08/15/2024
Change isnโt always bad, but change is coming for the real estate industry and you need to know whatโs happening.
Buyers please read. ๐
Starting August 17th a REALTOR can no longer show you a property without a signed buyer's Agency Agreement. You should have already signed this at the time of a 1st meeting to clearly establish agency and who represents who.
It can be exclusive or non but it must be signed. This means we canโt even unlock the door without it.
Doing so, and getting caught, results in a thousands of dollars in fines. No one wants to be punished for doing their job but doing it right is essential for a smooth transaction for all parties.
A buyer's Agency Agreement legally binds you to that particular agent for an agreed-upon timeframe, spells out their compensation, and details their fiduciary responsibilities to YOU.
There is no such thing as a "free service" for using a buyer's agent. Now, as with sellers, buyers must truly hire their agent. Googling one and calling them to open a door or slap an offer together should never have been the norm.
Hiring an experienced agent that has done a multitude of transactions, and has many years of experience matters more than ever before. A relationship is so important because you want to know the agent you hire is truly working FOR you.
Sellers always interview agents, and now โฆ so will buyers, who must take this process more seriously. I have always suggested for anyone who is looking for a professional to interview a few to see who fits their needs best. This should be a standard across the board.
The good news is that - YES - sellers can still pay a buyer's agent compensation, but itโs no longer listed in the MLS. It can also be negotiated into the contract should it be needed.
Now, buyer's agents must call listing agents on the buyers desired properties to confirm if and how much the seller will compensate. They then communicate this to you, and you can decide how to proceed.
I have always asked my buyers to sign an Agency Agreement and hire me knowing that my compensation would be paid by them IF the seller wasnโt offering compensation. They hire me for my knowledge and experience and proven track record within the industry as an agent.
You can hardly get a a vendor or licensed service provider to come to your house for free. Their effort and time is valuable, and so is ours.
The moral of the story is - educate yourselves so you arenโt irate when an agent explains this to you. A buyer's agent can offer valuable services and protect you from legalities that can cost you thousands.
If you have any questions, reach out and letโs have a conversation. Happy to help!
Now, letโs get house hunting!
Rhiannon Crawford , REALTOR
Team Lead
The Appalachian Home Team
MD/VA Associate Broker
WV Salesperson
๐ฑ 571.246.7699
๐ง [email protected]
Broker/Owner: April Leonard
๐401 Third st. Shenandoah Junction, WV (WV Office)
๐138-140 W. Washington St. Suite #226 Hagerstown, MD 21740 (MD Office)
โ๏ธOffice: 304-870-4278
๐ฑCell: 304-616-0076 ๐ฉ:[email protected]
๐: CardinalRealty.homes