The ABC's of the New Buyer's Agency Agreement

The ABC's of the New Buyer's Agency Agreement

By: Lee Aloni

Hello, Cooper City residents! I hope the summer brought you fun adventures and lasting, good memories. Students are back in school, and they are not the only ones learning new things! There have been notable changes within the real estate industry, and realtors across the country have been diligently studying the updates. The National Association of Realtors (NAR) has eliminated decades-old rules on commissions and is making it easier for buyers to negotiate fees with their agents due to a landmark $418 million settlement. 

What does this mean for the customer? Here are a few “ABC’s” to keep in mind when you are planning to buy, rent, or sell a property.

1. A. Advantages of Working with a Realtor® A great deal of time and effort are involved in real estate transactions. Professional REALTORS® manage numerous details, including providing comparative market analysis and executing listing agreements, contracts, addendums, and leases. They advertise properties on the Multiple Listing Service (MLS) and market listings via social media, email, snail mail, and word of mouth. They show properties, orchestrate open houses, hire photographers, negotiate sales prices, attend inspections and appraisals, and communicate with financial planners, as well as mortgage, title, and insurance companies. We recommend electricians, plumbers, HVAC technicians, painters, roofers, and pool companies. We advise new homeowners about Home Owner Associations (HOA’s), utility companies, schools, neighborhoods, and fun places to visit in your new city or town. We serve on boards, network with our colleagues, volunteer in our communities, write articles and podcasts, and keep up with our continuing education. 

2. B. "Buyer Agency Agreement,"  or Buyer Representation Agreement: As per the National Association of REALTORS® (NAR) commencing on August 17th, 2024, real estate agents who assist buyers by using the MLS  are required to enter into a written agreement with the buyer prior to touring a home, including both in-person and live virtual tours. The contract also states that the real estate agent will do work for the buyer, and the buyer will pay the agent for the work.

3. C. Choice of Compensation: Sellers still have the choice of offering compensation to buyer brokers. This can make your listing more attractive to buyers. (I can’t stress this enough!)

There are more letters in the alphabet, and there is certainly more information to share! I would be happy to answer any questions you might have regarding these new changes and anything real estate-related. I am always available, 24/7/365! I also invite you to learn more about Cooper City and our South Florida communities by tuning in to my YouTube podcast “REAL Life with Lee in South Florida 24/7-365”! 

Lee@LeeAloni.com

LeeAloniRealtor@gmail.com

www.LeeAloni.com

754-244-3352

Lee Aloni, South Florida Real Estate, @G&E Realty Group, Inc.