On August 14, the business of residential real estate in Maryland will change. Specifically, potential homebuyers who wish to work with an agent will need to sign a written agreement with an agent prior to work done on the buyer’s behalf, even before showing an open house. Also, properties for sale listed on databases known as a multiple listing service (MLS) will no longer include an offer of compensation that the seller is offering to buyer’s brokers.
This means that before you begin your home search, you have a valuable opportunity to sit down with your agent and discuss the many services they will provide, ensuring you have a clear understanding of how they will assist you throughout the process. You’ll also have the chance to determine a fair compensation structure that reflects the value and worth they bring to your real estate journey.
Regarding offers of compensation, Maryland REALTORS®, representing more than 28,000 members, and the Greater Capital Area Association of REALTORS® (GCAAR) and the Prince George’s County Association of REALTORS® (PGCAR), serving Montgomery and Prince George’s counties as well as Washington, D.C., applaud efforts that contribute to transparency in the real estate transaction, likely the most complex purchase anyone will make in their lifetimes. Of the requirement for a written Buyer’s Agreement, this is an “advocacy win” we fought for more than eight years ago: Maryland law has required this since October 2016.
Transparency helps to place today’s homebuyers and sellers in the driver’s seat as it provides clarity in the transaction and defines the roles and responsibilities for all parties involved. Sellers can search for a REALTOR® based on a variety of factors including sales volume, community knowledge, and more. Buyers can also find their ideal REALTOR®, looking at factors important to them: fiduciary skills, inspections expertise, referrals, and others. While both Buyer and Seller will have contractual and financial obligations to their respective agents’ brokerages, commissions remain negotiable. The Buyer and Seller have the power to search for the REALTOR® who best serves their needs.
However, you choose to find your REALTOR®, understand the VALUE they bring to your home sale or search. Buying or selling a home can be stressful, difficult, confounding, complex. Your REALTOR®, a professional with specialized training, market knowledge, and unique expertise, can make your path more manageable and—dare we say?—engaging, exciting, and, at the end of the transaction, rewarding. Many REALTORS® have specializations that focus on elements that can be a game-changer: first-time homebuyers, military, diverse marketplaces, specialized properties, and many more.
The Maryland suburbs surrounding Washington, D.C., stand out for their diversity in living, cultures, recreation, and robust employment opportunities. Sharing a border with Washington, D.C., Montgomery and Prince George’s counties play host to thousands of federal government jobs. Whether it’s the nightlife and conferences at National Harbor, the restaurant scene in Bethesda, or the attractions and rural beauty in both counties, the quality of life here is Maryland living at its finest. According to Maryland REALTORS®’ 2023 housing data, more than 12,150 REALTOR® members in Montgomery and Prince George’s counties helped their clients with more than 12,160 homes—estates to condo, single-family to multi-family, urban to farmland, townhome to vacation property. Each home sale (and every new homeowner) has contributed to the economic strength and vitality in both counties. These same REALTORS® from GCAAR and PGCAR who have brought the reality of homeownership to so many people in this area are your friends, neighbors, community leaders, and volunteers of the area’s many charitable causes.
While searching for the REALTOR® that best suits you, take time to educate yourself on the details of buying or selling a home. In 2019, Maryland REALTORS® launched https://www.marylandhomeownership.com/, an educational resource, free of advertising and sales tactics, which provides actionable information, including downloadable resources and checklists (in English and Spanish), that educates consumers on all facets of buying or selling a home. Doing some homework ahead of one of the biggest decisions in your life always pays dividends.
Transparency and education are two of the most important factors that can lead to a successful outcome when buying or selling a home. The third factor is working with a REALTOR®. The path toward buying or selling a home is not traveled often. There are bumps, odd turns, hazards that you don’t expect. Your REALTOR® will guide you through this process, and once you’ve successfully been handed the keys to your new home (or have sold your current home) you’ll realize that your REALTOR® was WORTH the sound investment.
