National Association of Realtors Rule Changes
Upcoming Changes in Real Estate Commissions – What You Need to Know
I have some important updates that I think you'll find exciting—or at least very relevant—especially with all the recent conversations surrounding real estate commissions.
You might have heard some buzz in the news lately about changes in how commissions are handled in real estate transactions. Let me clear the air: while there are changes coming, it's not quite as dramatic as some reports may suggest.
What’s Changing?
On August 17th, the National Association of Realtors (NAR) will implement a couple of key changes that will affect how we, as real estate professionals, operate:
Buyer Agreements and Commission Disclosure:
Moving forward, realtors like myself will be required to have a signed buyer agreement before showing any properties. This agreement must clearly state the commission that the buyer’s agent will receive from the buyer. It's important to note that this doesn’t mean the buyer always pays the commission—there may still be situations where the seller offers to cover the buyer’s agent's commission. However, this new rule ensures transparency and clarity upfront.MLS Commission Listings:
Another significant change is that multiple listing services (MLS) will no longer display the commission that the seller is offering to the buyer’s agent. The goal behind this change is to create a more equitable environment where properties are shown based on their merits, rather than the commission being offered. This way, there’s less potential for bias in which properties are presented to buyers.
Why These Changes Matter
These adjustments are designed to foster transparency and fairness in the home buying process. By ensuring that all parties are clear on commission terms and by leveling the playing field for property showings, the real estate experience becomes more straightforward and equitable for everyone involved.
What’s Next?
These changes are set to take effect on August 17th, so if you have any questions or concerns, now is the time to ask! I'm here to help clarify these updates and guide you through what they mean for your next real estate transaction.
As we move closer to the implementation date, I’ll keep you posted with any further developments. Feel free to reach out if you need more detailed information or if you’re ready to start planning your next move in the real estate market.
Raegan Thorp
Raegan Thorp Real Estate Group
Let's talk today! 📞✨
Connect with Us:
Raegan Thorp Real Estate Group
📧 Email: info@rtrg.homes
