Important Update in Real Estate!
🚨 Important Update in Real Estate! 🚨
As of today, August 17th, 2024, a major change has taken effect in the real estate industry. I'm sharing this so you can ask me ANY questions, as I've already had my first challenging discussion this morning, and the person didn't believe me. 😕
How Things Worked Before Today (briefly explained): You’d call me, I’d show you a house, we’d build some trust, and then sign a contract noting that I’d accept payment from the Seller or Buyer for my fee if we closed on a home.
How Things Work Now and Moving Forward: Starting today, before I can book any showings, you must sign a contract with me. This contract will outline, among other things, how and when I’m to be compensated.
Yes, you read that right. I cannot request a single showing for you until we have a Buyer Agreement Contract signed. This is a new nationwide rule, and all Realtors® are bound by it.
(But don’t panic… keep reading! 😅)
There’s more to it than this, but that’s enough to prepare you for our conversation. Feel free to ask me any questions below, or text me directly, and I’ll answer. But just know, if you’re hearing this from a Realtor® starting today, it’s 100% legit. I won’t debate it because I can’t. This change is happening, whether we like it or not.
Now… I understand that paying your Realtor® while you’re trying to save for a house can seem daunting. 😰 But please don’t let this new rule stop you from starting your home-buying journey! 🏡 It’s crucial to A) ask the right questions, and B) get a knowledgeable, savvy, and tough Realtor® who will— with your permission—attempt to negotiate our brokerage fee(s) to be paid by the Seller, just like we negotiate things like closing costs, repairs, home warranties, etc.
At each point in the negotiation process, you can decide if it’s financially feasible for you to stay in the deal or back out. Every Seller will have the opportunity to step in to help you with costs if they choose. That hasn’t changed!
Each Realtor® will have flexibility in terms of how much they’re asking, when it’s due, whether it’s collected upfront or at closing, how long the agreement will remain in place, if there’s a cancellation fee, etc. So, be prepared to have that discussion! Interview Realtors® and find the one that best fits your needs—there are lots of great ones in our area.
Feel free to ask me your questions via Facebook, email, or my cell. 📱 You can find my business page info at hawktherealtor.net/
Looking forward to helping you on your home-buying or selling journey! 🌟
Richard Hawkins, Arkansas licensed Realtor with Fathom Realty
10515 West Markham St., Ste E3, Little Rock, AR 72205
Get the FACTS from NAR https://www.nar.realtor/the-facts
Reference NAR Article August 16, 2024 https://www.nar.realtor/newsroom/national-association-of-realtors-provides-final-reminder-of-august-17-nar-practice-change-implementation
