On August 17, 2024, the real estate industry shifted under a policy change from NAR (National Association of Realtors®). As many know, this policy change was mandated as a result of a settlement in a much-publicized lawsuit earlier this year. But what people still might not know – or fully understand, yet – is what this change means in the day-to-day of management of real estate transactions like theirs.
Changes effective 8/17/24:
- Every buyer represented by a NAR-affiliated agent is now required to sign a Buyer Representation Agreement formalizing the relationship between the buyer and broker before touring properties.
- Buyer’s agent compensation can no longer be advertised on the MLS. Compensation has to be advertised, offered, and negotiated outside of the MLS. This can be done through phone, email, or in-person conversations with the listing agent.
“As a broker with more than 34 years of experience, I’ve navigated my fair share of evolution in the real estate industry. We must keep moving forward, remaining one-step ahead, to continue making meaningful moves for our clients. I have and will continue to approach every client relationship with a deeply-thinking mind, influenced by my experience and a service-minded heart. These new policies don’t change that at Mike McCurry Group. We welcome your questions. And, we are ready to help you make a meaningful move.” – Mike McCurry
Real estate is a relationship-based business, and the trust we’ve earned with our clients is something we greatly value. These policy mandates, put in place to increase transparency in real estate transactions, have raised many questions among buyers and sellers alike. Together, we will navigate the changes to rules and regulations in our industry while continuing to provide the same exceptional service we always have.
The value of working with a buyer’s agent – whether you are a first-time buyer or not – remains at an all-time high.
If you would like to have a conversation about these changes and how they will impact your experience as a buyer or seller, please contact Mike directly: [email protected] or (630) 447-9393.