The National Association of Realtors (NAR) recently reached a settlement to resolve lawsuits claiming that the way real estate commissions are structured is anti-competitive. The settlement aims to bring clarity and transparency to the real estate transaction process.
How Key Changes Affect Buyers and Sellers:
Written Buyer Brokerage Agreements
1. For Buyers: You will be required to sign a written agreement with your buyer’s agent (me) before viewing homes. This agreement outlines the agent’s services, compensation, and your responsibilities. Why it matters: This ensures clarity about my role as your agent and your expectations.
Changes to MLS Compensation Discussions:
2. For Sellers: You will have more control over compensation offered to buyer’s agents. While you can still offer compensation, discussions about it will no longer be allowed on the Multiple Listing Service (MLS). Why it matters: This gives sellers more flexibility in negotiating compensation terms.
No Impact on Commission Rates:
3. For Buyers and Sellers: The settlement does not change how commissions are calculated or paid. You’re still free to negotiate commission rates with your agent. Why it matters: This ensures that you can continue to negotiate the best deal for you.
What Does This Mean for You? More Transparency: The new rules aim to increase transparency in the real estate process, giving you more information to make informed decisions.
1. No Change to Agent Relationships: You can still choose to work with any agent you prefer, and you’re not obligated to use a buyer’s agent.
2. Ensuring clarity and transparency, these new requirements under the NAR settlement uphold our commitment to professionalism and client advocacy in every real estate transaction.
Reach out to us or go to https://www.beachlife321.com/ to discuss in more details. Ryan & Amy