Social Posts: Written Buyer's Agreement, Compensation & Agent Value- Collection One
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What to Expect Buyers Agreement
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Starting your homebuying journey can be exciting yet overwhelming. One crucial step that can help streamline the process is understanding the written buyer agreement.
📝🏡 This legally binding document is more than just a formality—it’s a critical component that can significantly impact your homebuying experience.
So, let's dive into why you need one and what you can expect from it.
A buyer representation agreement is a legally binding document that outlines the relationship between you and your buyer's agent.
And there are benefits to having one! The written buyer agreement works to -
🤝 Build Trust
It promotes transparency and helps build a strong, mutually beneficial relationship with your agent.
💎 Provide Clarity
It provides a clear outline of the services you’ll receive, ensuring you know what to expect. It will also help both you and your agent by avoiding misunderstandings
💰 Outline Compensation
This document will specify and disclose the amount or rate of any compensation that the buyer's agent will receive from any source and how that amount is determined.
💫 Ensure Service
Inside, you'll find out the obligations your agent has for you throughout the transaction and how they'll prioritize your interests.
This written buyer agreement has benefits for all parties and outlines the relationship, which is why it's valuable to have one. And if you have any questions about how this works or what the document looks like, please don't hesitate to ask!
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📝🏡 As of August 17th, 2024, a REALTOR®️ who is "working with" a buyer will be required to have a written agreement with the buyer prior to touring a home.
This includes both in-person and live virtual tours.
While this is an industry change to be aware of, it benefits buyers because it clearly and transparently outlines the service an agent will provide and how they'll be compensated.
So, let's dive into why you need one as a buyer and what you can expect from it.
A buyer representation agreement is a legally binding document that outlines the relationship between you and your buyer's agent.
And there are benefits to having one! The written buyer agreement works to -
🤝 Build Trust
It promotes transparency and helps build a strong, mutually beneficial relationship with your agent.
💎 Provide Clarity
It provides a clear outline of the services you’ll receive, ensuring you know what to expect. It will also help both you and your agent by avoiding misunderstandings
💰 Outline Compensation
This document will specify and disclose the amount or rate of any compensation that the buyer's agent will receive from any source and how that amount is determined.
💫 Ensure Service
Inside, you'll find out the obligations your agent has for you throughout the transaction and how they'll prioritize your interests.
This written buyer agreement has benefits for all parties, outlines the relationship, and is now an industry standard when buying.
If you have any questions about how this works or what the document looks like, please don't hesitate to ask!
Written Buyer's Agreement
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📣Written agreements before property tours are becoming a standard 📣
Starting in August 2024, a written buyer's agreement will be a must before you tour homes listed for sale.
This change is all about enhancing transparency and setting clear expectations from the start.
The National Association of REALTORS® has stated that “these agreements can help consumers understand exactly what services and value will be provided, and for how much.”
The good news is that there are many benefits to you as a buyer in having a written agreement.
Inside, you’ll find that it -
🔑 Clearly outlines the duties and responsibilities of both the buyer and the agent
🔑Provides a framework for how you and your agent will work together to achieve your real estate goals.
🔑Gives you insight into the real estate profession, understanding the value your agent provides
🔑 Clarifies how your agent is compensated regarding brokerage fees
🔑 Builds trust and fosters a deeper understanding between you and your agent.
These legally binding documents are actually designed to protect you and the agent representing you. So, it can be a benefit for all.
If you’d like, I’d be happy to discuss how I work with buyers using a written agreement. Simply send me a private message to learn more.
*Note this info was compiled as of 5/6/2024
Please follow for more and the latest industry updates
Agent Commission
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Talking about money can be awkward, but it shouldn't be when buying or selling a home! 👏
And knowing how the real estate agent you work with is paid is important to understand.
There are often two primary agents who work on every transaction -
🏡 The listing or seller's agent
🏡 The buyer's agent
Real estate agents are typically paid a commission based on the sales price of the home.
If you're selling your home, the commission you pay is clearly defined in the listing agreement.
For buyers - the seller can offer to pay the buyer's agent, the buyer's agent fee can be negotiated with the seller, or the buyer themselves could be responsible for the fee.
Much like a listing agreement, a written buyer agreement will outline how this works and what to expect when buying.
Compensation is a conversation you should have with your agent right when you start working with them so everything is clear.
👉 It's also something that I cover in all of my buyer and seller consultations.
So, please reach out to schedule them or send me any questions you might have on how agent compensation works in today's market.
Compensation Conversation
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Option 2
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🏘️👉Be well-informed about all aspects of your real estate transaction.
It will not only make the process easier for you but will also make you a more confident home buyer or seller.
So, how do you do this?
It starts by choosing the right agent who proactively communicates and provides you with a clear plan of what to expect.
If you’re buying, I recommend a buyer’s consultation.
💬 During this conversation, you’ll learn about the home-buying process and your agent’s role.
