Jeff Lindsey Communities Blog
July 23, 2024
NAR Settlement 2024: How does it affect today’s buyer and buyers’ agent?
After careful consideration, you have made the decision to purchase a new home. Congratulations! This is an exciting milestone, and one of the biggest investments you will make. During your research, you may have come across information about the National Association of Realtors (NAR) and a significant legal settlement. Wondering how this impacts your home search? Here are the key details you should be aware of as a buyer!
Are you a buyers’ agent? You may be wondering how this settlement will affect the way you work with Sellers’ Agents at Jeff Lindsey Communities. Good news! Nothing is changing on our end. Keep reading to learn more about how we are reacting to the recent settlement.
What’s changing?
As a buyer, you now have to sign a written agreement with your agent. If your agent is using an MLS (Multiple Listing Service), this settlement mandates the signing of a written agreement with your agent before touring a home. This agreement ensures you understand exactly what services will be provided and the associated costs. In Georgia, this can be facilitated through the Georgia REALTORS Buyer Brokerage Engagement Agreement or the Agreement to Work with Buyer as a Customer.
As a buyers’ agent, this will prompt early conversations about services and costs with your clients. Additionally, changes to MLS regulations will not allow the compensation for agents to be listed publicly. This may lead to questions about what sellers are offering to buyers’ agents.
Does this apply to open houses and speaking with agents about their services?
No! When attending an open house or consulting with an agent regarding their services, there is no obligation to sign an agreement. As a buyer, it is crucial to engage in discussions and inquire about their services, fees, and any contractual terms when seeking the ideal agent for your home search. Open communication promotes transparency, enabling both parties to establish clear expectations while exploring potential homes.
Does this apply to virtual home tours?
Both in-person and live virtual home tours necessitate these agreements. Yes, you read it right – whether you’re physically present or viewing a home virtually, an agreement with your agent is mandatory before proceeding.
How is Jeff Lindsey Communities responding to this?
Jeff Lindsey Communities is committed to following all of the rules and regulations that have been put in place. Still, we want our buyers to be aware of the changes so they have an idea of what to expect when they are searching for their dream home. Furthermore, we also want buyers’ agents to be aware that we will continue to honor our 3% commission on sales moving forward. While this will not be present in MLS listings, we will continue to honor this percentage!
As a home buyer, it is important to understand current policies relevant to your search. Our goal is to make the home buying process as smooth as possible to give you confidence as you take the steps toward your new home. Fully understanding the process is the first step!
As a buyers’ agent, we understand that these changes will bring up questions. We aim to maintain as transparent as possible to make your job easy throughout the newness of this settlement!
