Our Take: We Are Worth Our Value and Time

For the past few years, the Real Estate Industry has been making headlines across the country. Everyone has heard the issues surrounding historically low inventory, higher interest rates, how home prices have skyrocketed, and in turn has caused frustration across the board with prospective buyers. The Real Estate Industry scrutiny has brought about positive changes as a result of the proposed NAR settlement. Prospective buyers will have a clear understanding of their relationship with their buyer’s agent regarding exclusive representation and compensation.

Illinois is a designated agency state where each party has an opportunity to select their representation. As a Listing Agent/Brokerage, Sellers are asked to sign an exclusive contract to define the terms of compensation and representation in order to sell their home. The same premise will apply to buyers, where they will also be required to sign an agreement.

As of August 17, 2024 – if you want a Realtor to show you a property (even virtually), you must have a Buyer’s Agreement signed between a buyer and agent. This protects the client and the Real Estate Agent. The Buyer’s Agent advocates and negotiates for the buyer through the buying process. The Buyer’s Agreement outlines the duties and expectations between the buyer and agent as well as sets forth the compensation. 

When you ask a Realtor to show you a property, you should have a signed agreement with that Realtor. The Realtor does not get paid until closing. The seller does not get their proceeds until closing. You as the buyer do not get the property until closing. Commission has always been negotiable and has NEVER had a set amount. 

These are all things to keep in mind as you start your search for a new home.

Please see following link from Illinois Realtors to read further!

https://www.illinoisrealtors.org/magazine/june2024/getting-you-prepared-for-august-17/?_cldee=se5-uJSsW5SL_ZDsdsk3qgys_WnUdlWwiQxunuM4nDGp57PV22AG9Nf5fGw3t95E&recipientid=contact-76cde79399b849879aeb7f742a9128b5-76706a0c3a1c4ab09a4e254670dff742&esid=ab196796-a938-ef11-9cdb-00155d23ed07