Judith Sutton ABR CRS IDS PMN ASP IAHSP SRES GREEN
Judy@JudithSutton.com 908 803-0472
EXPECT MORE
UNDERSTANDING OPEN HOUSE VISITS
and what this means to you!
Understanding NAR’s New Rules for Open Houses: Transparency and the Value of Buyer Representation
The National Association of Realtors® (NAR) recently introduced updates to its guidelines regarding open houses, emphasizing greater transparency for buyers. Among these changes, agents are now required to clearly disclose that they represent the seller. This policy ensures buyers are fully informed and able to make educated decisions as they navigate the home-buying process.
Here’s a closer look at these new rules and why securing a buyer agent early in your home search can be a game-changer.
The New Rules: Seller Representation Disclosure
When you walk into an open house, the hosting agent is typically the listing agent or another representative working on behalf of the seller. The new NAR rules mandate that agents make it explicitly clear to visitors that their fiduciary duty lies with the seller. This disclosure may happen verbally, through signage, or via written materials available at the property.
Why is this important? Transparency in representation helps prevent misunderstandings. For example, buyers may assume that the agent they meet at an open house has their best interests in mind. However, the agent’s priority is to secure the best deal for the seller, which may not align with the buyer’s goals.
The Benefit of Early Buyer Agent Representation
The open house rules underscore the importance of having your own advocate in the real estate process: a buyer’s agent. Here’s why finding a buyer agent early can work in your favor:
1. Fiduciary Duty to You
A buyer’s agent works solely for you, the buyer. Their primary responsibility is to protect your interests, whether negotiating price, terms, or contingencies. With a buyer agent, you can confidently explore properties knowing someone is focused on your goals.
2. Access to Expertise
Buyer agents bring industry knowledge, including market trends, property values, and neighborhood insights. They can help you identify potential red flags during showings and guide you toward making informed offers.
3. Seamless Coordination
Your buyer’s agent will handle scheduling showings, communicating with listing agents, and streamlining the paperwork process. Their organizational support allows you to focus on finding the perfect home without the added stress of logistics.
4. Insider Information
Agents often have access to listings before they hit the market and can use their networks to uncover opportunities that align with your preferences. This competitive edge is especially beneficial in a hot market.
5. Cost-Free Advocacy with a Written Agreement
In most cases, the seller covers the commission for both their agent and the buyer’s agent. However, it’s essential to establish a written buyer-agent agreement to formalize the relationship and clarify compensation terms. This agreement ensures transparency and sets expectations, including the buyer’s responsibility for the agent’s compensation if the seller does not offer to cover the fee. While this scenario is uncommon, having the agreement in place protects both parties and solidifies the agent’s commitment to advocating for your best interests.
What to Look for in a Buyer Agent
When selecting a buyer agent, look for someone who understands your needs, communicates effectively, and has a proven track record. Having over 40 years as an active Realtor, representing many buyers in the Somerset Hills area, I am perfectly suited to offer my unique advice.
The new disclosure rules are a step forward in promoting clarity and fairness in the real estate process. For buyers, this change highlights the value of having a dedicated advocate from the start. When you partner with me as your Buyer Agent, you can ensure your interests are protected and enjoy a smoother, more informed home-buying experience.
If you’re considering purchasing a home, now is the perfect time to connect with a trusted buyer agent Judith Sutton who can guide you every step of the way. After all: "...the right relationship means everything..."
I’d love to give you a detailed picture of what our company can do for you!
By incorporating my personal attention and guidance into the marketing strategy I aim to provide you with
an Exceptional Selling Experience
while ensuring that your property receives the exposure needed
to attract buyers from anywhere
Your Local Real Estate Connection
Get a positive, helpful partner for buying or selling your home:
Trusted resource for answers about the process
Innovative marketing strategies
Expertise about neighborhood features
Ability to target home searches
Strong negotiation skills
Support through the closing and beyond
Why would you settle for anything less?
Adding value for my clients and loving where we live!
Judy@JudithSutton.com
COLDWELL BANKER...GUIDING PEOPLE HOME SINCE 1906
908 803-0472
"...the right relationship means everything..."
SERVING THE SOMERSET HILLS AREA ONE CLIENT AT A TIME
Service & Experience
since 1983