Before August 17, 2024, buyer-side marketing could promise a showing tomorrow and sort out representation later. The practice changes that came out of NAR’s settlement reversed that order, and most agent websites still read as if they had not.
The agreement comes first. NAR’s homebuyer guide says a buyer will sign a written agreement with an agent before touring a home, and that this applies to live virtual tours as well as in-person ones. The agreement has to state the amount or rate of compensation in a specific and conspicuous way, in objective terms (a flat fee, a percentage, an hourly rate or zero), bar the agent from receiving more than that from any source, and say conspicuously that broker fees and commissions are fully negotiable and not set by law.
Offers of compensation left the MLS. A seller may still agree to pay the buyer’s agent, but that offer cannot be shared on a multiple listing service. MLSs that opted in had until September 16, 2024 to make the change, and the court gave the settlement final approval on November 26, 2024, with NAR paying $418 million over about four years.
What that means for marketing:
- A buyer lead now leads to a consult. The landing page behind a buyer ad should explain what the agreement covers, how you are paid and what the buyer gets, and offer a short call. A button that says “book a showing” sets up an awkward first meeting.
- “Free to buyers” is a claim you have to stand behind. If your agreement names a fee the buyer could owe, an ad saying otherwise conflicts with the paperwork the buyer will sign before the first tour.
- Open houses gained weight. NAR’s guide says no agreement is needed just to talk with an agent at an open house or ask about services. It is the one place a buyer can size you up without a form, so sign-in and follow-up deserve a real process.
- Explaining value became marketing. A buyer who must sign before seeing a house wants to know what representation includes. A plain page on how you negotiate, what you check in disclosures and how the agreement works answers that before the call.
None of this changes the seller side as much, but sellers read the news too. Listing presentations that explain how buyer-agent compensation is handled now, in your market, tend to go better than ones that avoid it.