Big Changes in Real Estate (But Not Really)

What’s Happening?

The National Association of REALTORS® (NAR) just made some changes, but here’s the thing: Buyer’s agents are more important than ever, and for the most part, nothing has really changed. The main difference is some upfront paperwork. That’s it!

1. Buyer’s Agreement Before Touring Homes

  • What’s New?: Starting August 17, 2024, buyers will need to sign an agreement with their agent before seeing homes.
  • What Does This Mean?:
    • You’ll know exactly what you’re paying your agent (but don’t worry, most buyers are still not paying out of pocket).
    • You’ll get a clear idea of what services you’ll receive.
    • Fees are negotiable, so you and your agent can work out what makes sense for you.

2. Commission Changes (Sort of)

  • The Old Way: Sellers traditionally paid a 5-6% commission, split between the buyer’s and seller’s agents.
  • The New Way: Starting August 17, 2024, no more commission info posted on MLS listings.
    • But nothing’s really changed. Buyer’s agents are still getting paid by the seller — just like always. It’s just now a bit less visible upfront.

3. How This Affects Buyers

  • What’s Different?:
    • You’ll be doing a bit of paperwork up front (signing an agreement).
    • You won’t pay your agent directly (most of the time), since the seller still covers that commission. We’ll ask for it in the offer.
    • Agents will still help you negotiate and get the best deal, just like before!

4. What Does This Mean for Everyone?

For Homebuyers:

  • You’ll just sign a quick agreement before seeing homes. Simple.
  • You’re still not paying your agent – seller’s covering it.
  • More transparency on what you’re getting and what you’re paying for.

For Real Estate Pros:

  • New paperwork, but same job: Help buyers find the right homes and negotiate the best deal. Still advocating only for you, the buyer!

For Home Sellers:

  • No more commission info on MLS, but you can still offer compensation outside of it.
  • Buyer concessions can still be posted on MLS.
  • All fees are negotiable.

So really, nothing’s changing that much. Buyer’s agents are still just as important as ever, and the big difference here is some early paperwork. Don’t stress — you’ll still get the same great service without having to pay your agent directly. The process is just getting a little more clear and transparent. Easy, right? 😊