Hiring A Buyer's Agent
New Rules
As of August 2024, the National Association of REALTORS® (NAR) implemented the following new rules designed to provide more transparency and flexibility for you as a consumer.
Buyer-Broker Agreement
Buyers must sign a written agreement with their agent before seeing properties. This agreement details the services the agent will provide (like showing properties, negotiating offers, and managing the transaction) and how agents will be paid.
Negotiable Compensation:
In the past, the seller would pay the buyer's agent commission as part of the overall transaction. Now, buyers are expected to pay their own buyer's agent, unless it can be negotiate with the seller.
Negotiation:
While buyers are primarily responsible for their agent's fees, there's still room for negotiation. Sellers still offer to cover some or all of the buyer's agent commission to attract buyers. They can also offer to help pay the closing costs, plus more.
Flexible Payment Strategies:
If a seller is not offering a commission, we can build your agent’s fee into our formal purchase offer. This keeps your out-of-pocket costs low while ensuring you have expert representation.