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Starting in July 2024, sellers’ agents are no longer required to split their commission with buyers’ agents through MLS. Buyers must now have a written agreement with their agent outlining the commission to be paid directly by the buyer​.

As a buyer, you will need to budget for your agent’s commission separately from the purchase price of the home. This can provide more transparency and potentially lower overall costs since you can negotiate the commission directly with your agent.

Yes, commissions are negotiable. Buyers now have more leverage to discuss and agree on a fair commission rate with their agents, potentially reducing their out-of-pocket expenses​. Rick Houston, a Real Estate Advisor and Accredited Buyer’s Representative with RE/MAX Aerospace Realty only charges $500 commission to buyers.

Sellers can still choose to contribute to the buyer’s agent commission, but it is no longer a requirement. This arrangement will need to be negotiated between the buyer and seller or their respective agents​.

The written agreement should outline the specific commission fee, the services provided by the agent, and any other terms relevant to the buyer-agent relationship. This ensures transparency and sets clear expectations​.

These changes are expected to introduce more competition among agents, leading to potentially lower commission rates and a more transparent market. However, it may also mean buyers need to be more financially prepared to cover their agent’s fees upfront​​.

If you decide not to hire a buyer’s agent, you can still search for homes independently using online platforms. However, you will need to handle all aspects of the transaction, including negotiations and paperwork, which can be complex and time-consuming​.

Indeed, a real estate attorney can help with the legalities of buying a home, including contract negotiations and the closing process. This could be a practical option if you opt not to engage a buyer’s agent. While attorney fees may range from $1,500 to $2,500 for closing on a property (without showing properties or providing valuation), Rick Houston offers a flat fee of $500 to represent buyers.

There may be a decrease in the number of real estate agents as the market adjusts to these new rules. Some agents may leave the industry if they find it difficult to adapt to the changes in commission structures​.

Stay informed by discussing the new commission structures with your real estate agent, understanding all costs involved, and ensuring any agreements are clearly outlined in writing. This will help you make a more informed and confident decision in your real estate transactions​.