The National Association of Realtors recently updated policies regarding real estate transactions. Take a look at some of the included changes:
- No More Compensation Offers on MLS: Offers of compensation can no longer be made on Multiple Listing Services (MLS). Instead, compensation must be negotiated directly between the buyer and their agent.
- Written Buyer Agreements: Agents must now enter into written agreements with buyers before they can tour homes.
- Negotiation of Fees: The standard practice of sellers offering a commission to buyer agents (often around 3%) has been eliminated. Buyers and sellers will now negotiate fees with their agents upfront.
The NAR explains that these changes are intended to increase transparency and fairness in real estate transactions, ensuring that compensation is clearly understood and agreed upon by all parties involved.
Read more about the settlement and explore Frequently Asked Questions
here.
We have trainings available in the E-Learning Resource Center that will help you navigate commissions within your RamQuest solution. Click the links below to go to the training.
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