17 Aug Real Estate Practice Changes You Need to Know About

Real Estate Practice Changes You Need to Know

Effective 08/17/2024 – The National Association of Realtors have implemented some new practice changes that affect buyers and sellers going forward!  Here is a summary of the new changes:

Practice Change

Buyers must sign a written agreement with their chosen broker before touring a home—whether in person or live virtually. The agreement will reflect the terms they have negotiated with their agent, including what services will be provided, for how much and how the agent will be compensated.

If sellers have not offered compensation, buyers can request in their offer that sellers compensate the buyer broker. If the seller is not paying buyer broker compensation, the buyer will be responsible for paying their agent if agreed to in the written agreement.

Buyers do not need a written agreement when just speaking to a listing agent at an open house or asking them about their services.

Practice Change

The listing broker or the seller may offer compensation to the buyer’s agent, but there are limitations to how that offer can be marketed—i.e., brokers can no longer communicate offers of compensation on an MLS. 

Practice change

 If there is an offer of compensation to a buyer broker from a listing broker or the seller, the seller must approve the specific amount or rate of payment in writing.

Compensation remains fully negotiable by buyers and sellers and their agents.

When searching for an agent to work with, it is always a good idea to do your research and know your options when it comes to choosing a real estate agent. We are not all the same! Make sure to ask questions about compensation and understand what services you are receiving.

As a REALTOR®, I am here to answer any questions you may have about the changes. For me these new practices will not change the service I provide and I will continue to go above and beyond for my clients!