National Buyers Agents Association (800-383-7188) has released a guide detailing how a home buyer’s agent in Colorado gets paid. The guide explains the recent changes in the commission structure for real estate agents.
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Following the March settlement by the National Association of Realtors (NAR), longstanding real estate practices are set to change, including how buyer agents receive commissions. As such, National Buyers Agents Association (NBAA) has released a guide detailing the effects of these changes on Colorado home buyers.
For more information, please visit https://homebuyerscolorado.org/how-colorado-buyers-agents-get-paid
In addition to altering the commission structure, the new rules will require Colorado home buyers to sign a written agreement with an agent before searching for a home - and the new guide by NBAA helps buyers evaluate and choose qualified agents.
The changes to the Colorado real estate market are set to take effect in July of this year when NAR stops placing commission rates on the multiple listing service (MLS). This means that an agent’s commission will now be independently negotiated at the beginning of the home-buying process. Once agreed, a binding contract will be signed.
These changes are designed to empower buyers in the purchasing process but have left many with unanswered questions - and NBAA's guide addresses the most common questions, offering helpful tools for buyers when negotiating a commission rate and explaining what to look for in a written agreement.
In many cases, Colorado sellers will no longer be providing the buyer's agent fee at closing, as was the industry standard. The fee may now fall to the buyer. The guide suggests buyers educate themselves thoroughly by interviewing at least two agents before signing anything.
Brokerages will likely present a predetermined rate, but according to the NBAA guide, these rates can be negotiated. It is incumbent on the buyer to determine if the agent is worth the commission. “Despite the increased initial cost to buyers, working with a trusted agent can save money and hassle down the line,” says NBAA, adding that it still highly recommends that buyers work with representation.
A spokesperson said: “Not all real estate agents in Colorado are the same. Rather than trying to sell you a home, it is the job of a buyer's agent to help you buy your perfect home. Our staff will happily answer your questions and provide you with the name and contact information of all members in good standing with the association.”
National Buyers Agent Association is a trusted online resource aimed at empowering and educating home buyers across the United States, Canada, and Costa Rica.
Interested parties can learn more by visiting https://homebuyerscolorado.org/find-buyers-agent
Contact Info:
Name: Kathleen Chiras
Email: Send Email
Organization: Skyfor, Inc. dba National Buyers Agents Association
Address: 7652 Gartner Rd. Ste. 723, Evergreen, Colorado 80439, United States
Phone: +1-303-670-0246
Website: https://buyeragentsearch.com
Source: PressCable
Release ID: 89127025
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