If you’re thinking of listing your home soon and not considering working with a buyers agent, it could cost you. Before you list your home, let's go over some recent changes in the real estate landscape, specifically regarding the National Association of Realtors (NAR). As a seller, it's essential to understand how these changes might affect your selling experience.
Here's why:
This July, NAR is implementing changes that sellers need to be aware of. One of the biggest changes is that sellers will need to factor in how they will compensate a buyers agent for finding them a buyer as they can no longer list compensation on the MLS. This means that if you choose not to work with a buyers agent, you may risk having fewer buyers look at your home.
By not offering compensation to a buyer agent, your home may not attract as many potential buyers. Buyers work with agents to help them navigate the market, find the right home for them, and deal with negotiations on their behalf. If you choose to not offer compensation to buyers agents, your home may receive less exposure and fewer showings when it hits the market.
This can cause a cascade of consequences. With fewer buyers considering your home due to the lack of compensation for their agents, your property could end up sitting on the market longer. As you know, this can lead to stagnation and send a red flag to buyers when they wonder why the home hasn't sold yet. This can ultimately result in lower offers and a less competitive selling position.
Not working with a buyers agent also means you could miss out on potential offers and opportunities. Buyers agents have access to a network of clients actively looking for homes. By excluding them, you may be excluding a significant pool of potential buyers who are working with agents.
As your real estate professional, you’ll be guided through these changes and will be provided with all the support and knowledge on these upcoming changes to make informed decisions.
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