New Premium Properties Office Guidelines and Training

Starting August 6, 2024, there will be new rules about Buyer-Broker Agreements (BBAs) because of the NAR settlement. Here’s what you need to know:

What is a BBA?

• A BBA is a contract between a buyer and a real estate agent. It explains how they will work together, including their roles, responsibilities, and payment.

• Starting August 6, 2024, all agents must have a BBA with their customers before showing them a house.

What Counts as Touring a Property?

• Touring means when a buyer and their agent go inside a home, or the agent shows the home in a live virtual tour without the buyer being there.

• A home means any residential property with one to four units.

• BBAs are not needed for other property types like rentals.

Penalties for Violations

• If you show a property without a BBA after August 6, 2024, you will be fined $500. Premium Properties will not pay these fines for you.

Changes to MLS

• Compensation and commission fields will be removed from MLS searches starting August 6th.

• This means you can’t search listings by commission anymore.

• We will update listing forms to match these changes.

Updated Forms

1. New forms are now available below, on DotLoop, Form Simplicity and other software. The changes start on August 6th.

2. Premium Properties will still cooperate on commissions with other companies. We will keep offering at least 2.5% to outside brokers unless management says otherwise. Most companies are expected to continue cooperating.

3. Our new website, PremiumProperties.com, is now live, and will show the compensation offered to other brokers on all of our listings. Our admin staff will ensure the website matches the listing agreement.

4. Starting August 6th, agents must have a written buyer’s agreement before showing a home. The new agreement is available below, and on Dot Loop and other platforms. Home builders are already asking for this agreement.

Best,

John