AUGUST 2024
ARE REAL ESTATE AGENTS
CHEATING YOU?
ESSENTIAL TIPS TO FOLLOW
- What agents say matters. The way they explain things is important. Take detailed notes and confirm them via email at a minimum
- You don’t have to sign a paper (in its present state) just because an agent puts it in front of you! Typically, those forms are not to protect you but to limit their liability and to assure that they get paid. Have an attorney review them!
August 17, 2024 has passed and the NAR (National Association of Realtors) settlement policies are in force but it has been reported that the “workarounds” being attempted violate, The Settlement, as agents “continue to steer” and use MISINFORMATION and SCARE TACTICS to try and persuade their clients into signing anticompetitive buyer brokerage agreements and listing contracts that artificially inflate buyer brokerage fees
CALL OUR OFFICE IF YOU HAVE BEEN TOLD AS A SELLER:
- Sellers must offer money to buyer brokers or face fewer showings
- Buyer agents won’t show houses without the Seller agreeing to pay compensation
- Using a checkbox to continue steering while blaming it on fiduciary duties
The above actions can violate antitrust laws and lead to significant financial penalties
CALL OUR OFFICE IF YOU HAVE BEEN TOLD AS A BUYER:
- You must sign an agreement in order to enter a home at an “Open House”
- You have been given a “Touring Agreement” that obligates you to sign a contract with the same company to negotiate a contract to buy a home.
- You have been told that you cannot see a home that is listed for sale without hiring a real estate broker to represent you
SELLER AND BUYERS SHOULD BE AWARE:
Some agents and companies may try to circumvent the NAR settlement provisions; such as trying to offer buyer brokers off the MLS (Multiple Listing Service) which is essentially “commercial bribery” and a “group boycott”. Also troubling are third-party commission sharing websites and behind the scene methods to avoid the rules under the settlement.
