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Who Pays The Agent

By
Real Estate Broker/Owner with HomeRome Realty 410-530-2400 311291

So, who pays the agent?

- Once upon a time, the listing and selling broker ( both ) worked for the seller, and the agent who brought the buyer was a sub-agent who also worked for the seller. This meant that even if you were out looking at properties with an agent, they always worked for the seller and not for you.

Then, a Buyer Agency was established. A fiduciary relationship was created between the buyer and the broker/agent, and the buyer's agent worked for the buyer. Maryland has had a buyer agency for many years. Now, the agreement needs to be signed before showing any property.

In the past, the listing company paid the buyer's agent, and an amount was agreed to and posted in the MLS. In the buyer agreements, buyer agents had their clients agree to a specific amount but accepted the seller's offer.

- The MLS has always shown a buyer broker's compensation, but not anymore.

-Commissions can no longer be shown on the MLS -Multiple Listing Service.

- Other options are still available:

Some brokers still offer different pricing models, such as flat fees for each stage, while others represent only buyers and take no listings.

Due to recent legal actions, everyone must be aware of changes in the buying and selling processes. Ask your agent to help you navigate these changes. 

You can still work with a buyer agent to represent and protect you.

Always work with an experienced professional to guide you through the estate process and explain each option.

.

Any questions about buying or selling a home

Call Margaret Rome

Posted by

Margaret Rome
HomeRome Realty
Broker/Owner/Realtor®

Baltimore, Maryland


Sell Your Home With Margaret Rome

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Roy Kelley
Retired - Gaithersburg, MD

This is very timely advice to share.

I will post your blog on X.

Apr 20, 2024 11:31 AM
Margaret Rome Baltimore 410-530-2400

Roy Kelley 

We all need to be able to give a simple explanation. 

Apr 20, 2024 12:38 PM
Ed Silva, 203-206-0754
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Our state has always had buyer agency and I have had buyers sign for a day just to be able to show thee a house.  It will shake itself out soon enough.

Apr 20, 2024 11:33 AM
Margaret Rome Baltimore 410-530-2400

Ed Silva, 203-206-0754 

For agents like you, there will be very little change. 

Apr 20, 2024 12:39 PM
George Souto
George Souto NMLS #65149 FHA, CHFA, VA Mortgages - Middletown, CT
Your Connecticut Mortgage Expert

Margaret in my opinion the new compensation model will make it much more difficult for Buyers to come up with the necessary fund for closing cost.  Time will tell.

Apr 20, 2024 12:08 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

George Souto

  And that's where lending will become creative with seller concessions. 

 

Apr 20, 2024 12:42 PM
Dorie Dillard Austin TX
Coldwell Banker Realty ~ 512.750.6899 - Austin, TX
NW Austin ~ Canyon Creek and Spicewood/Balcones

Good afternoon Margaret Rome Baltimore 410-530-2400 ,

Our company has always mandated we use a Buyer's Agency agreement so nothing new for us. We will work through this..buyers are always going to buy and sellers are going to always sell. I want to see both parites represented and have their best interests addressed. Explanations need to be simple to the public.

Apr 20, 2024 01:38 PM
Margaret Rome Baltimore 410-530-2400

Dorie Dillard Austin TX

  For many of us, a buyer agency has been in place, so the change might be minor.  As you say, our job is to explain the NAR changes to the public.

Apr 21, 2024 07:09 AM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

I agree with the comment left by Dorie Dillard Austin TX above.  California has had similar methods to agency and commission.  The task as I see it in the future is to make certain clients are educated in all this.

Apr 20, 2024 02:21 PM
Myrl Jeffcoat
Sacramento, CA
Greater Sacramento Realtor - Retired

CONGRATULATIONS Margaret, on having this blog FEATURED in the Old Farts Clubgroup!  

Apr 20, 2024 02:27 PM
Margaret Rome Baltimore 410-530-2400

Good morning, Myrl Jeffcoat. The three of us are on the same page. 

Thank you for the feature in OFC!

Apr 21, 2024 07:12 AM
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

 

Miss Margaret Rome Baltimore 410-530-2400

In the Land of Oz, (CA) we still show cooperating buyer broker compensation offered by the seller in the MLS. We will see if/when that changes.  

We all deserve and need independent representation. 

 

Apr 20, 2024 02:38 PM
Margaret Rome Baltimore 410-530-2400

Kathleen Daniels, Probate & Trust Specialist 

You are correct; for the next few months,  no change.

Apr 21, 2024 07:17 AM
Sham Reddy CRS
Howard Hanna RE Services, Dayton, OH - Dayton, OH
CRS

Thanks for sharing Margaret, great information! Congratulations on your open house!!!

Due to recent legal actions, everyone must be aware of changes in the buying and selling processes. Ask your agent to help you navigate these changes. You can still work with a buyer agent to represent and protect you.

Apr 20, 2024 02:58 PM
Margaret Rome Baltimore 410-530-2400
HomeRome Realty 410-530-2400 - Pikesville, MD
Sell Your Home With Margaret Rome

Good morning, Sham Reddy CRS 

It's important to communicate with your agent for changes and make sure they can effectively represent you.

Apr 21, 2024 07:25 AM
Hannah Williams
HomeStarr Realty - Philadelphia, PA
Expertise NE Philadelphia & Bucks 215-820-3376

Margaret Rome Baltimore 410-530-2400 As always you explain everything so eloquently and precisely- Have a wonderful weekend 

Apr 26, 2024 12:53 PM
Margaret Rome Baltimore 410-530-2400

Hannah Williams, Always good to see you!  These changes are pretty easy to explain. 

Apr 26, 2024 12:59 PM