In March 2024, in response to a pending lawsuit judgment against them, the National Association of Realtors® released a set of proposed policy and practice changes that will reframe the relationship between real estate professionals and buyers. To be clear, the industry’s fiduciary commitment to the best interests of clients hasn’t changed, but the way agents and buyer clients formalize professional relationships will.
As a homebuyer, this proposed settlement means there will be some changes to your real estate experience:
Contact the agent you have been working with or begin interviewing agents. They can still show you properties. How you work with your agent and establish your relationship is evolving.
Currently, any offer of compensation to your buyer's broker can be found in the Multiple Listing Service. Starting August 17, that will no longer be the case.
Beginning August 17, all agents will need to use a buyer representation agreement to show you properties. This practice is already in place in many markets and will now apply across the country.
The buyer representation agreement defines the scope of work your agent is going to provide including the contract duration, services and compensation. This means you will know the services and costs upfront with the agent you’ve chosen to represent you.
Not necessarily. There will be a variety of options available to you. For example, many buyers will ask the seller to credit them at close of escrow to pay their buyer broker fees while others will ask
the sellers to pay their buyer broker fees directly.
As my client, you can expect nothing but the highest level of service and counsel. I take my fiduciary commitment to you extremely seriously and believe that the best way to advocate for your best interests is through preparation. For each property my clients consider, I create a complete set of market research, potential pricing and offer strategies, contract negotiation tactics, and more.
