What Changed?

 

Commissions Are Separate and Negotiable, Sellers are no longer automatically responsible for paying a buyer’s agent—it’s now negotiable. Buyers may need to pay their agent directly depending on prior Buyer Broker Agreements. (Adler Pollock & Sheehan P.C.MarketWatchInvestopedia)

 

Real Estate commissions are now transparently negotiable, and not dictated by law or default splits. (National Association of REALTORS®AP News Business Insider2.)

 

Commission Listings on MLS or Offers of compensation to buyer’s agents are prohibited from appearing on MLS listings.

Sellers or listing agents can still offer compensation—but it must be handled off-MLS, through separate negotiation. (Adler Pollock & Sheehan P.C.National Association of REALTORS®New York Post3).

 

Mandatory Buyer–Broker Agreements

 

Before touring any home, buyers must sign a written agreement with their agent. This contract must:  Clearly state the agreed compensation (e.g., flat fee, percentage),  Ensure's the agent doesn’t receive more than this amount. State that commissions are negotiable and not fixed by law. (National Association of REALTORS®Adler Pollock & Sheehan P.C.neirelo.com) These practice changes took effect on August 17, 2024, following NAR’s settlement agreement. National Association of REALTORS®empire learning.comWikipedia

 

Why It Matters Increased Transparency:

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Buyers and sellers now see exactly what agents charge and can negotiate that directly. The Guardian Business Insider Greater Buyer Agency

 

Control:

 

Buyers must now choose and compensate their agent upfront, enhancing accountability and informed decision-making. krsholdings.com Business Insider Market Watch Flexibility and Cost Savings: Without fixed seller obligations, commissions can be negotiated—opening potential for lower costs or alternative fee structures like flat fees. Market Watch Investopedia Business Insider Added

 

Complexity:

 

The process is more involved, especially for first-time buyers who now must budget for agent fees separately and understand contracts earlier. Your agent will be able to negotiate possible seller concessions to help offset the costs to the Buyer.