What You Should Know About the Recent NAR Settlement Changes
You may have heard some buzz about the recent NAR (National Association of Realtors) settlement, and I’m here to break it down in simple terms. There have been a few key changes that impact how we navigate the home buying process.
Why the Change?
To put it simply, it’s all about transparency. The real estate world is adapting to make sure everyone is fully aware of the ins and outs when it comes to working with a real estate agent. This is about ensuring you know exactly who’s involved in your transaction, what services you’re receiving, and how commissions work. No surprises, just clarity!
Here’s What You Need to Know:
1. Signed Agreements Before Touring Homes
One of the most important changes is that buyers will now be asked to sign an agreement with their agent before you start touring homes. This agreement outlines the services I will provide as your agent and how I am compensated. It’s all part of creating clear expectations upfront, so you’ll know exactly how we’ll work together. At Keller Williams, we’ve been using these agreements already, now I just need to have a signed agreement before we go see a home (or land).
2. Commissions Are Still Negotiable
Good news — commissions are still negotiable and they always have been! Whether the seller is covering the buyer agent’s fee or we discuss another arrangement, this hasn’t changed. What’s new is that the process is more open. You’ll have the opportunity to review and understand the commission setup.
3. Transparency is Key
The big takeaway here is that the settlement aims to provide more transparency. Buyers and sellers will be better informed. I’m here to help guide buyers and sellers through this process.
BUYERS, How Does This Affect Your Home Search?
If you are a buyer just getting started, this simply means we’ll have a conversation about the buyer agreement before we tour any homes during a buyer consultation. It’s really about setting expectations and making sure we’re on the same page right from the start.
As always, I’m here to help make sure you feel informed and confident throughout your real estate journey. If you have any questions about these changes or anything else related to buying or selling, don’t hesitate to reach out. My job is to ensure a smooth, transparent and enjoyable process from start to finish. Let’s navigate this new chapter in real estate together!