Dickson Realty, the largest real estate firm in northern Nevada, has rolled out “The Road Home,” an informational and educational program to assist local home buyers and sellers navigate the impacts of the National Association of Realtors (NAR) settlement.
Historically, compensation for buyer’s agents has been facilitated through the Multiple Listing Service (MLS). The amount a seller is willing to offer a buyer’s agent, often called buyer-broker compensation, is typically displayed on the listing itself. This system has worked for years, however, some sellers felt that it created pressure to offer certain levels of buyer-broker compensation despite it always being negotiable. Also, since sellers have primarily paid for buyers’ agents’ commissions, the relationships between buyers and their agents have often lacked clear definition and a written contract like the one between a seller and their agent, known as a listing agreement.
The NAR settlement seeks to address two key changes: 1) transparency through written agreements, and 2) the shifting landscape of buyer agent compensation.
“Buyers and their agents will now be required to establish a written agreement at the beginning of the home buying process,” said Beau Keenan, president of Dickson Realty. “Unlike some states, Nevada doesn’t currently require buyers and sellers to sign an agreement outlining buyers’ agents’ services and costs, and not using an agreement can lead to misunderstandings. When it comes to buyer agent compensation, sellers will now have the option to offer compensation to buyer’s agents through different means than the MLS and affect how compensation is factored in. Buyers will also have the option to directly compensate their agents.”
There are several myths about the settlement to dispel, and understanding the facts are critical for home buyers and sellers. Some of the most common myths include:
- The settlement forces real estate agents to reduce their fees.
- Sellers can no longer pay compensation to buyer’s agents.
- This settlement will make homeownership more affordable.
- The settlement means buyers are now on their own.
- The settlement eliminates the need for written agreements between buyers and agents.
- Sellers are now stuck paying all the fees.
- This settlement is a big win for buyers who can now negotiate agent fees.
- The settlement means real estate agents are getting ripped off.
“We realize the implications of the settlement can be confusing or overwhelming,” said Keenan. “Having an experienced agent help navigate the buying or selling process in this evolving landscape is crucial. Assisting with market expertise, negotiation skills, risk management and a streamlined process are just some of the ways a REALTOR can empower home buyers and sellers with accurate information to make informed and confident decisions.”
To stay up-to-date on the NAR settlement or to contact a Dickson Realty agent with questions, visit the Dickson Realty website.
About Dickson Realty
Dickson Realty is the region’s market leader and has been in business since 1973. The company has offices in Caughlin Ranch, Downtown Reno, Sparks, Somersett, Damonte Ranch, Montrêux, Carson City, Gardnerville and Incline Village in Nevada, and Portola, Northstar and Truckee in California. For more information, visit dicksonrealty.com.
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