Posts from July 26th, 2024
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26
Update on Changes in Real Estate Process
Background
A recent federal court ruling challenged some of the National Association of Realtors' (NAR) practices. NAR reached a settlement that included significant changes to real estate transactions.
Traditionally, listing agents offer a portion of the total commission charged to a seller as compensation to buyer agents as part of the marketing strategy to sell a property. Offering buyer's agent compensation is one of the most effective uses of marketing funds because it ensures targeted and efficient use of funds, as payment occurs only when the property is sold. Unlike other advertising methods that require upfront investment without guaranteed results, buyer's agent compensation is performance-based-payment occurring only when the property is sold. This approach increases market exposure and aligns the seller's investment with the desired outcome of a successful sale. This commission customarily would cover the cost of the buyer's agent fee,...
