Major Changes in Real Estate Explained
ATTENTION BUYERS & SELLERS
The NEW changes in real estate for EVERY STATE have begun. With all the conflicting news stories circulating around the past few months, we wanted to provide you with the facts. (Reminder, compensation has always been negotiable and never a fixed rate. The changes in real estate happening now are to create more transparency for both buyers and sellers.)
The major change deals with compensation. No compensation will be able to be advertised in the MLS. This includes sites such as Zillow, Realtor.com, Trulia, Redfin, etc. This does not mean Sellers will stop offering compensation.
Although we can no longer share compensation on the MLS, Seller Agents may share if their seller is in fact offering compensation in a variety of other ways to advertise the attractiveness of their listing to Buyers through flyers in the home, signs in the yard, social media, calls, texts, email, etc.
FOR SELLERS:
New Seller contracts will now specify EXACT compensation offered to the Broker or Brokers (yes broker - agents work for brokers and get paid by brokers). Sellers may choose to offer a set compensation for Buyer's Brokers when they list their home, wait until offers come in from buyers to determine what will be offered, or choose to offer no compensation at all.
FOR BUYERS:
New Buyer agreement contracts must be signed prior to showing properties and will include terms and compensation.
Buyers will have the opportunity to know if the seller is offering compensation prior to submitting an offer and make informed decisions prior to making an offer. Whereas before compensation was clearly stated in the MLS, the change now includes buyers submitting offers to include compensation.
Although the changes may seem confusing, they are just a different way of conducting business in the future of real estate.
If you have any questions, please get in touch. We would be happy to talk or set up a Zoom to go over the new contracts and answer any questions you may have. Thanks,
Lew & Tina Veltri
Veltri Group of Brevard
Your Space Coast Sibling Team
LPT Realty
321-341-6541
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