Get the facts about buyer’s agent agreements and commission changes.
Are Realtors going away? Will commissions disappear? We’ve been receiving these types of questions lately. People want to know the real deal between buyer’s agents and the NAR settlement. There’s so much conflicting information in the media, and it’s easy to feel confused, which is why I’ll break down two major changes happening in real estate and what they truly mean to you.
• Buyer Representation Agreements. All buyers must now sign a Buyer Representation Agreement with their chosen agent. This agreement will outline expectations between you and your agent. It also specifies the type of property you’re looking for and the areas you’re interested in. Additionally, it will reflect how much compensation your agent will receive. This change promotes transparency and improves the service buyers receive during their home search.
“These changes promote transparency and improve the service buyers receive.”
• MLS Compensation Disclosure. Buyer’s agent compensation will no longer be publicly disclosed in the MLS. Previously, a buyer agent could look in the MLS and see exactly how much compensation or fee was offered for a property. While this information is now confidential, you can still offer to compensate your buyer’s agent directly.
How do these changes affect you specifically? All I can say is that every situation is unique. If you’re thinking about buying or selling a home, I recommend you reach out to me directly at (916) 919-5775 or paulboudier@KnowledgeRE.com so we can discuss how these changes may impact your situation.
