Why this matters?
Purchasing a home is one of the most significant investments you’ll make. You deserve expert guidance and dedicated support to ensure a smooth, successful, and rewarding experience. Here’s why having a buyer’s agent on your side is the smart choice.
Introduction & Background
The Settlement requires the National Association of Realtors (NAR) to implement important changes in how we work with Buyers and Sellers in the marketplace starting August 17th, 2024.
The following is a summary of the most significant changes:
- There can be no further offer of compensation within the Muiltiple Listing Service (MLS)
- The new rules require MLS Participants working with buyers to enter into written agreements with their buyers before touring a home.
While many aspects of the job will remain the same, we want to ensure we do our part and always explain our roles and responsibilities when working with you as a buyer. We also want to remind you that compensation has always been negotiable. As part of that, you will see more documentation to ensure compensation is fully discussed and documented.
Understanding Representation In Florida – What Is A Transaction Broker?
Florida Transaction Brokers
A transaction broker is a licensed real estate agent who acts as a neutral third party in a real estate transaction. In Florida, it is presumed that all licensees operate as transaction brokers unless a single agent or no brokerage relationship is established, in writing, with a customer.
A transaction broker provides a limited form of representation to a buyer, a seller, or both in a real estate transaction but does not represent either in a fiduciary capacity or as a single agent. The duties of the real estate licensee in this limited form of representation include the following:
- Dealing honestly and fairly;
- Accounting for all funds;
- Using skill, care, and diligence in the transaction;
- Disclosing all known facts that materially affect the value of residential real property and are not readily observable to the buyer;
- Presenting all offers and counteroffers in a timely manner, unless a party has previously directed the licensee otherwise in writing;
- Limited confidentiality unless waived in writing by a party. This limited confidentiality will prevent disclosure that the seller will accept a price less than the asking or listed price, that the buyer will pay a price greater than the price submitted in a written offer, of the motivation of any party for selling or buying property, that a seller or buyer will agree to financing terms other than those offered, or of any other information requested by a party to remain confidential; and
- Any additional duties that are mutually agreed to with a party.
Let’s Talk About Process
The number one thing to understand is that you are not alone. We are here with you each step of the way. Lean into our decades of experience and Billions (yes, with a B) of transactions here in Florida and throughout the United States. We have seen a thing or two and understand our market, areas, neighborhoods, builders, designers, and the whole ecosystem around real estate. We also want you to realize that for every hour we spend in the car looking at property, there are countless hours doing research, talking with colleagues, arranging for property tours, and getting to know you better so we can help you make the most informed decision possible. Now to break it down for you, here is a clear view of the process we follow.
80 Ways – Yes 80
There are a host of ways we engage and work with you to help you find that perfect home. A lot of that happens in the background, but for your insight, we wanted to roster these, so you have a fuller awareness of the many ways we work for you, even if we are not talking directly. We take our responsibility to you seriously, and we want to share with you how we make things happen when supporting your purchase of that perfect home.
In Closing – This Is About Partnership
This only works when we work together and trust one another. You are getting ready to make a critical decision, and we want you to know we will share our professional opinion and perspective even when it means we should pass on a property. It’s the “we” there that matters, and we hope that you will see the partnership the same way. We are quite intentional about our relationships with our clients, and we want them to last for a very long time. We hope you agree and look forward to working ith you.
