The National Association of Realtors (NAR) recently introduced updates that will impact the buying and selling process in real estate. These changes aim to increase transparency and modify certain requirements for Realtors and MLSs nationwide.

1. Mandatory Adoption: All Multiple Listing Services (MLSs) and Realtors nationwide were required to implement these updates by August 17, 2024.

2. Broker Compensation: Broker compensation information can no longer be displayed on MLS platforms, whether for Realtors or consumers.

3. Written Buyer Agreements: In Utah, buyer broker agreements have always been required, but the timing has changed. Now, buyers and their Realtors must sign this agreement before previewing any properties in person or virtually.

Our mission at Maven Park City Real Estate is to establish strong relationships and earn your business for the long term. If you have any questions about these changes or how they might affect your real estate experience, please feel free to reach out.