Realtor Changes 2024: What You Need to Know
As of August 2024, the National Association of Realtors (NAR) has implemented significant changes impacting home buyers and sellers in Washington state. These updates aim to increase transparency and fairness in real estate transactions, but it's essential to understand how they affect you.
For Home Buyers:
Clearer broker relationships: Buyer brokers must now have a written agreement with you before showing properties, ensuring clarity on their role and responsibilities.
No surprise commissions: Sellers must disclose any commission payments made to buyer brokers, so you'll have a better understanding of the transaction costs.
More negotiating power: With commission offers no longer publicly disclosed, you may have more room to negotiate with sellers.
For Home Sellers:
Control over commission payments: You now have more control over commission payments made to buyer brokers, allowing for more flexibility in negotiations.
Required commission disclosure: You must inform buyer brokers of any commission payments in writing, promoting transparency.
Off-MLS commission negotiation: You can still negotiate and offer commissions outside of the Multiple Listing Service (MLS), giving you more flexibility.
What These Changes Mean for You
These updates aim to create a more transparent and balanced real estate market in Washington state. As a buyer or seller, it's crucial to understand these changes to navigate the process effectively.
Work with a knowledgeable Realtor: Ensure your agent is up-to-date on these changes to guide you through the process.
Ask questions: Clarify any concerns or questions you have about commission payments or broker relationships.
Stay informed: Stay up-to-date on the latest developments and how they impact your transaction.
By understanding these changes, you'll be better equipped to navigate the Washington state real estate market and achieve your goals, whether buying or selling a home.
