The New World of Home Buyer Services with Savings 

 

Time & Money SavingsAs a new South Carolina Realtor in 1994, I was excited to see MLS Listings going on the Internet, and I envisioned how technology could change the old, traditional real estate business model. Being a consumer advocate, I watched as new time and money savings business models were introduced by non-traditional real estate companies. Today, as a non-traditional real estate company owner & broker, plus the owner of the nationwide BestHomeSearch.com Network, I watch as class-action lawsuits dismantle the old, traditional way of doing business. I now expect to see more Realtors competing for market share by offering at least one of the following three non-traditional home buyer services:

Full Service for Less

As a condition of the lawsuits against the National Realtor Association, the traditional “Seller’s Cooperative Compensation Offer” used in the Realtors MLS to attract Buyer Agents will longer be allowed, effective mid-July 2024. However most home sellers will still want to attract Buyer’s Agents working with serious buyers. I expect most sellers will be open to negotiating payment of the Buyer’s Agent compensation as part of an offer to purchase their property. I also expect that competition will drive commissions lower for both Buyer Agents and Seller Agents.  

If the Seller agrees to pay the Buyer’s Agent, then Agents that offer Real Estate Rebates, aka Agent Commission Splits will still be able to do so. Real Estate Rebates are currently legal in 42-States and DC. The U.S. Department of Justice has indicated they would like to see Real Estate Rebates legal in all 50-States. 

Fee for Service Solutions

As part of the new rules of Realtor Compensation, it is mandatory that all Buyers working with a Buyer’s Agent have an Agreement stating how their Agent will be compensated for the services they provide. In the event that Seller will not and the Buyer cannot afford to pay the Buyer’s Agent commissions, it will be outlined in the Agency Agreement.

At Best Home Search we foresee more Realtors offering Fee for Service, aka “a la carte Menu of Services” for Buyers. In lieu of not earning a full commission because the buyer does not close on a property, the Buyer’s Agent sould still be paid for the time and services provided to the Buyer.  

Real Estate Consulting

Almost all top Realtors are happy to have the opportunity to provide a 30-60 minute home buyer consultation at No Cost. As a buyer your consultation would normally provide you with the option to continue at a hourly rate, or the option upgrade to a “Full Services for Less”, a “Fee for Service”, and/or another beneficial home buying program.

BestHomeSearch.com Network Realtors pay No Referrals Fees so they can better afford to negotiate their fees and offer Home Buyers greater real estate values.  

At BestHomeSearch.com, you can now request any of the above services, as well as new Hybrid time and money savings services coming available. We are hoping Mortgage Lenders will change their Underwriting Rules so that Buyers can wrap their Buyer Agent’s Commission into their Loan so they can keep more of their money in their pocket at the closing table.

For a No Cost, No Obligation Best Home Search consultation, you can use the short and secure form at the bottom of Your City or County Landing Page.

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