Some rather significant home buyer changes are coming on August 17th, 2024. There is an industry wide response which will have a larger impact in states (including Florida) where Buyer Brokerage Agreements have not been the norm. August 17th represents the current date for this big change to the real estate industry.
What is Happening?
For those house hunting in Florida, starting 8/17, Realtors will not be able to show property without a signed representation agreement. House hunting in other states? These agreements may have been the norm for some time now. So what does this mean for you? At a high level – you will have a contract outlining that you are hiring an agent to assist with your purchase.
What Do The Home Buyer Changes Mean For My Home Search?
Effectively – you have 2 options. The first choice is the use of an exclusive agreement. This will see you committed for a longer length of time and opens you up to not having to do an agreement with each property/day of showings you arrange with your agent. Alternatively – a showing agreement can be leveraged for one property or a list of properties shown on a day.
Common objections: “I just want to see a house” “I want to see how well we might work together and use a day of showings to come to this decision” “I don’t want to be locked into an agreement.” All well and good but none of these change the framework of obligations on Realtors and Brokerages.
It may seem that some fluidity and fun in the process has been replaced with mundane and onerous paperwork. I would encourage you to remember – buying a home is a major purchase. You want an agent who is professional, knows the area and documentation and will get a deal done.
Again – this is explanation of events happening is very high level. There is far more to these agreements than just the showing capacity. If you have questions – or want to learn more – please contact me. Please remember, change isn’t always a bad thing.
Are you looking for a house in St. Johns or the Jacksonville metro area? Please reach out. I welcome the opportunity to see if I am the right fit for you and/or your search.