Sharon G. Aubuchon
Luxury Home Specialist
Story by Ann Butenas | Sponsored Content
In August 2024, the real estate industry underwent significant transformations that reshaped how buyers, sellers, and agents interact. These changes, implemented nationwide, aimed to enhance transparency, professionalism, and consumer protection in property transactions. As the dust settles on these new regulations, industry professionals and consumers alike are adapting to a new landscape in the world of real estate.
One of the most notable changes is the requirement for potential buyers to sign a written agreement with an agent before viewing a property. Sharon Aubuchon, #1 RE/MAX Agent with RE/MAX Premier Realty, explained the shift: “Previously, you could call to go see a home. Now, you must agree to sign a document with an agent to do so. You cannot set foot in a property without signing something.” This new rule fundamentally alters the home-buying process, necessitating a more deliberate approach to property viewing and encouraging buyers to carefully select their representation before embarking on their home search.
The implementation of this policy has brought representation to the forefront of the real estate process. “Now more than ever, it is important to have good representation as a buyer or a seller as the real estate market evolves and changes,” Aubuchon emphasized. She recommended that both buyers and sellers interview potential agents to ensure they find the right fit for their needs.
When interviewing agents, Aubuchon suggested considering several factors: the agent’s experience, the number of homes they’ve sold, whether they work full-time or part-time, their availability (including weekends), and how comfortable the client feels with them. She also stressed the importance of confidentiality, noting, “Agents must have the utmost confidentiality. People buy and sell homes for all reasons – kids, marriage, divorce, death, etc. The goal is to get the perfect house for you.”
The impact of these changes extends beyond just the initial home-viewing process. Open houses remain available, but the new regulations affect how buyers and sellers approach the entire real estate transaction. Aubuchon advised that “The best way to learn and understand all of these changes is not through Google, but with an agent. You have to understand how the agent will affect you as a buyer or seller.”
For buyers, the changes mean a more committed approach to house hunting. It is now crucial to find an agent they trust before beginning their search in earnest. This shift encourages buyers to be more serious and intentional about their property search, potentially streamlining the process and reducing time wasted on viewing unsuitable properties.
For sellers, the changes emphasize the importance of choosing an agent who can effectively market their property and navigate the new regulations. With buyers now required to have representation, sellers need agents who can skillfully negotiate and communicate with other professionals in the field. This change may lead to more efficient transactions and potentially higher-quality offers, as buyers entering the process are likely to be more committed.
“With the recent changes in the real estate industry, it’s more crucial than ever for buyers and sellers to understand the new regulations and processes,” emphasized Aubuchon. “I would welcome the opportunity to spend time in person to review what I do for my buyers as well as sellers. In this evolving market, having a seasoned agent who can guide you through these new requirements is essential for a successful transaction.”
As the real estate industry adjusts to these new norms, professionals like Aubuchon further understand the value of experience in navigating the changed landscape. “In the climate of competing with multiple offers, people want to work with a seasoned agent,” she noted.
The August changes marked a significant shift in how real estate transactions are conducted in the United States. The new requirements for buyer representation, coupled with the existing complexities of the real estate market, underscore the importance of knowledgeable and trustworthy agents. As buyers, sellers, and agents continue to adapt to these new regulations, the full impact of these changes remains to be seen.
However, one thing is clear: the real estate industry has entered a new era, one that prioritizes representation, transparency, and professionalism in every transaction. These changes aim to protect consumers and elevate the standard of service in the industry. As the market continues to evolve, both industry professionals and consumers will need to stay informed and adaptable to navigate this new real estate landscape successfully.
