Misleading or overstated headlines over the past few weeks have created confusion.
HERE’S WHAT WE KNOW RIGHT NOW…
- The NAR agreement does not prohibit sellers from making offers of compensation to buyers’ agents; it only removes the mandatory requirement that such offers be made and displayed on the MLS.
- NAR will require buyer agents to use representation agreements with their clients, which we believe will bring greater consumer transparency and ensure buyers’ agents are compensated for the valuable services they provide.
THE HEADLINES…
- Home buyers and sellers won’t have to pay a standard commission anymore.
THE REALITY:
- There is no standard commission – commissions are negotiable, and they always have been. These changes are simply going to make the commission process more transparent, ensuring clarity between buyers’ agents and their clients from the outset.
THE HEADLINES…
Sellers don’t need to offer compensation to buyer’s agents.
THE REALITY:
Choosing to help a buyer with commission or closing costs is solely the seller’s decision. Many sellers see value in doing so as it can make their property attractive to a wider pool of buyers by helping to alleviate out-of-pocket costs that can be challenging – especially for first-time buyers. Sellers also recognize that buyers’ agents often facilitate a faster and smoother closing.
THE HEADLINES…
Buyers no longer need agents.
THE REALITY:
Real estate agents help consumers successfully navigate one of life’s most expensive and impactful transactions- providing invaluable advocacy, support, and expertise.
The Coldwell Banker® brand remains fully committed to supporting all agents as they expertly serve their clients.
