As a home seller, you now have a broader range of options and greater transparency when listing your home, thanks to recent changes from the National Association of Realtors (NAR). These changes, effective today, aim to provide clarity and flexibility in broker commissions and related practices. Here’s what you need to know:

Key Points for Home Sellers:

  1. Choice in Offering Compensation to Buyer Brokers:
    • You still have the option to offer compensation to buyer brokers. This can be a strategic move to market your home and make your listing more appealing to potential buyers.
  2. Disclosure and Approval of Payments:
    • Your agent must clearly disclose and obtain your approval for any payment or offer of payment made to another broker acting for buyers.
    • This disclosure must be in writing and provided in advance of any agreement or payment, specifying the exact amount or rate.
  3. Changes to Compensation Offers:
    • While you can still offer compensation, your agent cannot include this offer on a Multiple Listing Service (MLS). MLSs are local marketplaces used by brokers to share property information.
    • Your agent can advertise your listing through off-MLS platforms such as social media, flyers, and websites.
    • You can still offer buyer concessions on an MLS, such as covering buyer closing costs.
  4. Ongoing Ethical Obligations of REALTORS®:
    • REALTORS® are committed to guiding you through the home-selling process with your best interests in mind, adhering to the REALTOR® Code of Ethics.
    • Compensation for your agent remains fully negotiable. Ensure you have clear and transparent discussions about compensation with your agent.
  5. Your Choices as a Seller:
    • You have various options when selling your home. Work closely with your agent to understand these choices and make the best decision for your needs.

These changes enhance transparency and flexibility in real estate transactions, ensuring you have control over how commissions are handled and the assurance of ethical representation by your REALTOR®.

If you have any questions or need guidance on selling your home, reach out to us. We’re here to help you navigate these changes and achieve a successful sale.

Stay tuned for more updates and insights. If you’re buying a home, check out yesterday’s post about the changes affecting buyers.