NAR serves up agent talking points, consumer resources
The association has shared a series of fact sheets and presentations to help real estate professionals and their clients understand what to expect come Aug. 17.
With changes to commissions practices just weeks away, the National Association of Realtors has rolled out additional resources to help real estate agents and consumers better understand what's next.
The new documents, videos and slides focus on what homebuyers and sellers should expect after the Aug. 17 deadline — along with tips for brokers and agents on how to help their clients understand these changes.
Specific practice changes taking effect in August include the mandatory use of buyer agent agreements and the removal of offers of compensation from the MLS.
Key points for buyers: In explaining how the settlement affects buyers, NAR emphasizes that buyers should make sure they understand the content of any agreements — particularly the information about their agent's compensation expectations — before signing.
NAR is also insisting that buyers should sign an agreement before they do any form of touring with an agent, whether it is an in-person or virtual home tour.
Key points for sellers: While noting that compensating a buyer broker is a choice, NAR makes a case for why it's worth it to pay a buyer agent.
"You may consider this (compensation to buyer brokers) as a way of marketing your home or making a listing more attractive to buyers," NAR's fact sheet says. It also lays out changes to how compensation information is shared and what agents must disclose.
In its presentation for agents, NAR is more direct, suggesting that agents explain "that it may be in the sellers' best interest to pay for buyers' commissions. Doing so attracts more buyers to their property, just like setting an accurate list price."
Key points for brokers/agents: The agent presentation provides an overview of the settlement and its impacts, how government lenders are adapting, and offers tips for communicating those changes (and what hasn't changed).
The overarching message: Agents should strike a balance between ensuring consumers understand their options while also seeking fair compensation for the services they provide.
When talking with clients, NAR encourages real estate professionals to focus on what matters most to the buyer or seller. One key talking point: having an agent to help demystify the process and come up with the best possible outcome can reduce the stress of the transaction.