Key Takeaways from Settlement
Key Takeaways from Settlement:
The National Association of Realtors (NAR) has reached a settlement that brings changes to how a buyer’s agent gets paid.
Main business points of the settlement:
- Prohibiting arbitrary buyer’s agent commissions: Listing agents can no longer set the buyer’s agent’s commission unilaterally when taking a listing. Instead, there must be an open discussion with the seller about the different buyer commission options, including their pros and cons. This aims to prevent the practice of listing agents determining the buyer’s agent commission by default.
- No more commission displays in MLS: Multiple listing services (MLS) will no longer show the buyer’s agent commission. This change is intended to prevent buyer’s agents from steering clients based on commission.
- Buyer representation agreement required: Agents using the MLS must now have a written buyer representation agreement in place before showing homes to buyers.
Bay Select Realty Commitment:
Bay Select Realty is committed to helping you get top dollar for your home while saving on commissions. With our Full Service plan at 0.75% (no open houses) or our Full Service Plus plan at 1% (with open houses), we offer transparency and clear communication about your options, including buyer agent compensation, in light of this settlement. Contact us to learn more about your commission options.