Important Industry Changes: What They Mean for You
Important Real Estate Industry Changes: What They Mean for You
This summer, our industry has undergone several significant changes. While these updates have been covered by major news outlets, the real impact is best explained by professionals like us, who have been training and implementing these changes for months. Below is an outline of what’s new and how it affects you as a home buyer or seller—you might be surprised at how simple it is!
Key Terms of the Proposed Settlement: What This Means for You
For Homebuyers:
Expect a more formalized relationship with your agent, similar to the process for sellers. At the start of our relationship, we’ll review and sign a Buyer Services Agreement, which outlines how we’ll work together and the fees associated with our buyer representation services.
For Home Sellers:
You’ll continue to discuss your fees with your agent, as you always have. Additionally, your agent will explain the importance of strong buyer representation when evaluating offers. Unlike before, you won’t need to set an amount to offer buyer agents when listing your property. Buyers and their agents will have already agreed on the fee for representation, which will be included in the offer to purchase. Your agent will discuss how this will be reflected in the contract during the listing process.
At The Shanahan Group, we take our role as advocates for both buyers and sellers very seriously. Implementing these changes has provided us with an opportunity to clarify our roles, ensuring that our clients feel empowered, educated, and protected at every step of their homeownership journey.
As always, your Shanahan Group agent is your go-to resource for information, advice, and guidance in residential real estate. We welcome any opportunity to answer any questions you may have, so feel free to contact us.
