New rules.

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.

Client Story: SOLD in Mountain View

We recently helped Kail and Anu sell their townhome in Mountain View, and they just posted this lovely review that we want to share with you. We also want to express our sincere gratitude to Kapil and Anu for your kind words. It means a lot to us and serves as a testament to the hard work and dedication we put into selling your home.

It was truly a pleasure working with you throughout the process. The successful sale was a result of great teamwork and collaboration, and we are grateful for the trust you placed in us. Your cooperation and clear communication made the entire experience smooth and enjoyable. We are thrilled to have been able to meet your expectations.

Please know that your review has not only brightened our day but also serves as a source of motivation for us to continue delivering exceptional service to all our clients. Once again, thank you for choosing us to represent you. We wish you all the best in your future endeavors. And should you ever need our assistance again, please do not hesitate to reach out!

– Pearl & Kevin