In 2023, the traditional structure of buyer broker compensation was called into question. Several large brokerage houses, including AnyWhere, made the news with costly and highly publicized settlements. What does this mean for you? Here are a few key changes about buyer agency representation:
Written Agreement Before Showings
BUYERS: Before we view any properties, we’ll need to sign a “Consumer Guide to Agency Relationships” and a "Buyer Representation Agreement." The latter is a legally binding contract that outlines our responsibilities to you as well as how we’ll be compensated. This is now a must for buyers before entering any home with us or any REALTOR®.
SELLERS: Our discussion about commission for the buyer’s broker will help strategically position your home for success in the market, as reflected in the Exclusive Right to Sell Listing Agreement.
Commission Payments
In the past, the seller usually covered the commission for the buyer’s agent. While many listings may still include an offer of compensation for the buyer agent, some listings may not. This means we’ll need to discuss how our commission is covered—either by the seller, through concessions, or by the buyer.
But rest assured, we'll guide you through these discussions to get the best possible outcome for you. The compensation that is on this agreement is the maximum compensation the broker can receive.
Choosing the Right Agent
These changes are meant to make things transparent and fair for everyone involved. As always, our commitment to guiding you through your real estate journey with integrity and excellence remains the same.
We’re here to answer any questions you may have, and happy to provide resources and documents for your review. Navigating these updates together will ensure a successful and stress-free experience.
If you’re planning to buy or sell, please reach out—we’re here to help!