Changes coming to the real estate industry this year

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Lisa Y. Shaw Broker Associate 508-826-7661 lisasells@remaxexec.com www.lisashawsells.com
Lisa Y. Shaw
Broker Associate
508-826-7661
[email protected]
www.lisashawsells.com

Back in 1993 the National Association of Realtors instituted a mandatory agency disclosure form. For a long time prior to that, a lot of buyers (and sellers for that matter) didn’t know or were confused about how the agency relationships worked and many didn’t ask.

The NAR decided it was necessary to implement a process that would help to reduce and potentially eliminate that confusion. The form, known as the Massachusetts Mandatory Real Estate Licensee-Consumer Relationship Disclosure, briefly describes the obligations of the agent and clearly states which party is represented as well. Both parties sign the document and there is even an option to decline to sign as well. This implementation helped over the last 28 years to better inform buyers and sellers of their relationship with their agent. Many changes have come about during this time in real estate and how business is conducted, especially with the use of online tools and computerized RE websites.

In the near future, more changes are expected, and the agency has started to take new shape and terms as well. In September 2021, a revised version of the disclosure was introduced including more details and specifics on the relationship and obligations and timing of when it needs to be executed. Also forthcoming, especially with the younger generations and more experienced agents, will be that buyer-agent contracts will become more common.

The NAR and real estate professionals will continue to educate consumers because there is so much noise in the market, information coming from all different directions, and online non-licensed so-called experts. The crucial takeaway for you as the home buyer or seller is knowing what a buyer or seller agent’s value is to you as the consumer and what services and responsibilities their role entails. Finding a good fit is important but knowing exactly what you can expect is really the best way to start.

For more information feel free to call, email or text me at [email protected], 508 826-7661.

 

Lisa Y. Shaw, Broker Associate

508 826-7661

[email protected]

www.lisashawsells.com