Buyer Representation: Fact vs. Fiction
Understanding the Recent Headlines About Buying a Home
You’ve probably heard the buzz about the National Association of Realtors (NAR) losing a lawsuit, which has led to some changes in buyer agency and broker compensation rules. With any big change, there’s always a mix of facts and myths swirling around. I’m here to clear things up and make sure you know what’s real and what’s not when it comes to buying a home.
Here are the key points you need to know…
Fiction: All listings are online, so you don’t need a buyer’s agent.
Fact: As your agent, I have access to Private Exclusive, off-market listings that aren’t publicly available. Working with me means you get access to these exclusive properties before anyone else, helping you avoid bidding wars and giving you a better chance to secure your dream home.
Fiction: Buyers won’t want to work with an agent if they need to sign a Buyer Representation Agreement.
Fact: A whopping 89% of homebuyers use a real estate agent, and 91% say it would be very stressful to navigate the process without one. To get the full benefits of my expertise, a Buyer Representation Agreement is essential (Source: NAR & Bright MLS).
Fiction: Only certain brokerages require Buyer Representation Agreements before touring homes.
Fact: Every buyer’s agent, regardless of the brokerage, needs a signed Buyer Representation Agreement before showing properties. This is a standard requirement across the board.
Fiction: Buyer’s agents can show homes to buyers without a signed Buyer Representation Agreement.
Fact: Since August 17th, it’s mandatory for buyer’s agents to have a signed Buyer Representation Agreement before touring properties with clients. This isn’t optional; it’s a requirement for everyone.
Fiction: Since August 17th, buyers have to pay the entire agent commission when purchasing a home.
Fact: Commissions are still negotiable, and many sellers continue to offer compensation to agents. Each deal is unique, and a good agent (like me!) will negotiate the best terms for you, especially when it comes to finances.
While there are some changes, they won’t drastically alter how I help you find your perfect home. If you’re looking to buy, let’s chat and go over the details so you have all the facts. Reach out anytime, I’m here to help!
-Gee
