Your Simple Guide to Buyer Agent Commissions in 2024

By Julia De Sosa-Rocha

Julia De Sosa-Rocha moved to Atlanta in 2004. She truly fell in love with Georgia's charm and southern hospitality. That is when she took a decision to change her career path and became a Real Estate Agent. Originally, she had a Law Background. She wanted to use all her knowledge to be that type of expert for her clients who will protect them in various real estate transactions. The idea of helping people & guiding them through the process of finding their dream home is her number one priority.

It’s not new information that the real estate industry is constantly changing, but the recent NAR lawsuit sparked a lot of interest and questions from both buyers and sellers. These changes revolve around how buyers’s agents get compensated when a home sale closes. To help you understand the situation better, I’ll give you an overview of what to expect for both sides of the transaction.

For buyers, the focus will shift towards a more transparent and autonomous system for agent compensation. Starting in August 2024, buyers are required to have a buyer’s agency agreement, even if it’s just to see one property. The agreement contains a clear outline of the scope of their responsibilities, given their compensation. In other words, buyers will directly pay the agent for all or part of their agent’s commission.

Sellers, on the other hand, will shift away from the traditional way of doing business. Before, listing agreements covered the buyer’s agent commission. However, the industry is moving towards buyers and their agents establishing their compensation terms directly. This results in more transparency on the part of sellers.

Regardless of these shifts, there will always be a dedicated real estate professional to help you find your dream home, negotiate the best deals, and advocate for your interests and needs throughout the process. Sellers can also offer to contribute to their buyer’s agent commission, making their property more appealing while at the same time incentivizing buyer’s agents to bring potential buyers, faster sales, or higher offers.

The dialogue between buyers and sellers regarding commissions is becoming more important as the days go by. Agents are valuable in navigating these conversations and ensuring that everyone’s needs are met effectively throughout the transaction.

The bottom line is that transparency and expertise matter, especially for real estate agents. Our goal as agents is to ensure a win-win situation—for buyers to find their perfect home and sellers to maximize their return on investment.

Reach out to me if you have questions or thoughts that you would like to discuss about these recent changes. You can call, DM, or email us; we are always ready to help you as you start taking steps to achieve your real estate goals.