There has been a lot of misinformation in the news lately about pending changes coming to the real estate industry and what they mean for homebuyers and sellers. As a dedicated REALTOR® in Santa Barbara, I’d like to clarify any confusion your readers may have.
Because of a recent settlement by real estate brokerages and the National Association of REALTORS®, two things are changing. First, properties listed on the multiple listing service (MLS) will no longer include an offer of compensation to buyer’s agents. Second, homebuyers who want to work with an agent will need to sign a written agreement with that agent before touring a home. That means before homebuyers start their home search, they’ll need to discuss and agree with their agent what the agent will do on their behalf, and they’ll need to decide how much and how to pay that agent.
Historically, nearly 9 out of 10 homebuyers have opted to work with a real estate agent or broker in what is possibly the most important purchase of their lives. That’s because we help buyers and sellers navigate a maze of forms and complex paperwork; coordinate with lenders, inspectors, other agents, escrow companies, title companies, appraisers and other professionals; and ensure that our clients’ interests are represented in pricing, negotiation and closing.
In my over 50 years in this business, the transactions that gave me the most satisfaction involved helping home buyers find their first home. I love being able to assist them with what may be the largest purchase of their lives.
The pending changes will not affect what makes professionals in this field valuable — a commitment to work in their clients’ best interests. Our members throughout the state will continue to serve their clients every day and help make homeownership a reality for all Californians who aspire to it.