AUGUST 17th 2024 is the Day It All Changes
Moving foreword will be interesting post NAR settlement (especially here in Colorado. Our state isn’t all that happy about MAKING a buyer enter a buyer agency agreement. We shall see how this shakes out). It is going to be messy and a learning experience for everyone. If you come across an agent that doesn’t think this is a big deal or it’s “business as usual” you need to avoid them because that agent is not aware of their industry or how these huge changes effect their business and your real estate transaction.
This is our in-depth video on the intricacies of buyer and seller compensation in residential real estate transactions.
In this video, we’ll break down all the key points you need to know about compensation moving foreword for both buyers and sellers in the real estate market. Whether you’re a seasoned real estate professional, a prospective homebuyer, or a seller, understanding these guidelines is crucial for navigating transactions smoothly and legally.
Our goal is by the end of this video, you’ll have a comprehensive understanding of the compensation protocols for both buyers and sellers in residential real estate. This knowledge will empower you to handle your real estate transactions with confidence and ensure compliance with all relevant guidelines.
For Buyers:
- No Offer of Buyer Broker Compensation in the MLS:
- Learn why there is no direct offer of buyer broker compensation listed in the Multiple Listing Service (MLS) and what this means for buyers.
- Signed Compensation Agreement Required:
- Discover why buyer agents must have a signed compensation agreement before showing properties and the implications of this requirement.
- Compensation Terms Not Considered “Open”:
- Understand the restrictions on describing compensation terms as “open,” such as saying “whatever the seller is paying,” and why specific agreements are necessary.
- No Free Services:
- Find out why buyer agents cannot offer their services as “free” unless there is absolutely no financial compensation from any source. We’ll explain the significance of this rule and how it protects both buyers and agents.
For Sellers:
- Offering Concessions via MLS:
- Learn how sellers can offer concessions that include buyer broker compensation through the MLS and what needs to be included in the listing to make this clear.
- Contractual Requirements:
- Discover the importance of explicitly asking for concessions in the contract and how this impacts the negotiation process.
- Negotiation of Compensation:
- Understand how compensation is subject to open negotiations within the purchase contract, ensuring transparency and fairness in the transaction.
- Limitations on Buyer Agent Payment:
- Learn why buyer agents cannot be paid more than the pre-negotiated amount stated in the Buyer Broker Agreement and how this helps maintain the integrity of the transaction.
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Orson Hill Realty
Real Estate Agents at Orson Hill Realty for Buying and Selling Your Home
Our real estate Agents and Brokers are all Realtors so you have a higher level of ethics and experience. Our staff is also Very Active in the Community – All Orson Hill Realty agents and brokers are local and love their community. We strive to keep our hands on the pulse of the community by being involved in every aspect of the area. We volunteer, have open houses, work at our schools and local sporting events. Don’t forget to visit or get listed on our local business directory! Have a piece of mind when you hire Orson Hill Realty Realtors. Know we will handle everything in your real estate transaction professionally and ethically. The broker/owner of Orson Hill Realty is also a Realtor in Southwest Florida. We would like the opportunity to win your business. Buyers and Listing Agents…
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Real estate agents understand the importance of an online presence and the best technology for our buyers as well as our sellers. For buyers our technology is important because in this fast paced real estate market you need to be notified immediately when a home becomes available on the MLS (Our multiple listing service) You can also do a very detailed home search through our portal that is updated multiple times a day to have the newest and freshest information on homes being listed, sold and going under contract. We also push all of our listings out to a huge amount of online sources, so that you can find your new home with ease!