That way you’ll have an idea of the total homebuying costs, the options you have, how agent compensation works, and what valuable services they’ll provide to help you reach your home goals.
For sellers, a similar conversation often happens during your listing consultation.
Taking the time to clarify the process will help avoid surprises or confusion down the road.
✅ That’s why it’s essential to work with a knowledgeable agent who you trust to guide you.
And if you have any questions, please let me know in the comments or by sending me a private DM. I’m happy to provide clarity (even if you’re not actively buying or selling) as I know there’s a lot of misinformation out there.
3 Steps for Showings
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If you're a home buyer, there are three important steps to help make your buying process as efficient and successful as possible...
They're the steps you should take before anything else - even before you start looking at homes!
👉 Swipe through to see the three most important first steps for home buyers
I know it's tempting to dive right in, but you'll be so glad if you start with these three steps instead 🙌
So be sure to save this resource so you can be that prepared and informed home buyer -
And share with a friend who might find it helpful, too!
First Step for Buyers
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🤨 If 41% of people are starting their home search off this way, what could be wrong with it?
Here's the truth...
I want you to have a successful homebuying experience with the least amount of stress possible.
And to ensure this, there are certain steps I recommend for my buyers.
📑 According to the 2023 Profile of Home Buyers and Sellers report from NAR - "For 41 percent of recent buyers, the first step that they took in the home buying process was to look online at properties for sale."
Where's the misstep there? You want to look online and see what's available, right?!
Well, for one, you might fall in love with a home that has every single thing you're looking for. 😍🔑
You're ready to get the keys and move right in.
But since you started looking online first, you could later find out that this home is out of your budget (online calculators alone are not always accurate!). 😭 Or you might miss out on buying it because you weren't able to make an offer without getting your financing in order first.
That same report found that - "20 percent of buyers first contacted a real estate agent."
And that's the first step I recommend you take as well!
That way, we can go over the process and what buying would look like for you, get you pre-approved for your mortgage, and then you'll be ready to confidently make offers on homes that are in line with your budget.
So, before you head online consider a friendly chat with an experienced agent in the local market first! I'm always happy to sit down over coffee and help you get started 👏🏡
Homebuyer's Handbook
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This isn't your average 'buyers’ guide'! 🙌
My Homebuyers' Handbook includes everything you need to make an informed decision about buying a home in our area - from market conditions to local insights and recommendations and so much more.
➕ you’ll get a step-by-step of what the home buying process in our area actually looks like!
So, get a glimpse of what's inside this helpful guide to start your home-buying journey here in this post.
💬 And comment 'Handbook' and I'll send you my latest version of the guide!
Role of a Real Estate Agent
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🤔🔑 Does working with an agent really make a difference?
Here's the thing - working with the RIGHT agent is what makes the difference.
The right agent for you should support you in reaching your goals and have expertise in navigating the local market and conditions.
Above all, they should be your trusted guide. To give you some insight into what that looks like, here's some of my role as an agent.
🚪 For my buyers, I'm not just here to show homes.
I'm here to uncover the best options for you!
I'll be there for you through each step of the process so you can confidently move forward. When it comes to finding your home, I'll help you with the process, analyze homes, provide the info you need to make an informed decision, and handle negotiations for your offer.
🚪 For my sellers, I'll market your home for maximum appeal, position it effectively to attract qualified buyers, and negotiate offers to ensure you get the best possible outcome.
Handling the complexities of paperwork? Consider it done. I'll be there, making sure every 'i' is dotted and every 't' is crossed.
In the end, it's all about finding the right fit – an agent who understands your needs, respects your decisions, and is committed to guiding you with integrity and expertise.
My role is to be that trusted agent for you 🏠🙌
NAR Settlement
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You might have seen in the news and on social posts about the proposed NAR (National Association of Realtors) settlement.
📰 👀 There's a lot of misinformation out there and click-bait articles, so I wanted to share some information with you.
So, how does the settlement affect home sellers and home buyers?
According to an FAQ document released by NAR ⤵️
"This settlement would preserve the choices consumers have regarding real estate services and compensation.
After the new rule goes into effect, listing brokers and sellers could continue to offer compensation for buyer broker services, but such offers could not be communicated via the MLS.
MLS participants acting for buyers would be required to enter into written agreements with their buyers before touring a home. These agreements can help consumers understand exactly what services and value will be provided, and for how much."
👉 Sellers may still elect to pay for buyer compensation, and a written buyer agreement is beneficial for buyers.
However, articles about industry standard commissions and claims that this settlement will lower home prices can be misleading.
My goal as your real estate professional is to always lead with integrity and provide clarity to help you make informed decisions.
If you'd like to discuss this further or have any specific questions, please reach out and let me know. ✨ As always, I'll continue to share up-to-date info on real estate and our local market.
*Note this info was compiled as of 3/28/2024