Winston Salem | How do the NAR practice changes impact home sellers?

 

• The practice changes empower consumers with additional choice and transparency when selling a home.
• As a seller, you still have the choice of offering compensation to buyer agents. You may consider doing this as a way of marketing your home or making your listing more attractive to buyers.
• Your agent must clearly disclose to you and obtain your approval for any payment or offer of payment that a listing agent will make to another agent acting for buyers.
• This disclosure must be made to you in writing in advance of any payment or agreement to pay another agent acting for buyers and must specify the payment amount or rate.
• If you choose to approve an offer of compensation, there are changes to how it can be communicated—your agent cannot include it on an MLS.
• Your agent can advertise your listing via off-MLS platforms such as social media, flyers, and websites.
• You as the seller can still offer buyer concessions on an MLS (for example, concessions for buyer closing costs).
• Compensation for your agent remains fully negotiable and is not set by law, and if your agent is a REALTOR®, they must abide by the REALTOR® Code of Ethics and have clear and transparent discussions with you about compensation.
• When finding an agent to work with, ask questions about compensation and understand what services you are receiving.
• Agents who are REALTORS® are here to help you navigate the home selling process and are ethically obligated to work in your best interest.