You know that viral SNL Zillow video where they say “pick up your phone, open the app, and tell us what you reallllly want.”
Ah, those were the good, old days when house hunting with a Zillow agent like me was like dating.
Zillow addicts (maybe you?) would tap “Tour This Home.”
Within seconds you would be connected to a REALTOR® like me asking you when you were free. Asking you what you were looking for.
Within hours we would be touring that house and maybe a few more.
We would get to know each other. Sort of like dating. And just like dating, some of you would have already had an agent you loved. But maybe that agent was out of town. Or you didn’t want to bother them with all the home tours.
The New Rules of Home Buying are Like the New Rules of Dating
As of August, 2024, the rules for REALTORS® and their home buying and selling clients have changed.
The National Association of REALTORS® (NAR) has laid out a series of new rules that all home buyers should know about. Why the change? To “preserve the choices consumers have regarding real estate services and compensation,” according to the NAR.
For agents, these changes will be a wonderful opportunity to help home buyers understand the enormous work it takes related to education, discovery, negotiation, and ultimately dream fulfillment. As a fiduciary to my clients, I take being a buyers’ agent seriously and invest dozens of hours with a goal of client success and happiness.
So, aspiring home buyer, here goes. The phrases in quotes came from NAR:
- “You will sign a written agreement with your agent before touring a home.” This applies whether it’s a virtual tour or in person. The agreement also specifies:
- the scope of what properties (by address) or geography or some other criteria. It could just be one property, especially if you just met that agent.
- what compensation your agent will earn for helping you. Who pays the fee that the buyer’s agent earns by successfully helping you purchase a property you love? That will vary by property and is something we will discuss in our meeting.
- the house price range that will work for you and how you plan to fund the purchase.
- and a whole lot more!
- You need to sign in at an open house to state that the agent hosting the open house is not representing you. The heyday of being able to pepper the agent with questions about the foundation and other non-publicly available facts may be over. You may be asked to sign a single-property agreement.
What does this all mean?
The speed dating nature of meeting after a quick phone call is a thing of the past. Connecting with a buyer agent will become more like slow dating.
Born buyers agents, like me, who love the thrill of helping people discover their perfect city, neighborhood, street, home style, and more will eventually settle into this new world of paperwork.
Buyers may find even more success, more quickly with those early discussions about finances and goals as well as how the home-buying process works.
Want to learn more about the home-buying process and get started? Let’s set a date!
