Important Changes to Realtor Fees

A remoinder of significant change following a recent lawsuit settled by the National Association of Realtors on 8/17/24. This change affects everyone working with a Realtor:

What's Changing:

• Buyer’s Agent Fees: Previously, the seller paid the buyer’s agent. This is no longer the case. The fee for the buyer's agent is now negotiable between you and your agent and will not be displayed in the MLS (Multiple Listing Service).
• Seller Concessions: While the seller may offer a "concession" to cover the buyer's agent fee at closing, this is not guaranteed.
• New Requirement: A new form must be signed by every buyer before viewing a property (except during open houses). This form ensures compliance with local Realtor association rules.

I’ve included the Las Vegas Realtors Association form with my comments on key sections. Las Vegas Realtor Buyer Brokerage Representation Agreement

This aggrement is specifc to Las Vegas area agents, you will find many similar agreements used across the USA. You can use the information below as a reference. 

• Section 2: Length of Agreement: You can set the duration of your agreement with your agent, from one day to as long as you prefer.
• Section 3: Broker Fee: This section details the fee for your buyer's agent. The seller might cover this fee at closing, but it’s negotiable between you and your agent.
• A: If the seller offers more than the agreed fee, your agent will only receive the amount specified in your agreement.
• B: If the seller offers less, you can either cover the difference, renegotiate, or pass on the property.

My primary goal is to help you find the right property. We will work out the details of my compensation to ensure you are fully satisfied. I aim to provide such a great service that you'll feel confident referring your friends, coworkers, and family.

Please review the form in the above link and feel free to reach out with any questions.