South Florida Agents Navigate NAR Changes
South Florida agents are adjusting to new rules from the National Association of Realtors (NAR) requiring buyers to sign broker agreements before touring properties. Some prospective buyers are reluctant to sign these agreements early in the process, leading to missed showings and confusion. This change stems from a recent NAR settlement in a lawsuit over real estate commissions, and it includes the removal of the MLS field that indicated the commission offered by sellers to buyers’ agents. Since the rule change took effect on August 17, agents have noticed increased paperwork and more challenging conversations with clients regarding compensation.
The new requirements have caused complications, particularly for buyers unaccustomed to signing agreements upfront. While some clients understand and accept the process, others push back, creating additional hurdles for agents. Brokerages are providing their own versions of the forms, which might cover specific properties or time periods, adding to the complexity. Despite the initial challenges, agents believe that convincing buyers to sign these agreements will ultimately protect buyers’ agents, although it’s seen as a hurdle for now. Transitioning to these new practices is proving smoother for seasoned agents but remains a learning curve for others, particularly when dealing with off-market properties or last-minute showings.
