Did you know that starting August 17th a Realtor can no longer show you a property without a signed written agreement? This means they can’t even unlock the door without it.
Doing so, and getting caught, results in thousands of dollars in fines.
A signed written agreement details the Realtor's duties to you, spells out their compensation, and legally binds you to that particular agent for an agreed-upon timeframe.
There is no such thing as a "free service" for using a buyer's agent. Now, as with sellers, buyers must truly hire their agent.
Hiring a Realtor who has done many transactions and has years of experience matters more than ever before.
Sellers interview agents, and now so will buyers, who must take this more seriously.
Yes, sellers can still pay a buyer's agent commission as they've traditionally done in the past, but it’s no longer listed in the MLS.
Now, buyer's agents must connect with listing agents to confirm if and how much the seller will compensate. They then communicate this to you, and you can decide how to proceed.
We have always practiced this way. We have always asked our buyers to sign agreements and hire us knowing that our compensation would be paid by them if the seller wasn’t offering compensation. They hire us for our knowledge and experience, and to represent their best interest.
You can hardly get an electrician or a plumber to come to your house for free. Their time is valuable, as is yours and mine.
Educate yourselves so you aren’t irate when an agent explains this to you. A buyer's agent can offer valuable services and protect you from legalities that can cost you thousands.
HOME BUYERS: Here's What the NAR Settlement Means for You
HOME SELLER: Here's What the NAR Settlement Means for You