Important MLS Changes

Since August 17, 2024, there have been some key changes to how real estate commissions and buyer representation are handled by our agency. All aspects of the offer, including the buyer's agent commission and closing costs, are negotiable between the buyer and seller, which underscores the importance of skilled negotiation in real estate transactions. Here is what you need to know:

Buyers: You'll have more transparency and control over how you compensate your agent. There is a new feature in the "Purchase Offer" form that allows you to request that sellers pay the buyer's agent commission. Traditionally, the seller has typically paid both the buyer's and seller's agent commissions. But now, the request for sellers to pay the buyer's agent commission is separate from any request to cover closing costs. Buyers can still ask sellers to contribute towards closing costs, but this is a separate negotiation point. Be prepared to discuss fees upfront and sign a Buyer Brokerage Agreement.

Sellers: You'll have more flexibility in how you structure your offers to attract buyers. You can still offer closing cost credits to help buyers cover their agent's fees, or you can refuse to pay their agent's commission. This means the buyer could end up paying this fee themselves –– in addition to their portion of the closing costs. This might happen if you feel the purchase offer/counteroffer is too low; if there are too many requests to cover other fees; if you simply prefer only to pay your own agent.

The goal of these changes is to increase transparency in real estate transactions. BC Adobe Realty is committed to guiding you through these changes to ensure a smooth and successful real estate experience. Contact Us to learn more.

Commissions Are Negotiable: This has always been true, but now it will be even more important to discuss commission rates upfront with your agent.

Buyer Brokerage Agreements: Buyers will now be required to sign a Buyer Brokerage Agreement with their agent. This agreement outlines the terms of representation and clarifies the buyer's responsibility for their agent's fees.

Changes to the MLS: The Greater Las Vegas Association of REALTORS® (GLVAR) Multiple Listing Service (MLS) will no longer include a default commission for buyer's agents. This means sellers won't automatically offer a commission share to buyer's agents through the MLS.

Compensating the Buyer's Agent: Sellers can offer closing cost credits to buyers, which can be used to pay the buyer's agent, or buyers can use their own funds to pay their agent and apply any closing credits towards loan expenses. Keep in mind that sellers can refuse to cover closing costs or buyer's agent commission, which could increase the overall costs for the buyer.

VA Loans: VA loan policies are also being updated to allow buyers to pay their agent directly.