Big changes are coming to the real estate world, and if you’re buying or selling a home in Central Ohio or Southwest Florida, you’ll want to pay attention. Recent legal updates from the National Association of Realtors® (NAR) are reshaping how agents and clients work together—especially regarding who pays whom and how. Here’s what it means for you, as one of my savvy readers on The 5 Percent Guy Blog.
What’s Changing?
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No More Display of Agent Compensation on MLS
Until now, sellers typically offered compensation to buyer agents directly through the MLS (Multiple Listing Service). Starting August 16, 2024, that won’t happen automatically anymore. Instead, sellers will negotiate compensation directly with buyer agents—or not. Alternatively, sellers can offer buyer perks like help with closing costs to sweeten the deal. -
Buyers Will Need Signed Agreements with Their Agents
Buyers, this one’s for you. If you’re house hunting, your agent will now need a signed contract before showing you properties. That contract will detail what services your agent will provide and how they’ll be paid. This adds clarity but also means you’ll need to think upfront about agent compensation.
For Buyers: How This Affects You
If you’ve ever thought, “I just want the best house for the best price—why complicate things?”, this change might feel like a speed bump. But look at it this way: You now have an opportunity to really understand what your agent is doing for you. By having everything in writing, you’ll know exactly how your agent is working to secure your dream home.
However, this also means you might need to budget for your agent’s commission, especially if the seller isn’t offering to cover it. When meeting with your agent, ask how they’ll advocate for you and help you make informed decisions about what works best financially.
For Sellers: The Upside of Flexibility
Sellers, this is your chance to get strategic. Without the MLS automatically displaying buyer agent compensation, you have more say over how to market your home.
Want to keep costs down? Offer concessions like paying part of the buyer’s closing costs rather than an agent commission. Or, if you want to attract more buyer attention, you can still negotiate agent compensation directly. This flexibility gives you more control over how to make your home stand out in a competitive market.
Why It Matters for Both Buyers and Sellers
These updates are about making the real estate process more transparent. But let’s be real: Transparency can feel overwhelming if you’re not prepared. That’s where working with a knowledgeable real estate professional makes all the difference.
For my Ohio readers, think about the high-energy housing markets in Columbus and its surrounding towns. For my Southwest Florida audience, consider how this might affect the dynamics of the single-family home and condo markets in Naples, Punta Gorda, and Fort Myers. These are competitive areas where having a clear strategy—and a trusted partner—is key.
My Advice? Let’s Talk.
These changes are new for everyone, so don’t feel like you have to figure it out alone. Whether you’re buying or selling, this is a great time to review your strategy. Reach out to your real estate professional to discuss how this impacts your goals—or better yet, let’s have a conversation!
Got questions about buying or selling in Central Ohio or Southwest Florida? You know I’m here to help. Let’s navigate this evolving market together—because informed decisions are powerful decisions.
