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Big Changes in the Real Estate Industry in 2024

Due to the National Association of Realtors (NAR) Settlement that was announced on March 15th, 2024, we are going to see some SIGNIFICANT CHANGES on how Buyers Agents and Dual Agents have to practice the New Requirements regarding agency relationship disclosures and the use of buyers agency contracts.

Article List:

Article #1

New NAR Buyers Agency Requirement - Buyers agents are now going to be REQUIRED to have Buyers sign a buyers agency contract PRIOR to touring any homes or properties. This will offer transparency on what services the buyer's agents offer and how buyer's agents will get paid. 

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Article #2

BIG CHANGES: NAR Compensation - Sometime in June or July of 2024, MLS's will NO LONGER be allowed to post offers of compensation/commission to buyers agents, sub-agents, or transaction coordinators on the MLS. This is going to change how agents may get compensated at closing. Some sellers and listing brokers will still offer compensation, while others may not offer automatic compensation. This article touches on one of the new models that we are going to start seeing, where the seller doesn't offer "automatic" buyer agency compensation. 

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Article #3

New Way Verses the Old Way - If the Seller or Listing Brokerage is not offering automatic buyers agent or sub-agent automatic compensation, the buyer can either ask for the Seller to pay the Buyers obligation of commission at closing in their offer or the buyer can pay their buyer's agent/brokerage at closing, per their buyers agency contract. The buyer's agency contract has ALWAYS stated that the buyer would pay the buyer broker's commission, but it has also ALWAYS stated that the buyer would receive a CREDIT towards any compensation that was being offered by the Seller or the Listing Brokerage at closing. 

Read Article      Supporting Document for Seller to Pay the Buyers Obligation of Commission

Buyers Agent

List of KEY SERVICES that Buyers Agents Offer to Their Clients - Buyers Agents are more valuable than ever before when it comes to helping buyers navigate through the complex process of purchasing a home or property. There's a lot involved when it comes to purchasing real estate in today's market! Here is a basic list of what Buyers Agents and Dual Agents do for their buyers. This list may not include everything, but it hits on a lot of the Key Services and Tasks the buyer's agents typically preform throughout the purchasing process. 

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