Buyer Agency Agreement

WHAT YOU SHOULD KNOW

As of August 17th, 2024

Did you hear about the recent changes in the real estate world? If not, don’t worry—I’ve got you covered. 

As of August 17th, 2024, a national settlement with the National Association of Realtors (NAR) brought in new rules about how real estate agents work with you—yes, you, especially if you’re on the hunt for your dream home.

So, what does this all mean? Let’s break it down.

For Buyers:

First things first, if you're looking to buy, you’ll now need to sign a Buyer Agency Agreement before setting foot in any properties with a buyer’s agent. I know what you’re thinking: "Ugh, more paperwork?!” Isn’t this a bit much just to see a property?”

It can feel a bit intense at first, but trust me, this is all for your protection. Think about it—the agent is handing you a piece of document with a detailed roadmap laying out everything - who they are and what you can expect. You want this kind of transparency. It’s a bit like Googling a date before you meet them, except this time, the date sent you the link. 😄

Here’s the key point: Compensation for the buyer’s agent can now be negotiated directly with the seller or paid by you. Don’t worry, though, this doesn’t necessarily mean you’re spending more money. It just means more ✨transparency✨.  (You’ll hear this word a lot!)

For Sellers:

If you’re selling a property, the shift is subtle but important. You can still offer compensation to a buyer’s agent, but now it’s done outside the MLS/RLS platform. Translation: We’ll market this detail through other channels like social media, company websites and other platforms.

So Wait, What’s Actually Changing?

Not much, to be honest. The Buyer Agency Agreement has been around for a while, but now it’s mandatory. it’s business as usual—with a bit more clarity sprinkled in. Think of it as the fine print getting bigger. 

Now that you’re in the know, go find the right agent to work with exclusively. Choose wisely. 😉