REGION – The Vermont Association of Realtors (VAR), along with Prime MLS, implemented the National Association of Realtors (NAR) new rule changes in advance of the Aug. 17 deadline. Vermont Realtors have been working diligently to get up to speed on the new rules. Vermont was among only a handful of states that had already been using disclosures and written “Buyer Agent Agreements” for buyers, which is considered best practice.
Our Vermont Association of Realtors professional organization here in Vermont is led by some of the highest quality and most committed individuals that you will find anywhere. VAR has worked tirelessly to guide Vermont Realtors for months leading up to the Aug. 17 deadline, with multiple education opportunities, as well as revised forms and documents allowing us, as professionals, to do our job with the support and tools needed to comply and continue to thrive under the changes. Consumers can feel confident that Vermont Realtors have been prepared to guide buyers and sellers to and through the sales transaction.
Below are some of the rule changes from The National Associations of Realtors.
With regard to written agreements, NAR is encouraging the use of written agreements between real estate professionals and buyers. These agreements will clarify the services provided, roles and responsibilities, and associated costs, helping buyers make informed decisions. Vermont was already requiring “Buyer Agency Agreements.” What is new for Vermont Realtors is some of the language that needed to be clarified regarding the fees for services, and who is paying them.
Regarding changes to compensation offers, real estate professionals can no longer communicate offers of compensation on multiple listing service (MLS) platforms. This aims to create a more transparent environment, ensuring that all parties understand the terms of compensation. This one is a bit confusing for some of us, but the intention is for agents to communicate directly with cooperation agents to learn what compensation the seller is offering to those agents other than the listing agent that bring a qualified buyer to their property. It is the seller’s sole decision to decide what or if they will offer cooperating agents, to include a “buyer agent.”
The new rules are designed to give consumers more choices regarding real estate services, ensuring they can navigate transactions with greater clarity and confidence. Commissions have always been negotiable, and by having more rules around disclosure of consumer’s options for services, consumers are better educated to make decisions.
Advice to buyers and sellers: be informed and prepared as you approach your next home buying or selling experience. Use a Realtor to guide you through your real estate transaction. The process of selling and buying real estate is made much easier with a trusted professional at your side.
Written by Suzanne Garvey, Mary Davis Realtor and Associates Inc. owner/broker.