Buying land and homes in Wi.
Aug. 17, 2024 change to protocol. Per NAR: “Require MLS participants working with a buyer to enter into a written agreement with the buyer prior to touring a property.” You can read more about the changes to the way you will experience working with a real estate agent HERE.
This is a landmark change to how we interact with buyers. For better or worse, before even setting foot on a home or piece of land, you will have to enter a “Pre-Agency Showing Agreement.” Then, a Buyers Agency Agreement may be used. Rocket Mortgage has a detailed explanation where they explain: “A buyer agency agreement, also sometimes called a buyer representation agreement or a buyer-broker agreement, is a contract between a home buyer and a real estate agent that outlines the terms and conditions of their working partnership. The agent could also be a REALTOR® (a real estate professional who’s a member of the National Association of REALTORS®) or a broker.”
Before, we never required agreements and would happily set up appointments to new prospective buyers same day and often within hours of you contacting [us] to request to see a property. It would be best to be prepared and shop around and interview/ meet with agents you would like to work with on the buy side and if that is us please fill out this form and we will contact you shortly.
Now, it is more likely the seller will not offer a compensation for selling a property. Buyer agents will still need to get paid, and this may be directly by the buyer or be incorporated into the offer to purchase.