Have you heard about upcoming changes in the real estate industry?

You may have seen news headlines recently about real estate agents and their commissions, and it can be confusing if you're keeping up with the discussions. However, what's important to understand is that the guidance and expertise provided by a reliable real estate agent are invaluable, particularly in today's world. Here's why:

Real estate agents provide invaluable guidance and expertise when buying or selling a home. They simplify complex processes, remove stress, and prioritize your best interests. A reliable agent delivers industry experience, provides expert local knowledge, explains pricing and market value, reviews contracts and fine print and negotiates on your behalf. They are specialists, educators, and negotiators who keep you informed and adjust to market changes. Choose an expert agent to help you make confident decisions on your home-buying journey.

What You Need to Know About the NAR Commission Settlement

Home buyers and sellers in Florida should be aware of the changes to the commission structure in the real estate industry as a result of the NAR Commission Settlement. Here are the expected changes:

1. Changing: Buyers must establish a Buyer's Representation Agreement with their agent before doing any home showings. This change means that only agents with an agreement with buyers can show properties, giving you more control over the process.

2. NOT Changing: Buyers and their agents will continue to set broker compensation upfront. Buyer broker compensation can be a percentage of the sale price, a flat fee, or a retainer. Broker compensation can come from either the seller or the buyer. Stabilizing the compensation process should give you confidence in your financial planning.

3. Changing: The listing agent cannot advertise buyer broker compensation on the MLS. However, agents can still advertise when a showing is confirmed or through direct email, calls, texts, or other avenues. This "decoupling" of compensation requires buyers and their agent representatives to agree on the services agents provide and how the parties will handle payment. The options for payment are mainly unchanged.

4. NOT Changing: Sellers can advertise closing cost compensation and funds available for buyer broker compensation and other buyer closing costs.

These are nominal changes, but the most significant change requires a buyer's representation agreement upfront. The Buyer-Broker Agreement is a positive change as it will ensure buyers genuinely understand their options before making an offer on a home.

We are always here for you and happy to help you navigate any further questions or concerns about your Real Estate needs.