If you're thinking about selling your home in the Prescott area, you may have heard some buzz around a recent legal settlement involving the National Association of REALTORS® (NAR). It has sparked a lot of questions, especially about real estate commissions and how agents get paid. We are here to break it down in plain terms so you feel confident and informed when it comes time to list your home.
So, What Changed?
Starting August 17, 2024, some new rules around how agent commissions are handled went into effect. These changes are designed to give sellers more transparency and choice, which is a win for homeowners.
Here’s what you need to know:
You Still Decide How You Pay
As a seller, you have always had the option to offer a commission to the buyer’s agent (this is common and can help attract more buyers). That part hasn’t changed. What has changed is how that information can be shared.
Under the new rules:
- You can still offer compensation to a buyer’s agent.
- However, that offer can’t be listed on the MLS (Multiple Listing Service) anymore.
- If you decide to offer compensation, your agent must get your written approval ahead of time, and they must clearly explain the amount or rate.
Don’t worry… If you choose to offer compensation, your listing agent can still promote that offer through other methods like social media, flyers, or their own website.
What About Buyer Incentives?
Good news! You can still offer buyer concessions on the MLS. For example, if you want to help a buyer cover their closing costs, that can still be advertised through the MLS to help make your listing more appealing.
What This Means for You as a Seller
At the end of the day, you’re in control. These changes are meant to make the compensation process more transparent and empower sellers like you to make informed decisions.
Navigating any kind of change can be confusing, but that’s where we come in. At Romney 4 Realty, our goal is to make the property selling process as smooth and successful as possible. We’re happy to walk you through your options, explain how these updates might apply to your specific situation, and help you craft a strategy that gets your home sold quickly and for top dollar.
Need help understanding your options as a seller in today’s changing market? Contact Romney 4 Realty today! We’re here to be your local real estate resource.
