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Unless you’ve been living under a rock, you’ve probably heard about the NAR lawsuit and the settlement associated with it. The Department of Justice agreed with sellers who sued the National Association of Realtors, claiming there wasn’t enough transparency in fees, particularly on the buyer’s side. This has led to a significant shift in the real estate landscape. Today, I’ll give some important changes you need to know and answer three questions we get asked all the time so you can be prepared when entering the market.
What you pay remains the same, but how you pay it will change. In the previous process, when you buy a home, a listing broker would offer compensation to the buyer’s agent on the MLS. This field is being removed, and there will be new ways to compensate buyer’s agents. As a buyer, it’s important to find the best agent to actually take advantage of this. Studies have shown that three-quarters of sellers are willing to offer some concessions, and there will be other avenues of compensation.
It’s understandable to feel confused, so here are three of the most common questions we’ve received and our answers:
- Should I just go through the listing agent? Absolutely not. Listing agents represent the seller and are looking to get the best deal and best terms for the seller.
- Can we negotiate commissions? Definitely! Commissions have been negotiable in Maryland for the past few years.
- What if we don’t have the budget for this? Find the best agent to get you the best deal—someone who will fight for you to get concessions to cover some, most, or all of the costs.
When looking for a real estate agent, a homebuyer should act like a seller. Interview multiple agents, treat the process like an investment, and analyze all aspects of their value proposition.
For sellers, it is also crucial to work with a skilled agent. There are more numbers involved in property valuation and multiple ways to offer concessions. Experienced agents will know how to price your home and attract the most buyers. Unless you consult an experienced real estate agent, you should take caution when going it alone.
Overall, we’re excited about these changes. They create transparency and open up a free market. We know the value we bring, and we’re always ahead of the curve. We’ll answer your questions and ensure we’re honest, transparent, and helpful throughout your real estate journey.
If you have any questions about real estate or how to move forward with your home-buying or selling plans, contact me at (443) 274-1624 or shawn@shawnmartingroup.com. I’d be happy to help you!
