You may have read the real estate headlines about the NAR Settlement, effective August 17th, that has resulted in the decoupling of commissions changing the commission structure for buyer’s agents from cooperative to a representation based approach.
Quick Overview of What This Means:
Previously, a seller would sign a listing agreement with an agent/brokerage at a set %. In order to give the property maximum market exposure, they would put it on the MLS which syndicates out through IDX to all of the marketing websites, offering a cooperating percentage to an agent that brings a buyer. Essentially, the seller was paying the agent/brokerage and the brokerage was sharing their commission with the buyer’s agent.
Seller’s can still offer out a % commission to a buyer’s broker, which is still common practice in today’s market. The difference now is that this % needs to come from the seller directly to the buyer’s broker, from the buyer to the buyer’s broker or from the seller to the buyer and then to the buyer’s broker. Real estate commission will still only be paid upon a successful sale at closing on the settlement statement just as they were in the past. Our #1 goal as it always was is to deliver value to you, putting your real estate needs as our top priority.
For showing properties, either in person or through a video chat like FaceTime, requires a buyer agency agreement form. We have multiple forms: non-exclusive buyer agency and exclusive buyer agency. A non- exclusive buyer agency is the form that we use to show an interested buyer one of our listings before we have a buyer consultation with them to ensure that we are the right fit to work together. As a buyer, you are not committed to exclusively only work with me, but understand that we would represent you if you were to move forward on the property that we showed you.
An exclusive buyer agency agreement is for client’s that together we decided are a good fit to work with and we are a good fit to work with them. Think of an exclusive buyer agreement like a listing agreement when selling a property- we will be marketing for you, providing you with weekly updates, networking to seek both on market and off market opportunities and then once you find the right property we will negotiate the best price and terms on your behalf and guide you through every step of the way to closing. Our team is your full real estate concierge, sharing our network and preferred vendor partners with you to make your home ownership and investment journey as simple as possible.
If you are considering a move or know someone that is, let’s connect. You can set up a call here on the link below: calendly link, or text me, or we can meet in person if that suits your needs better.
We appreciate you,
Marissa, The DiMare Group
