The San Antonio Board of Realtors reminded consumers and realtors of industry practice changes which take effect on Aug. 17.
Offers of compensation will be prohibited on Multiple Listing Services. But offers of compensation will continue to be an option consumers can pursue off-MLS though negotiation and consultation with real estate professionals.
The other change is agents working with a buyer must enter into a written buyer agreement before the buyer can tour a home. The practice change does not require an agency agreement or dictate any type of relationship.
Will Curtis, the chair of the San Antonio Board of Realtors, said written buyer agreement protects buyers and realtors.
"There are some that are as simple as 'hey, I want to go see this property, will you represent me to go see this property?' And has no commitment after that," he said. "Whereas others will bind you in there."
Curtis said the agreements can include all the details between buyer and realtor. "The key with these agreements is you can negotiate every bit of that contract," he said.
Curtis said the written buyer agreement backed by the National Association of Realtors is much like the best practices already in use locally.
"It's going to outline what they are supposed to do, what you as a consumer are supposed to do," he said. "It's also going to sit down and cover things like compensation and all those other things that go in there, which really make the transaction much more transparent." he said.
As far as the MLS rule change goes, it simply means compensation for realtors will no longer be listed on multiple listing services anymore.
