Navigating the New Buyer Agency Rules

Navigating the New Buyer Agency Rules

The most over-asked question of 2024 is, by a landslide, how will agents navigate the new buyer agency rules?

The solution to the new buyer agency rules is refreshingly straightforward: Demonstrate value and provide transparency, two fundamental principles of our profession. 

To quote the Talking Heads, this is the same as it ever was! Let’s use the new Buyer Agency Agreement from NVAR (Northern Virginia Association of REALTORS®) as an example and envision what an effective Buyer Agency Consultation will look like once these forms take effect on the first day of next month (07/01/24). 

Whether the setting for this meeting is a coffee shop, your office, the prospective client’s house, or the driveway of a home that you’re about to show them, your process will look like this:

This is who I am, and this is the value that my brokerage and I provide.

I would be flexible with the materials that you use here. If you feel your prospective client(s) would like to see a formal presentation, you can walk them through a full buyer’s presentation, like the one we offer our clients in CloudCMA. In less formal settings, you may find that you’re more effective communicating the following inside of a short elevator pitch… 

My fee is… Three simple words! How do agents struggle with this? 

Once you have explained your fee structure, point to the applicable section of the agreement and explain that, with their permission, you can ask the seller to cover this fee. Continue explaining that the seller can respond with a “yes” or “no” or negotiate to meet somewhere in between inside of the new Residential Sales Contract. Your pledge to them should be to always keep them informed so they can make the appropriate decision on how to proceed. 

Offer real-life examples by showing the new client multiple homes when possible.

After reviewing the buyer agency agreement, you want to demonstrate how things work by sharing how each seller is handling the buyer agency commission, i.e.- “I checked with the listing agents, and the seller of this first property is offering to cover ___ of my fee, the seller of the second home will cover ___, etc…”

Confidence is key!

Believe in yourself and the value you and your brokerage provide. The path you and your clients will take may feel different, but the destination is the same! 

BTW- You can see the full set of new NVAR forms here. 

 

Our Blogs

Work With Us

Whether you’re looking to buy, sell, rent, or invest in Washington, DC, Maryland, or Virginia, we have the agent for you to make your dreams a reality.

Follow Me on Instagram