On the NAR settlement rules going into effect today, here's my short-take.
1) The 2 major changes are: Listing agents can no longer post on our MLS or publicly what amount the Buyer's agent will earn. And Buyers must now sign a legally binding agreement with their Agents before viewing property.
2) Buyers are who bring money to the closing table. Never the Seller. It's a common misconception that Sellers pay commissions- Sellers don't bring money to the table. Buyers and their lenders do.
3) It was never mandatory to work with an agent. It still isn't.
4) Asking Buyers to sign an agreement before I take the time, effort, and expense to search and gather property and then go out to show it is perfectly fine with me. Separates the home 'tourists' from actual buyers. Some Agents may charge hourly. Others won't.
5) Those who want to work with me will have no problem engaging me formally.
6) In cases where Listing agents don't offer a Buyer broker commission, not 1 single Seller will agree to "2-3%" a lower selling price because buyer agent fees don't come from sale proceeds (which, again, Buyer not Seller brings to the table). They want what their appraiser says it's worth, period. NO less. This is one way that none of this will save consumers money.
7) The more folks who view your property, the higher your sale price will be. FOMO is real.
https://lnkd.in/earZAtxH
