THE BIGGEST CHANGE ↓

Have you heard about the changes coming to the real estate industry as a result of the recent NAR lawsuit/settlement?

If you’re planning to buy a home anytime after August 17th, you’ll want to keep reading.

THE CHANGE ↓

The change I’m about to describe doesn’t actually alter how I work with my clients, as it’s always been a best practice. Commissions have always been negotiable and sellers never HAD to pay a buyers agent's commission.

The main thing you need to know is that starting August 17, realtors and their buyer clients are required to enter into a Buyer Agency Agreement prior to touring homes.

This written agreement essentially defines the relationship, terms, compensation, etc.

This is actually pretty standard operating procedure, but has now become a requirement. This protects both the client and the real estate agent by ensuring that we’re all on the same page about the services being offered.

Additionally, the compensation offered by the seller to the buyer’s agent will no longer be allowed to be advertised on the MLS, beginning August 12th for our MLS. Sellers are still allowed to (and many will) offer compensation to buyer’s agents, they just can’t say so on the MLS.

Overall, none of this radically changes how real estate is bought or sold in the US and I’m happy to discuss any of this with you over coffee.

I think the biggest implication is that you should be very thoughtful about who you work with, since you’ll certainly be entering into a written agreement with them!

Just send me a DM!

—Lori Mode, a Sacramento real estate agent.

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