Four Quick Things for Buyers working with me

• Please start by filling out this survey; it’s useful for all of us.
• This is my Client Code of Conduct + my Commitment to you
• Buying a Home Timeline
• What are some questions buyers should be asking?
• Scroll to the bottom to learn more about the new commission world (from August 2024)

Okay, that was four. Here’s four more

• There are no little deals
• Why do you live where you do?
• Things people have said about me on Zillow
• ClimateCheck

This is a good thing. The new commission world is upon us. And it’s going to be fine.

Some CliffsNotes for those of you interested.

First, the mechanics

• Buyers Agents *must* have buyer broker agreements before selling houses.
• Sellers will no longer directly determine the buyers agents’ compensation.
• Sellers might offer concessions to buyers so that the buyers may pay their representative.
• No offers of compensation will be offered via the MLS.
• The net — to the seller — is what matters
• Cash to close — to the buyers — is what matters

Initial thoughts on ramifications

• Some buyers — the ones without significant cash reserves in particular — may be significantly disadvantaged in competitive situations
• Unrepresented buyers seeking to contact the listing agent directly hoping to “save the buyer agent commission” may absolutely still contact the listing agent directly — and there is no longer an offer of compensation to “discount.”
• There will no longer be visibility into what concessions/compensations are offered.Time is needed for those who touch the transaction to calibrate/adjust: buyers, buyer brokers, sellers, listing agents, lenders, appraisers, and brokerages.
• The media (looking at you, Today Show) who by their nature of necessity will seek to simplify this significant information to soundbites and will unintentionally mislead consumers.
• Fewer agents — those unable or unwilling to evolve, offer, and define and defend their value — will hopefully choose another profession, and we will all be better for it.

Objectively, Nest has done an incredible job educating our agents. I feel comfortable and confident saying that Nest agents will be better educated and better prepared than many of our peers. The agents who do not have such guidance will suffer, as may their clients, as well as our clients who have a less experienced agent on the other side.

What questions do you have about all of this?

(there’s a lot more here)

Questions?

jim@realcentralva.com or 434-242-7140