New rules.

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You may have heard about the court ruling that went into effect August 17th prohibiting brokers from cooperating to set their commission rates and providing more transparency and security for homebuyers as well as sellers. We take a look at what this means on the ground.

CHIC (Pearl)

Under the new rules, every National Association of REALTORS® (NAR) agent is required to sign a Buyer Representation Agreement formalizing the relationship between parties before touring a single property. Additionally, properties listed via a Multiple Listing Service (MLS) are no longer permitted to include an offer of compensation to the buyer’s agent in any form or fashion. Buyers can still accept concessions from the seller, such as offers to pay closing costs, and they can still negotiate with sellers to have them pay all or a portion of their agent’s compensation.

GEEK (Kevin)

Like Pearl mentioned, under the new rules, properties on an MLS can’t include an offer of compensation to the buyer’s broker. However, some services allow sellers to communicate to buyer agents that they are open to making concessions. Concessions are generally a credit to the buyer at closing to use for whatever they need — paying closing costs, paying their agent, or covering unexpected repairs. Sellers can also negotiate with the buyer over paying the listing broker’s compensation. This can be in addition to or in lieu of other requests for concessions.

Providing Value to Buyers

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You might think buyer agents only show homes and write offers, and some of them do. But if you want the best value for your investment, we’re here to provide you with maximum return!

CHIC (Pearl)

We always meet for a buyer consultation before getting started so we can align on the best strategy and communications plan for the entire process. Getting to know you helps us better understand what you want and cater our services to fit your needs. Our goal is to offer objective advice and help you evaluate the pros and cons of different properties without being so prescriptive with our recommendations that we forget why you’re in the market in the first place.

GEEK (Kevin)

Value is all in the numbers. First and foremost, we won’t make any moves without settling on your budget. We’ll collect market data in real time from colleagues on the front lines at the neighborhood level and advise you on potential offer strategies that reflect current conditions. We’ll work with experts to give you a proper report card for the property to aid in our negotiation. And we’ll review every timeline and document to make sure it all adds up.

Overpriced & Undersold

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Even in a sellers’ market, savvy buyers are always hunting for opportunity. Price reductions are like chum on the water and could lead to a loss of hundreds of thousands of dollars on the sale. So how can you get the price you want?

CHIC (Pearl)

Like the saying goes, there’s no second chance to make a first impression. Get your home in tip-top shape to show it in the best possible light. A fresh paint job, window cleaning, and flooring refinish can turn ho-hum into yahoo! But nobody will appreciate all your work without a comprehensive marketing plan. Back up a targeted email and social media campaign with old school mailers to cover all your bases.

GEEK (Kevin)

Don’t let an agent tell you what you want to hear. Sometimes, they’re just looking for a pay day, and it’s not just unethical, it’s also against the law. Hire an agent who knows how to negotiate effectively on your behalf and successfully manage the disclosure due diligence processes. It’s also critical to find someone who knows the numbers. Local comps and market conditions are your best bet for finding the right price the first time.

What’s in a price?

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When you put your home up for sale, choosing the right asking price could be the difference between getting what you want and leaving big-time dollars on the table — especially in today’s tight market. So how do you find the right number?

CHIC (Pearl)

Setting an asking price is all about striking a balance — between the price you want and what the market will bear, high interest rates and low inventory, first impressions and protracted negotiations. In this treacherous territory, it’s good to have an agent to guide you to the promised land. We’ll help you make sense out of the tea leaves and find the asking price that fits your property.

GEEK (Kevin)

I love a good numbers game, and finding your asking price is all about crunching the data. The first step is to analyze comparable sales in your neighborhood. How do the homes compare to yours by the numbers? How closely did asking prices mirror impartial estimates? How long did the properties spend on the market? Once you know the landscape, it’s easier to find your way.