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Important Changes in the Real Estate Industry You Need to Know

July 31, 2024

This month has brought some significant changes to the real estate industry that you need to be aware of. As your trusted real estate advisor, I want to ensure you’re fully informed and prepared for these updates. Here are the two biggest changes that will affect you:

1. Buyer Broker Form Requirement

As of this month, Arizona state law now mandates that all buyers sign a “Buyer Broker” form BEFORE touring any property with an agent. This form establishes the working relationship between the buyer and the agent, ensuring clarity and transparency from the start. It’s crucial to have this document signed to proceed with property viewings.

Click here to preview the new form.

2. Commission Disclosure Changes

Another major change is that the commission paid to buyer agents is no longer advertised on the MLS (Multiple Listing Service). Previously, this information was visible to all parties, but now it has been removed from public view. This means buyers and their agents will need to discuss and negotiate commission details more directly.

These changes are designed to enhance transparency and protect the interests of all parties involved in real estate transactions. While they may require some adjustments in how we operate, rest assured that I’m here to guide you through every step of the process. Feel free to reach out if you have any questions or need further clarification on this change. As always, call me anytime at (724) 678-1269.

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