According to nar.realtor, the National Association of Realtors (NAR) recently reached a settlement that brings significant changes to real estate transactions. Whether you’re buying or selling a home, understanding these updates is crucial for navigating the market effectively. Here’s a breakdown of what the settlement means for you.
For Home Sellers
Compensation Choices: You can still offer compensation to buyer brokers if you choose, but this information won’t be included on Multiple Listing Services (MLS). Instead, your agent can promote your listing through other channels like social media and flyers.
Disclosure Requirements: Your agent must provide written disclosure of any payments made to other brokers before finalizing any agreements. This ensures transparency about compensation offers.
Negotiability: While you can offer buyer concessions and advertise them on the MLS, you should discuss and negotiate compensation with your agent directly. Your agent is committed to working in your best interest and must abide by ethical guidelines .
For Homebuyers
Written Agreements: Before touring homes, you will need to sign a written agreement with your agent. This agreement will clearly state the compensation terms and ensure transparency regarding the services you will receive.
Compensation Clarity: The agreement must detail the specific amount or rate of compensation. It must be objective and not open-ended, ensuring no hidden costs or surprises.
Negotiation and Concessions: You can still receive concessions from sellers, such as assistance with closing costs. Although MLSs will not list compensation offers, you can discuss and negotiate these terms with your agent.
Virtual Tours: Written agreements apply to both in-person and virtual home tours, ensuring consistent practices across all viewing methods.
What Doesn’t Change
Ethical Standards: Agents remain committed to acting in your best interest and following ethical standards.
Negotiability: Compensation for agents is fully negotiable. Always discuss and confirm these terms before engaging in any transactions.
These updates will take effect on August 17, providing you with new guidelines for how to approach buying or selling your home.
For personalized advice and to navigate these changes effectively, contact Benson Group. We are here to guide you through every step of the process and ensure a smooth transaction. ----------
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