August 17th is the deadline to implement the changes outlined in the NAR lawsuit settlement.
Here's what that means for you:
If you are buying a house:
You need to have a representation agreement signed with your agent before they can schedule a private tour on a home. This agreement details how and when your agent is paid.
Open houses will still run the same way, you do not need representation to attend.
Sellers may continue to compensate buyer agents, requests for compensation need to be written into your offer.
Discuss with your agent how you want to approach homes that are not offering buyer agent compensation.
If you are selling a house:
Discuss with your agent the possible benefits and drawbacks of offering seller paid buyer agent compensation.
Seller paid compensation amounts will no longer be listed publicly in the MLS. This includes sites like Zillow, Redfin, etc.
As we navigate these changes I'm excited to continue to offer high level service to my clients! I believe this could be a good thing for our industry and I think it will encourage agents to offer better service to their clients.
