BUYER AGENT COMMISSION NO LONGER PAID BY SELLERS

Buyer Commissions

Spoiler alert!! Sellers were NEVER required to pay the commission for a buyers agent. So, as a buyer you are also probably hearing that “you have to pay for your own representation” now too…however, this has always been the case, the difference was just how it was done. It may not have been as clear as it must be now.

Buyer agent commission and seller agent commission have always been negotiable. Here in Montana, we have a buyer representation agreement that all buyer must sign. It clearly explains how they will be represented, the services they will receive from their agent, how much their agent charges for these services, and it gives us (buyer agent) the permission to be paid by an offer of compensation from the listing agent and/or the seller, or that you (buyer) agree to pay us at closing from your own proceeds.

The recent settlement with NAR and other brokerage defendants does not change that. What it does do is remove the offer of compensation, if there is one, to be listed on the MLS (Multiple Listing Service). This just means that as your agent I will need to ask more questions and negotiate a little more.

As a buyer, when searching for your professional representative, your agent, your REALTOR®, you will have compensation options like paying a flat fee, an hourly rate, a percentage, etc. This part has not changed. As a buyer, you will also have the ability to CHOOSE who you want to represent you and take into consideration their experience, expertise, negotiating skills, etc.

As a seller, when searching for your professional representative, your agent, your REALTOR®, you will also have compensation options. You will want to take into consideration their experience, expertise, negotiating skills, etc. when deciding their compensation. Additionally, take into consideration their marketing and advertising of your home and how they could help you get best offer for your home. Remember, I work for you.

In all this craziness, please DO NOT let anyone tell you that you have been abandoned as a buyer. If you are a new homeowner, a first-generation homeowner or a Veteran buyer using your VA benefits…we are here for you as your professional representation!

Purchasing a new home is not easy, and not to mention, a little intimidating. There are so many steps and layers to the whole process; but hiring a professional agent can help you. I have personally designed a comprehensive 𝐁𝐮𝐲𝐞𝐫’𝐬 𝐆𝐮𝐢𝐝𝐞 𝐭𝐨 𝐇𝐨𝐦𝐞𝐨𝐰𝐧𝐞𝐫𝐬𝐡𝐢𝐩 that outlines the important steps of buying a home. Just remember you are not alone in this, we are here to help you make one of the biggest decisions in your life. HOMEOWNERSHIP.

Thanks for reading, Jen

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