The real estate world just went through its biggest shake-up in decades. If you’ve been scrolling through Zillow or thinking about putting a "For Sale" sign in your yard lately, you might have noticed things feel… different. As of August 2024, the National Association of Realtors (NAR) settlement changed the "rules of the game" for how buyers, sellers, and agents interact.
At Maya Team Inc., we believe that more transparency is a win for everyone. But with new rules come new confusion: and new ways to accidentally lose money or time. Whether you’re a first-time homebuyer or a seasoned seller, here are the seven most common mistakes we see people making right now and how you can avoid them.
The Short Answer: What’s Different?
In short, the new rules do two main things:
- Transparency in Pay: Sellers no longer advertise a "buyer agent commission" on the Multiple Listing Service (MLS). This means how much a buyer’s agent gets paid is now a private negotiation.
- Mandatory Agreements: Buyers must now sign a written Buyer Representation Agreement before they can even step foot inside a home with an agent.
1. Touring Homes Without a Signed Agreement
Under the old rules, you could meet an agent at a front door, walk through the house, and figure out the paperwork later. Those days are gone. If an agent is a REALTOR® and uses the MLS, they are legally required to have a signed agreement with you before showing you a property (in person or via a live virtual tour).
The Fix: Don’t be surprised when your agent asks for a signature before the first tour. Use this as an opportunity to interview them. A good agreement should clearly state the services provided, the compensation, and the duration of the relationship.
2. Assuming Your Agent is "Free"
For years, buyers were told "the seller pays the commission, so my services are free to you." While the seller often does still pay, the new rules make it clear that the buyer is technically responsible for their agent's fee if the seller refuses to cover it.
The Fix: Ask your agent: "In what scenario would I personally owe you money?" Ensure your Buyer Representation Agreement specifies that your agent will first seek payment from the seller or listing broker, and define a "cap" on what you are willing to pay out of pocket.
3. Sellers: Thinking You "Can’t" Pay the Buyer’s Agent
Some sellers have misinterpreted the new rules to mean they are forbidden from paying a buyer’s agent. This isn't true. While you can't advertise the commission on the MLS, you can still offer it as a "seller concession" or handle it through private negotiations.
The Fix: Work with a professional like Rony Velasquez, who serves as both a Real Estate Broker and Mortgage Loan Originator (MLO). He can help you understand why offering a concession might actually net you a higher sale price by attracting more qualified buyers who might not have the extra cash to pay their agent out of pocket.
4. Ignoring "Cash to Close" Impacts
If you are a buyer and the seller of your dream home refuses to pay your agent's commission, that money has to come from somewhere. If you don't plan for this, you could find yourself short of funds on closing day.
The Fix: This is where having an agent who understands the mortgage side is vital. At Maya Team Inc., we help you run the numbers early. Use our investment and flip calculators or consult with us to see how a commission fee affects your Loan-to-Value (LTV) ratio and your total cash requirements.
5. Signing "Forever" Contracts
When an agent hands you a Buyer Representation Agreement, you don't have to sign your life away for six months. Many consumers are making the mistake of signing long-term exclusive deals with agents they've just met.
The Fix: Ask for a "trial period" or a "showing-specific" agreement. You can sign an agreement that only covers the three houses you’re seeing this Saturday. If you like the agent, you can extend it later. Mona Bottros, our Realtor® and Office Manager, always ensures our clients feel comfortable and informed about every document they sign.
6. Overlooking Probate and Trust Nuances
With the new rules, the complexity of selling a home held in a Trust or going through Probate has increased. These transactions already had specific legal requirements; now, they also have to navigate the new commission transparency rules.
The Fix: Don’t DIY a Trust or Probate sale. You need an authoritative educator who can simplify these technical requirements. We specialize in guidance for families navigating these transitions, ensuring that the estate is protected and the rules are followed to the letter.
7. Failing to Vet Your Agent’s Dual Expertise
In this new environment, real estate and financing are more connected than ever. A mistake many make is working with a "standard" agent who doesn't understand the mortgage implications of seller credits and commission offsets.
The Fix: Look for a professional with a background in both. Rony Velasquez is a Mortgage Loan Originator (MLO) and a Broker. This means when we negotiate your purchase contract, we aren't just looking at the price: we’re looking at how the deal structure affects your monthly payment and your loan approval.
Your "New Rules" Success Checklist
For Buyers:
- Have you interviewed at least two agents before signing a representation agreement?
- Does your agreement include a clear, objective number for compensation?
- Have you talked to your lender about how paying a commission out of pocket might affect your loan?
- Do you know how to terminate the agreement if the relationship isn't working?
For Sellers:
- Have you discussed "Seller Concessions" with your listing agent?
- Do you have a strategy for handling offers that ask you to pay the buyer's agent fee?
- Is your home listed with a team that knows how to market off-MLS incentives?
Navigating the Future with Maya Team Inc.
The real estate market hasn't become "harder": it’s just become more professional. These changes are designed to protect you, the consumer, by making sure everyone knows exactly who is getting paid and why.
If you’re feeling overwhelmed by the new rules or just want to make sure your next move is a smart investment, we’re here to help. At Maya Team Inc., we prioritize information over sales. We want you to be the most educated person in the room.
Ready to start your journey?
Visit us at nas.io/mayateaminc to access our resources, or reach out to us directly for a consultation.
Rony Velasquez
Real Estate and Mortgage Broker | Realtor® | Mortgage Loan Originator (MLO)
Mona Bottros
Realtor® and Office Manager
Maya Team Inc.
Helping you build wealth through real estate, one transparent step at a time.
