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BUYERS: Understanding the New Rules on Realtor Compensation
The National Association of Realtors no longer allows showing agent compensation offers in the “Multiple Listing Service”. (The “MLS” is the database of homes for sale by Realtors, which is shared with consumer real estate websites like Zillow, etc.)
Effective August 17, 2024, in Illinois,
Before viewing any home, all realtors and buyers must have a signed agreement outlining their relationship and the agreed-on compensation.
This creates a more transparent relationship, but requires an additional step to allow a buyer and ANY Illinois Realtor to work together in real estate transactions.
So, How is Working with Jeff BETTER for BUYERS?
THE TEDIOUS DETAILS
As of August 2024, the National Association of Realtors® regulations require the Realtor® and the potential buyer to sign a formal “Buyer Representation Agreement” before showing any house.
This new agreement clarifies our fees and working relationship. A Realtor® cannot represent a buyer or show them any property without this signed agreement.
While commissions are and have always been negotiable, my company charges a 2.5% fee based on the “net” home price. The seller typically pays the buyer’s commission; however,
If the seller is unwilling to cover this fee, we have several options (in order of desirability):
1. First, negotiate for the seller to cover the entire fee in your offer.
2. If not, request a seller’s credit (concession) in your offer to cover the fee.
3. If not, structure your purchase offer with a slightly higher purchase price, allowing the seller to offer a seller’s credit to cover the fee.
4. If not, focus only on properties where sellers have agreed to pay the buyer agency fee and continue shopping for a different property.
5. As a last resort, you can cover or roll into the financing the difference between the seller’s offer and our fee at closing. (Together, we will do EVERYTHING possible to avoid this last situation.)
Note: Jeff’s “Buyer’s Easy Exit Guarantee” form is attached to all of my “Buyer Representation Agreements” to protect your interests.
“If you are ready to shop, I can send you these documents, and we can start looking at properties (as soon as they are signed).”
And for SELLERS?
(Jeff’s been using this form since 2017)
Jeffrey Cobb, Licensed in 1985 – Your Realtor Serving the Greater Chicago Area.
(Note for “Home Buying 101 Video: A written buyer’s agreement is also required, as of August 17th, 2024.)
“Excellence is in the details.”
Licensed in 1985 and the recipient of many real estate accolades over the years, Jeff has earned the National Association of Realtor®’s CNE (Certified Negotiation Expert), SFR (Short Sale & Foreclosure Resource), and ABR (Accredited Buyer Representative) designations. Jeff is ready to put his abilities to work for your family.
Our corporate offices may be in Naperville, IL, but I am happy to represent you. Whether in the Far North or Far South, I serve all Greater Chicagoland area real estate buyers and sellers and do mostly referral business. However, if you haven’t been recommended to me, you can’t experience my Five-Star Service. So check out my testimonials page, and contact me today!
Sellers, the days of the best Realtors® sitting in their local offices waiting for local clients to come to them are over. Village data is now all online, and so are the buyers!
The most effective Realtors® often cover a large geographic area and are “Marketing Experts” who know how to leverage technology and staging to position you to get lots of showings for a quicker and more lucrative sale. Your best results will come from a broker who utilizes cutting-edge and creative online marketing!
Buyers, I have been in the real estate services business in Oak Park, River Forest, Riverside, Bolingbrook, Burr Ridge, Forest Park, Hinsdale, La Grange, Lisle, Naperville, and all over the Greater Chicagoland real estate markets for many successful years and I plan on being here for many more too. This longevity and confidence come from my real estate services to many buyers (and sellers) and their many referrals to others. This results in many repeat and referral businesses that keep me happily productive.
As a full-service real estate professional, I work with buyers, sellers, and investors in real estate transactions spanning all price ranges, areas, and property types.
Contact me to discuss your needs, share your property interests, and give me an overview of your housing desires.
Enjoy the website; it was created with YOU in mind!
Best, Jeff
