As a trusted luxury real estate agent serving the prestigious wine country region, I understand the evolving landscape of buyer representation agreements. The recent changes introduced by the National Association of REALTORS® (NAR) have significant implications for both real estate professionals and homebuyers alike.
In this quick overview, I will delve into the key facts, address common misconceptions, and empower you to navigate the new realities of buyer representation agreements. Whether you're a fellow agent seeking to stay ahead of the curve or a homebuyer navigating the complex real estate market, this information will prove invaluable.
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Buyer Representation Facts
Buyers may have some misconceptions about the new requirements for Buyer Representation Agreements. Let's address those and provide the facts.
Signing a Buyer Representation Agreement & touring properties
FACT | As of August 17, 2024, every buyer's agent at every brokerage is required to have a signed Buyer Representation Agreement before they are permitted to tour any properties with potential clients. This is not a choice.
Buyers fear working with Agents with a Buyer Representation Agreement.
FACT | 89% of homebuyers use a real estate agent to purchase their home, and 91% agree it would be very stressful to navigate the home-buying process without one*. To assess the value of a professional buyer's agent, a Buyer Representation Agreement must be in place, formalizing the contract between the agent and the buyer.
*Source: NAR & Bright MLS
Listing Availability & Working with a Buyer’s Agent
FACT | Compass agents have access to Private Exclusives, off-market listings that sellers may not want to list publicly. By working with a Compass agent, buyers gain access to exclusive inventory before the competition, helping them avoid bidding wars and giving them time to craft the best offer.
NAR KEY PRACTICE CHANGES
With the upcoming practice changes by the National Association of REALTORS®, my goal as a trusted Compass agent is to simplify the two key changes that go into effect later this August.
01 | Every buyer represented by a NAR-affiliated agent is now required to sign a Buyer Representation Agreement formalizing the relationship between the buyer and broker before touring properties
02 | Buyer's agent compensation can no longer be advertised on the MLS. Compensation has to be advertised, offered, and negotiated outside of the MLS. This can be done through phone, email, or in-person conversations with the listing agent.
Together, we will navigate the changes to rules and regulations in the real estate industry while continuing to provide the same exceptional service I always have. Don't hesitate to reach out if you have any questions or if you are thinking about starting your home search.
ADDITIONAL RESOURCES
Check out my other blogs regarding the National Association of Realtor changes and working with a Buyer’s Agent.
