How These Real Estate Shifts Affect Buyers and Sellers
Discover the two big changes in real estate that could affect your next move.
Are you confused about the latest real estate news? It's hard to know what to believe. But don't worry, I'm here to help. Two major changes are reshaping the industry, and I'm going to guide you through them. I'll explain what these changes mean for you, whether you're buying or selling, and offer practical strategies to navigate this evolving landscape. Let's make sure you're prepared for success in this new era of real estate.
Change No. 1: Removal of Co-Broker Fees from MLS. As of August 24, the MLS (Multiple Listing Service) data that indicates co-broker fees for buyer agents will be removed. This change will take effect with the San Antonio Board of Realtors on August 17. My company has already removed these fees from MLS ahead of time and is posting broker compensation agreements on our website for co-brokers to access.
Why was this change made? It has nothing to do with buyer agents no longer receiving a co-broker fee. Instead, it's because not all states practice real estate the same way. Unfortunately, some agents were sorting MLS data by broker fees and steering clients based on how much they would get paid. This practice is illegal and against the best interests of clients. Co-broker fees will no longer be searchable or sortable in MLS to prevent this.
Change No. 2: Requirement for Signed Buyer Agreements. The second change is that no agent will work with a buyer without having a buyer’s agreement signed before showing any homes. This change arose because many buyers didn’t understand how their agent was getting paid, often due to incomplete paperwork. Now, before you go to see a house, you’ll need to sign an agreement with your agent outlining how they will be compensated. The terms of this agreement are negotiable, just as they have always been.
Some news sources might suggest buyer agents being phased out, but that’s untrue. A buyer's agent is crucial because they represent your best interests and ensure you get a good deal on a property. These are the only two changes in the industry: removing co-broker fees from MLS and requiring a signed buyer’s agreement before viewing homes.
Navigating the shifting tides of the real estate market can be exhausting, but with the proper knowledge and guidance, it's absolutely possible to come out on top. By understanding these two significant changes and implementing my shared strategies, you'll be well-equipped to protect your investments, seize opportunities, and achieve your real estate goals. If you have any questions, please call (210) 305-5665 or email [email protected]— I’m here to help. The future of your real estate success starts now.
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