Buyer Agent Commission Explained

 The National Association of Realtors (NAR) has introduced new policies to benefit homebuyers. Here’s what you need to know:
1. Exclusive Buyer Brokerage Agreement: Before touring homes, including virtual ones, you must sign a written agreement with your realtor detailing their services and compensation.
2. Compensation Details: The agreement must specify:   - The amount or rate of compensation.   - Objective terms (e.g., flat fee, percentage).   - Prohibition of exceeding agreed compensation.   - A statement that fees are negotiable.
3. No Agreement Needed: You don’t need a written agreement just to inquire about services at an open house.
4. Seller Compensation: Sellers can offer compensation to your agent, but this can’t be shared on the MLS.
5. Seller Concessions: You can still negotiate for seller concessions like closing cost coverage.
What’s Unchanged:- REALTORS® must act in your best interest and adhere to ethical guidelines.- Compensation remains negotiable, and agents must provide clear information.- You have various options and should discuss them with your agent.
Summary:

New forms will emphasize that brokerage commissions are negotiable and not set by law. If you don’t sign the agreement, your agent cannot assist you or show homes.
For any questions or guidance through this process, feel free to reach out.

 At Homesellers Realty, we value buyer's agent representation. We offer a competitive commission structure, sharing 2% of our total 4% commission.