What Changes To Know on Real Estate Commissions

  • 4 weeks ago
  • 0

You’ve likely heard the recent buzz about the National Association of REALTORS® (NAR) and their proposed settlement, stirring up quite a conversation in the media. This may have left you with more questions than answers. Let me clarify what’s happening and what it means for you.

Key Points of the NAR Settlement

Seller Compensation Options: Sellers have always had the option to offer compensation to the buyer’s broker, and this isn’t changing. What’s evolving is how commissions are advertised.

Commission Transparency: Commissions have always been negotiated through transparent conversations with our clients and remain fully negotiable. They are not set by law.

Buyer Representation Agreement: Under the proposed settlement, every buyer represented by a NAR-affiliated agent must sign a Buyer Representation Agreement. This mutual commitment outlines the business relationship between the buyer and broker before touring a property.

Implications for Our Mid-Peninsula Market

The proposed settlement introduces changes in how commission offers are presented. Specifically, from July 2024, commissions should not be advertised in the MLS. However, this doesn’t affect how we conduct our business. We have always prioritized our clients’ best interests over commissions.

Professional representation on each side ensures smoother transactions, fostering open communication that benefits all parties involved.

What This Means for You

For AGemHome.com, it’s business as usual. I will continue to encourage transparent commission conversations that reflect the time, effort, expertise, and support I invest in each transaction. I believe in direct communication and education, ensuring everyone involved understands their options and the process.

I welcome your questions and input regarding these changes. Let’s discuss how we’re adapting and how this will affect you. It’s all about maintaining open lines of communication and keeping you informed.

Contact Me to learn more about these changes and how they might impact your real estate transactions. I am here to help you navigate through the evolving landscape with confidence and clarity.

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