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.

Look Who's Selling

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This recent snapshot shows that Baby Boomers are driving home sales in 2023, as they approach their golden years and look to downsize or seek a change of scenery. More than half of sellers are married, nearly half of them plan to buy a new home after they sell, and fully two-thirds are white.

Learn more in this infographic from the California Association of Realtors.