NAR Lawsuit changes take effect today! Here is what you need to know.
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Don’t stress about the NAR suit, I’ve got you covered!
The new regulations from the NAR lawsuit take effect today. There is A LOT of confusion around this topic because, hey it’s confusing!! Agents who are educated and are educating about what is happening will be the ones helping their clients win now and into the future. If you are thinking of buying or selling, or know someone who is. Please contact me. I will help you navigate these changes with confidence and clarity. Here is a brief summary of what you need to know.
If you are a seller:
Not too much has changed for sellers. Fees offered to the buyer's brokerage have always been negotiable, however before typically you paid the total amount of commission due to your listing broker and they would pay a portion to the buy side. Now, going forward in most instances, you will pay the buyer broker directly from your proceeds at closing. I encourage all sellers to continue to offer compensation to the buy side. Why? There are A LOT of reasons for this, so give me a call and I will review it with you live on the phone or we can discuss it over coffee. I love coffee....
If you are a buyer
Things look a bit different from before. The compensation that a seller may be offering towards the buy side agent fee is no longer being specified on the MLS so that will require your agent (me!) to communicate with the listing agent in advance to confirm what (if anything) they are offering. This will be a case by case basis. The good news is, that step is already part of my offer protocol because forming a relationship with the seller's agent is key to building trust and helps to get your offer accepted! Once we know what (if any) fee is being offered by the seller, that will help us craft our offer to ensure there is as little out of pocket cost for you as possible. If the seller is offering less than the buy side fee we can always write that amount into the offer as a credit or roll it into your closing costs. Don't worry, we got this! Last thing is the NAR is requiring a buyer agreement be signed at the first stages of the agent-client relationship, however this agreement is also completely negotiable so don't let the paperwork scare you. I will review it with you in detail before we sign and answer any questions you have.
Please find my fee structure below. I love operating in total transparency so there are no surprises. No one likes real estate surprises!
Buyer agency fee: 2.25% of gross sales price. If you sign with me before your second tour it is reduced to 2%.
Listing fee: 1.5% of sales price but if you buy and sell with Redfin within 12 months, it is reduced to 1%! NO ONE is lower.
That's it! Hopefully, this helps clear up any confusion you might have had around this topic and as always please contact me with any questions. My cell phone is (508) 962-4069.
