There are two changes that went into effect on August 17, 2024.
Compensation Offers on MLS: Offering compensation on Multiple Listing Services (MLSs) will no longer be allowed.
When a property was listed for sale before August 17, there was a box that showed what compensation was offered to the buyer's agent. Sometimes it was 3%. Sometimes they offered 2.5% plus a $10,000 bonus. And that ranged all the way down to 0%. Now agents are no longer allowed to post what compensation is offered on the MLS. This does not mean the seller is no longer allowed to offer a concession for the buyer's agent. They just cannot post it on the MLS. They are currently offering as much as 3% all the way down 0%. Just like before. I will admit that way this is being explained is confusing and will confuse some sellers however, there is no change in law or rules that restricts a seller from offering anything to the buyer or buyers's agent.
Buyer Agreements Required: Agents will now need to secure a written agreement with buyers before showing any homes.
If you worked with me in the past, you may remember that I ALWAYS asked you to sign this. The only thing that is different is now I am required to make you sign this before seeing any property. That will be a little cumbersome if you have not purchased a property before, but it is essentially what I have used since my first day in the business.
I am not concerned about either of these changes, and they have only a minor effect on how we work together. And they can offer the benefit of being another way we negotiate with sellers. If you have any questions about this or want to know more, feel free to contact me. As things change in real estate, I will always be there to support you to get you the best deal possible.
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