As of August 1, 2024, significant changes have taken effect in the real estate industry due to the recent NAR Settlement lawsuit, and I’m here to keep you informed about how these updates will impact you.
Key Changes:
- Buyer Broker Commissions No Longer Advertised on MLS: One of the most notable changes is that buyer broker commissions will no longer be displayed on the Multiple Listing Service (MLS). Commissions offered from the seller’s side will now be communicated between agents off the MLS.
- Buyer Brokerage Agreement: Buyers will now be required to fill out a Buyer Brokerage Agreement with their agents regarding the agent’s commission before going out on showings. This ensures that all parties are fully aware of and agree to the compensation arrangement before starting the home search process.
- Commissions Still Negotiable: It’s important to remember that commissions have always been negotiable and continue to be so. This flexibility allows for tailored agreements that best meet the needs of both buyers and sellers.
- Seller’s Strategy: Sellers are still encouraged to offer the buyer broker’s commission. Doing so can attract more offers and attention from potential buyers, ultimately benefiting the sale process.
Whether you’re buying or selling, understanding these updates will help you make more informed decisions.
Have Questions? Contact Me!
If you have any questions about these new regulations or how they may affect your real estate journey, please don’t hesitate to reach out. I’m here to help you navigate these changes and ensure a smooth, successful transaction.
Contact me today for more information!