By Tracey Henkels, September 19, 2024
We’ve been hearing that there’s confusion around the recent NAR settlement and what the changes mean for Buyers and Sellers. We’re even hearing that some Realtors are having trouble explaining it to their clients(!) Here’s a summary of how these changes affect those in Oregon:
1. Agent service fees (also known as “commissions”) are negotiable and always have been.
It’s been customary for Sellers to cover a Buyers’ Agent’s service fee at closing, building it into the sales price of a home. This has always been a strategic marketing decision between the Seller and their Agent as it increases the Buyer pool. Most Buyers don’t have the cash to pay for their down payment, closing costs AND their Agent’s service fee. This essentially allows them to finance that fee within their mortgage.
2. Offers of compensation (Seller offering to pay the Buyers’ Agent’s service fee) can no longer be advertised on any Multiple Listing Service (MLS).
These are local marketplaces used by both Buyer and Seller Brokers to share information about properties for sale. Agents can advertise this Seller concession on off-MLS platforms like social, email and websites.
3. A contract is now required to work with a Realtor as a Buyer.
We can’t show you homes until we sign an agreement that we’re working together. It’s now the law. If you don’t enjoy working with us, you can cancel at any time with no fee. Not all Realtors make it that simple, but we do. Worth noting: Sellers are already required to have a contract in place with their agent to list their home for sale.
More questions? Please call, text, email me; I’m happy to discuss further. Keep in mind that every state is different, but I can connect you to someone great and trusted in your area.
This information is a reflection of personal opinions and understandings as of Monday, September 9, 2024.
Tracey Henkels
Principal Broker | Earth Advantage | OR
She/Her
Tracey Henkels attributes her disciplined nature and relentless work ethic to a childhood spent rising and retiring by the light of the sun on her family's apple orchard in Iowa. Gratefully, that Midwestern mentality has served her well over the years as Tracey continues to deliver excellent customer service, superior technical skill, and a wide array of industry knowledge on behalf of her clients.
While Tracey wouldn't trade her career as a Real Estate broker for any other, her first love was Architecture. After receiving her degree at Iowa State University, Tracey worked in the architecture world for over 6 years before deciding she wanted to forge a new professional path. In 2004, Tracey jumped heart-first into the world of helping her people buy and sell houses. She's never looked back.
When you meet Tracey, one of the first things you notice is her positive energy, and zest for life. One of her favorite things about being a broker is the ability to help people make powerful transitions. Tracey's natural patience, unwavering professionalism, and optimistic attitude make her both a compassionate broker and tough negotiator.
Tracey is committed to serving others, making a difference in her community, and giving back. When she isn't working hard to best serve her clients, you might find her tending to her garden, growing fresh vegetables and beautiful flowers, cross country skiing, or planning her next exciting adventure.
Kelsey Burkett | Broker Licensed in OR | teamhenkels@gmail.com
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