyer Representation Agreement: Starting now, you’ll need a signed buyer rep agreement 𝗯𝗲𝗳𝗼𝗿𝗲 touring properties. Whether it's a one-day (or longer) or one-property (or several) agreement, agents can no longer just open doors without this in place.
🌟This has always been a best practice, and now it’s a requirement.
2️⃣ Compensation offered by sellers to buyer’s agents will no longer be advertised on the MLS. Don’t worry, sellers may still offer compensation (𝘮𝘢𝘯𝘺 𝘸𝘪𝘭𝘭), it just won’t be listed publicly. Your (buyers) agent will need to check directly with the listing agent to find out what is being offered.
3️⃣ Negotiable Buyer Agent Compensation: Buyer agent compensation is now a negotiable part of the contract. Previously, the seller’s commission was split between the listing and buyer’s agents, but now it’s a separate discussion altogether.
🌟The goal here is — Transparency!
𝙏𝙝𝙚𝙨𝙚 𝙘𝙝𝙖𝙣𝙜𝙚𝙨 𝙢𝙖𝙠𝙚 𝙞𝙩 𝙘𝙧𝙪𝙘𝙞𝙖𝙡 𝙩𝙤 𝙝𝙖𝙫𝙚 𝙖 𝙨𝙖𝙫𝙫𝙮 𝙗𝙪𝙮𝙚𝙧’𝙨 𝙖𝙜𝙚𝙣𝙩 𝙗𝙮 𝙮𝙤𝙪𝙧 𝙨𝙞𝙙𝙚. 𝙆𝙚𝙚𝙥 𝙞𝙣 𝙢𝙞𝙣𝙙, 𝙘𝙖𝙡𝙡𝙞𝙣𝙜 𝙩𝙝𝙚 𝙡𝙞𝙨𝙩𝙞𝙣𝙜 𝙖𝙜𝙚𝙣𝙩 𝙩𝙤 𝙤𝙥𝙚𝙣 𝙖 𝙙𝙤𝙤𝙧 𝙬𝙤𝙪𝙡𝙙 𝙣𝙚𝙫𝙚𝙧 𝙗𝙚 𝙖 𝙜𝙤𝙤𝙙 𝙞𝙙𝙚𝙖, 𝙬𝙝𝙚𝙣 𝙥𝙪𝙧𝙘𝙝𝙖𝙨𝙞𝙣𝙜 𝙮𝙤𝙪𝙧 𝙡𝙖𝙧𝙜𝙚𝙨𝙩 𝙖𝙨𝙨𝙚𝙩. 𝙏𝙤 𝙜𝙤 𝙞𝙣𝙩𝙤 𝙩𝙝𝙖𝙩 𝙨𝙞𝙩𝙪𝙖𝙩𝙞𝙤𝙣 𝙪𝙣𝙧𝙚𝙥𝙧𝙚𝙨𝙚𝙣𝙩𝙚𝙙, 𝙬𝙝𝙚𝙣 𝙩𝙝𝙚 𝙎𝙚𝙡𝙡𝙚𝙧 𝙞𝙨 𝙧𝙚𝙥𝙧𝙚𝙨𝙚𝙣𝙩𝙚𝙙 𝙗𝙮 𝙖 𝙥𝙧𝙤𝙛𝙚𝙨𝙨𝙞𝙤𝙣𝙖𝙡 𝙣𝙚𝙜𝙤𝙩𝙞𝙖𝙩𝙤𝙧, 𝙬𝙝𝙤 𝙝𝙖𝙨 𝙖 𝙛𝙞𝙙𝙪𝙘𝙞𝙖𝙧𝙮 𝙧𝙚𝙨𝙥𝙤𝙣𝙨𝙞𝙗𝙞𝙡𝙞𝙩𝙮 𝙩𝙤 𝙩𝙝𝙚𝙢, 𝙥𝙡𝙖𝙘𝙚𝙨 𝙔𝙊𝙐, 𝙩𝙝𝙚 𝙗𝙪𝙮𝙚𝙧, 𝙖𝙩 𝙖 𝙙𝙞𝙨𝙖𝙙𝙫𝙖𝙣𝙩𝙖𝙜𝙚.
*While these changes don’t revolutionize the buying process, they do mean you should be extra thoughtful about who you choose to work with.
♥️Sellers: It’s more important than ever to have a thorough discussion with your listing agent about offering buyer agent compensation. As listing agents, we are here to guide you through the pros and cons, ensuring you make an informed decision.
🌟Ready to discuss how these changes might affect your situation? Let’s chat!
📱𝟲𝟭𝟳.𝟵𝟬𝟱.𝟱𝟭𝟴𝟯
📧𝗸𝗶𝘁𝘁𝗲𝗶𝗹𝗮𝗴@𝗽𝗶𝗮𝘁𝘁𝘀𝗶𝗿.𝗰𝗼𝗺
