Buyers And Their Broker
The 2024 NAR/DOJ settlement has introduced important changes to how buyer representation and compensation works in real estate transactions. Here’s what you need to know..
When Agents Start Work
This is defined as the time when an Agent begins consulting, providing market information, scheduling showings, and meeting with customers.
MLS and Advertising
The settlement eliminates the ability for listing brokers or sellers to offer compensation to buyer brokers within the MLS. Cooperation between Brokers can remain, but without predefined compensation fields.
Compensation
Compensation has always been fully negotiable between SELLERS and their listing agents. This is unchanged. Compensation agents charge you as a SELLER is directly related their ability to market and service your listing properly and to attract home buyers who are ready, willing and able to purchase your home.
Written Agreements
Buyers MUST now enter into a written agreement with their Broker BEFORE touring homes. You may not know if a buyer needs help to pay their agent’s fee until offers are received. We urge Sellers to examine and give consideration to ALL offers and evaluate price and terms of each offer. Does it work for you in the end?
What This Means for You as Sellers
Your selection of an experienced marketing agent has never been more important. Your trust and confidence in your agent’s services offered is critical to your success in selling your home.
Flexibility
You continue to have more control over how offers are negotiated
You have multiple ways to incentivize buyers to make offers on your home.
Transparency
All terms are openly negotiated, providing more understanding of costs and services. Compensation in offers will be disclosed to all parties.
Guidance
Your broker will keep you informed throughout the selling process, from preparing your home, marketing and closing the deal.
All written agreements ensure you know exactly what to expect, making the process less daunting. Clarity
For Sellers: www.firststory.co/real-estate-marketing