How to Succeed in the Real Estate Market Post NAR Ruling
There have been major shifts in the real estate industry recently, most notably in the areas of marketing, advertising, and compensation. Buyers, sellers, and industry experts are all talking about and concerned with these changes, which are especially affecting the Multiple Listing Service (MLS).
The View of an Accredited Real Estate Professional
After around seven years of experience, I can attest to the fact that these new rules have been coming for a long time. Some will be negative to agents, buyers and sellers, we’ll just pivot and find the new normal to our real estate business and move forward.
So, what’s new?
Now we can’t show homes unless we are in an agency agreement be it non-exclusive or exclusive buyer agency, which is a contract. We have had buyer agency in NC for quite some time. You also may be showing homes that the seller is refusing to pay a buyer agent. The commission, if offered by sellers will no longer be displayed in any system connected to MLS…which mean’s we’re back on the phone and texting the seller’s agent. In my opinion it’s going to increase the work that we all do in the industry.
What Makes This Crucial?
The question “Can I communicate directly with the seller or their agent?” may cross your mind. You may say “yes,” but it’s not exactly a walk in the park. Not the buyer, but the seller themselves is represented by the agency. To keep things fair for all parties involved, many listing agents would rather recommend prospective buyers to another agency or agent than work directly with them. It would be like having the same lawyer represent both sides in a court case. You should expect the same level of service from a real estate agent that acts in your best interest alone.
Representing Buyers: What They Do
You can avoid spending too much for a property by working with an experienced buyer’s agent. For example, instead of depending only on the seller’s disclosures, a buyer’s agent would suggest getting an independent inspector to detect any hidden problems in a lovely home that you found online. With this knowledge in hand, your agent will be better able to negotiate favorable conditions on your behalf. Finding the ideal house and taking care of all the necessary paperwork is no easy task for buyer’s agents. Throughout the entire process, they will be advocating on your behalf to make sure everything goes smoothly and to your benefit.
What Happens to Sellers
Both vendors and purchasers are impacted by the new regulations. Home sellers have long relied on the Multiple Listing Service (MLS) to disseminate their listings to a wide audience of prospective purchasers. Given that buyer’s agents are now required to have a signed agreement before showing houses, there is a possibility that fewer agents would showcase your home, which could prolong its time on the market.
Many are questioning whether buyer’s agents are still necessary in today’s dynamic real estate market, particularly in light of recent changes to their remuneration structure by the NationalAssociation of Realtors (NAR). Regardless, working with a buyer’s agent is still a good idea. They will negotiate on your behalf, provide market intelligence, streamline the home-buying process, and look out for your best interests.
You may avoid making costly mistakes and have a seamless transaction with the help of a buyer’s agent. They promise to be there for you every step of the way, from the first search all the way to the settlement, providing guidance, knowledge, and assurance.
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