You may have heard about the upcoming practice changes by the National Association of REALTORS®. Here are the two key changes that went into effect August 17, 2024:
- First, every buyer represented by a NAR-affiliated agent is now required to sign a Buyer Representation Agreement formalizing the relationship between the buyer and broker before touring properties. This was already required in 15 states, and now standardizes the rest of the country. This agreement details the duties of the agent, the fee, the timeline, and is something our team already did - so this is business as usual.
- Second, Buyer’s agent compensation is no longer required to be advertised on the MLS. If a Seller's Broker decides to not advertise the Buyer Broker compensation on the listing, it can still be advertised, offered, and negotiated outside of the MLS. The point of this practice change is to reiterate that everything is negotiable in a transaction, and strives for consumer protection and power of. choice, at any stage of the transaction.
Our thoughts:
While any change can feel disruptive, we believe these changes will increase transparency in the industry, standardize the profession, and provide consumers with even more power when navigating their real estate transactions. Partnering with the right agent/team/brokerage will ensure you understand these new guidelines and can use them to your advantage. For us, our Buyers and Sellers have been "business as usual"!
As always, we are honored to be your advocate, and look forward to helping you achieve your real estate goals.
If you have any questions - let's chat!
