As of August 17, 2024, changes from the National Association of REALTORS® (NAR) practice have taken effect. While many of these changes will not be apparent to homebuyers, we at Compass feel it is important for you to understand the specific aspects that will. Compass agents prepared for these changes in the months leading up to this change, and they have implemented the new practices, which are aimed primarily at enhancing transparency and protecting both buyers and agents.
WHAT HAS CHANGED?
The most notable change for buyers is the requirement for all agents to have written agreements when touring homes. This means you will need to sign an agreement with your Compass agent before viewing properties (this written agreement is not necessary for open houses). The requirement formalizes your working relationship, ensuring both the agent and buyer understand the services provided and their costs. It is crucial to note that this requirement applies to all licensed real estate agents nationwide and, if an agent says otherwise, they are not adhering to the new guidelines.
WHAT HASN’T CHANGED?
Wisconsin has always emphasized transparency in real estate transactions. Even before these current changes, Wisconsin came out with their first buyer’s agency agreement in 1986. We are fortunate this has become a common practice, as it clearly defines the agent’s role to the buyer. Additionally, Wisconsin’s real estate forms have always required sellers to detail the commission offered to buyer’s agents and subagents; therefore, the new practice of requiring written agreements is a natural extension of the state’s existing commitment to transparency and consumer protection. Compass agents have been thoroughly trained on these practices and are ready to embrace the industry changes.
BUYER’S AGENT ROLE
A buyer’s agent is a licensed real estate professional who represents your interests throughout the home-buying process and has fiduciary duties to you, the buyer, as opposed to the seller. Their primary goal is to ensure you get the best possible deal while navigating the complexities of buying a home. Here are a few key steps a Compass buyer’s agent will help you navigate:
COMPASS COLLECTIONS
While online portals like Zillow and Realtor.com provide access to many listings, they often are not up-to-date or have incorrect information. Your Compass agent has access to a comprehensive database of available homes, including “off market listings” that aren’t publicly listed. They can quickly filter properties that match your criteria, saving you time and effort.
Compass Collections allow you to favorite homes, comment about features, and request a tour of the home from your agent. The tool fosters collaborative conversation between you and your agent throughout the home buying process with instant updates on new listings and availability.
WRITING OFFERS
Crafting a competitive offer involves more than simply determining a price. Compass agents consider factors such as the home’s condition, the local market, and specific terms that might make your offer more appealing. In Wisconsin, real estate agents practice a limited form of law when filling out state-approved forms, making a knowledgeable agent essential to ensure you are protected as a buyer.
NEGOTIATIONS
Real estate transactions often involve negotiations. Your Compass agent will advocate for your best interests, whether it’s negotiating the price, terms, or contingencies. In fact, buyer’s agents must put your interests first. Their informed perspective and market knowledge are invaluable during this complex process.
COORDINATION & MANAGEMENT
A buyer’s agent coordinates with various professionals such as inspectors, appraisers, and lenders, ensuring that all aspects of the transaction proceed smoothly. They manage the numerous documents and deadlines involved, helping you stay organized and informed on the transaction process.
THE COMPASS BUYER ’ S AGENT
At Compass, we believe that having a trusted professional by your side can make all the difference in your home-buying journey. Our agents bring not only deep market insights and expert negotiation skills, but also a vast network of industry contacts to help you make the best possible decisions. With the new requirement for written agreements, you’ll have the added peace of mind knowing that your partnership with your Compass agent is clearly defined, ensuring transparency and security every step of the way.
While recent changes in Wisconsin may seem small, they highlight the value of working with a knowledgeable real estate agent. By formalizing your relationship with your Compass agent through a written agreement, you can move forward with confidence, knowing that your best interests are at the heart of everything we do– after all, our mission is to help everyone find their place in the world.
