Learn about buyer-agent agreements and changes to agent compensation rules.
Are you ready for the latest changes in real estate for 2024 as we enter into the 2025 market? With some important shifts in how home buyers interact with agents and how compensation is handled, staying informed is more critical than ever. These updates not only affect the process of buying a home but also bring greater transparency and clarity to transactions. Here’s a breakdown of the key changes you need to know to navigate the evolving real estate landscape.
1. New agreement requirement for buyers. In 2024, when you go house-hunting, whether it’s for one home or many, an agreement with a real estate agent is now required before viewing a property. This form outlines the working relationship with the agent and clarifies the terms, including how long the agreement lasts.
The duration of the agreement is limited to 90 days nationwide, ensuring transparency about the commitment between the buyer and the agent. This update helps eliminate any ambiguity, providing clarity about expectations for both parties, and it’s a straightforward process that can even be done electronically.
2. Changes in agent compensation. Compensation for real estate agents has traditionally been paid by the seller. While this remains the case in most transactions, there are a few instances where buyers are now covering some or all of the agent’s fees. However, for the most part, the seller still handles the compensation, so buyers don’t typically need to worry about writing a check directly to the agent.
The real estate landscape in 2024 has introduced some important shifts that both buyers and agents need to understand. With the new requirement for a buyer-agent agreement and changes in compensation structures, being informed about these updates will help ensure transparency and smoother transactions. If you’re looking for more details on how to make the most of these updates and gain an edge in the market, don’t hesitate to reach out. Contact me at 1 (858) 461-9665 or email me at sean@mysddreamhome.com. Let’s navigate your way to success!
