Ch-Ch-Ch-Changes?
An open letter about the changes in the real estate industry…In case you haven’t heard, there are some exciting changes happening in the real estate industry. The news headlines may have concerned or scared you – as most news headlines do. But I can promise, things are not scary!! And my job, our job as realtors, is to guide, educate, and advocate for our people. So, let me breakdown a little bit of what is actually going on – versus what you may be reading or hearing!
As of the end of July 2024, there will be some new rules coming into play that will impact how we do business. What are the big changes being made???
1 – Every licensed agent will be required to have a discussion with a new buyer and have a Buyer Representation Agreement signed prior to viewing ANY property. This agreement will clearly state how the buyer’s agent is compensated. Whereas, in the past, the listing agent negotiated the compensation for a buyer’s agent. This will eliminate some confusion and frustration for both agents and buyers. PS: The compensation has always been negotiable – this is not new.
2 – If passed, listing agents can no longer advertise buyer’s agent compensation on the MLS. This field on the listing description will disappear completely. Sellers can still offer compensation and can be listed on their real estate agents’ individual websites, marketing pieces, etc. This structure operates very similarly to the commercial real estate transaction process. While we don’t know what these new procedures and forms look like because it’s all proposed at this time, we are gearing up and educating our clients and potential clients of the possible changes to come. The good news is, I’ve always prided myself on maintaining a high level of professionalism, and I already have systems in place to adapt to these changes seamlessly. In fact, I’m genuinely excited about some of these updates because I believe they’ll only elevate the professionalism of our industry.
The bottom line is that it is still all about communication and relationship. That hasn’t changed!! So, I will continue to be open with communication, knowledge, and what to expect throughout the process. I will continue to build relationships based on trust and the reassurance that I do not take my job lightly – it is an honor and privilege to help people – you – with your biggest investment in yourself and your future.
As I move into my 5th year in residential sales, my commitment to serving both buyers and sellers as their trusted real estate agent remains unchanged. So, if you have ANY questions or if there’s anything you’re curious about regarding these changes, don’t hesitate to reach out. I’m here to help and share what I know!
Looking forward to navigating these new waters together!
Your Favorite Agent (wink),
Jen Baker
