As a real estate broker, I am thrilled to share some
exciting news that marks a significant milestone for our industry and, more
importantly, for you, our valued clients. The National Association of REALTORS®
(NAR) has recently reached a settlement that represents a pivotal moment for
our association and our industry. This development is not just a win for real
estate professionals but a win-win for everyone involved in the home buying and
selling process.
The settlement, as announced by NAR President Kevin Sears, underscores our commitment to transparency, fairness, and progress. It is a testament to our dedication to upholding the highest standards and ensuring that the interests of home buyers and sellers are at the forefront of everything we do.
For you, our clients, this means more clarity and confidence in your real estate transactions. It reinforces our promise to provide you with the best possible service and support, ensuring that your home buying or selling experience is smooth, successful, and satisfying.
If you are a seller, it means that MLS’s are no longer allowed to publish offers of compensation to buyers agents. Offers of compensation can still happen through negotiation and consultation to get the max number of buyers into a home. Sellers can offer buyer concessions to offset buyer closing costs. Broker fees charged to you have always been negotiable, and they still are.
If you are a buyer, it means while working with a buyer’s agent you will get a written agreement to sign, stating exactly what that agent is doing for you and the scope of the service you are getting. Your agent will represent your interest, and it eliminates undercover seller agents pretending to represent you. Like all other professionals, buyer agents may charge a fee for their services, which can be paid out of pocket or by sellers’ concession.
The changes will take place in July 2024. We are optimistic about the future of real estate and are more determined than ever to help you achieve your dreams of homeownership. We have buyer’s and seller’s agents here. This settlement is a significant step forward in our ongoing journey to enhance the real estate industry for all parties involved.
As your trusted real estate broker, I am here to guide you through every step of your real estate journey, armed with the latest industry insights and a steadfast commitment to your success. Let's embrace this pivotal moment together and look forward to a brighter, more prosperous future in real estate. If you have more questions…AskHollingsworth.
Photo Source: wikimedia.com by Mr. Kjetil Ree