August 17, 2024 - NAR Mandates are in effect
The National Association of REALTORS® (NAR) settlement has taken effect throughout the country. As a result, major changes have taken place in the Real Estate Industry. BHHS Chicago has worked hard to stay ahead of the changes and is prepared with all new Buyer and Seller Agreements. The Multi-Board Purchase Contract will be updated soon and in the meantime, addendums have been created to satisfy the Mandates. These rules apply to Multiple Listing Service (MLS) participants which includes most Real Estate Agents.
Important changes to remember
- All Buyers working with Agents that use a local MLS will be required to have written agreements with a Real Estate Agent before touring a home for sale. The terms of most agreements can be adjusted (one day, one week, etc). Individuals vising Open Houses are exempt and not required to have signed agreements with an Agent.
- The MLS will no longer have a field for Buyer Agent Compensation (BAC) and any reference in the MLS is forbidden. You will also not see this info on aggregate sites like Zillow or Realtor.com. Some company websites (like BHHSCHICAGO.com) will list this information only for their own listings.
- Sellers are still allowed to offer BAC. Now it will be another negotiable item on the contract.
NAR Settlement Impact
The true impact may take months to be seen. Many insiders believe some REALTORS® may chose to leave the business instead of adapting to the new paradigm. On the consumer side, Buyers will have to accept the possibility of paying for their own agent. Find more info from NAR at www.nar.realtor/the-facts#Consumers
As a REALTOR®, I am excited and fully prepared for all the changes ahead! Being licensed in both Illinois and Wisconsin, I am qualified to handle any real estate challenge with confidence and expertise. Reach out anytime with your questions about the state of real estate in our area.