New NAR changes effecting commissions is here!
What do you need to know?
There are no standards in agent commissions and everything is negotiable. Every agent needs to discuss there value, services and fees. The market is also an indication of what to expect. Currently we are in a buyers market with more than 6 months of inventory on the market. The specialist needs to review effective negotiation and marketing strategies with the goal of getting your house sold for the most money back in your pocket with the least amount of time possible.
Where do the buyer’s commissions come from?
It is not the seller. It is actually the sale proceeds of the house. It would be considered a marketing expense to get the sale to happen in the best interested of the seller. It depends on the market and the product. Preparing a seller to include an additional budget would be wise counsel.
What has changed for agents?
All compensation-related remarks and listing content must be removed.
Update all listing agreements with NAR mandated compensation disclosures
Clients can advertise if they are willing to make moentary concessions
Can sellers still pay buyer’s agent commissions?
Yes, but the conversation is now between the sellers and the buyers agent with new documentation and forms that are included with the contract. Also sellers can give permission to sellers concessions on their listing agreement that they agree and are willing to pay concessions.
