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New rules are shaking up the real estate industry starting on Saturday.
"It's very pro-consumer, and hopefully will lead to greater transparency,” said Vince Malta, who serves on the National Association of REALTORS®’ leadership team.
Another change requires a potential buyer to sign a written agreement with their agent before touring a home together. NAR says these written agreements aren't needed to speak to an agent at an open house or to inquire about services, but they do apply to live virtual home tours.
"Those written agreements must disclose the amount or rate of compensation that the agent will receive, how the agent will be compensated and include a couple of statements," Malta said.
Malta said buyer agreements must disclose that commissions are not set by law and are fully negotiable.
