If you're planning to buy a home or condo, it's essential to be aware of important changes that take effect on August 17th, 2024. From this date forward, your REALTOR® will not be able to show you any properties without a signed agreement in place. This means that the casual practice of simply dropping by to view a property is no longer possible without formal documentation.

This requirement is non-negotiable for REALTORS®.

The agreement you will typically sign is either a Buyer's Broker Agreement or a Showing Agreement. These agreements clearly outline the roles, duties, and responsibilities that your agent owes to you. While this change may seem inconvenient, it’s a necessary step mandated by industry regulations. The positive side is that you have flexibility in determining the terms of the agreement. If you're not ready to fully commit, you can request an agreement with a shorter duration, such as a week or a month, or one that applies only to specific areas. However, an agreement must be signed before any property showings can occur.

One important aspect of this agreement is the compensation your REALTOR® will receive if you decide to make an offer on a home. While this compensation is the buyer's responsibility, your REALTOR® will work hard to negotiate this within the deal, possibly through a concession or a price adjustment. Many sellers will continue to offer incentives to keep their listings competitive in the market, and your REALTOR® will negotiate this as part of your offer on any property.

Please understand that this is not something we want to do, but it is necessary. We ask for your understanding and kindness when your Realtor asks you to sign an agreement before showing you a home. This is now a required step, and although it may feel different at first, it will soon become a normal part of the process.

We understand that this change may feel inconvenient, and we ask for your understanding and patience when your REALTOR® asks you to sign an agreement before showing you a home. This new process is not something we have a choice in, but we are confident it will soon become a standard part of the home-buying experience.

Thank you for your understanding as we navigate these changes together.

Questions? Give us a call at 321-300-4750.