As the holidays are upon us, we at HomeTraq are reflecting on a year filled of significant change in the real estate landscape.   The recent federal jury ruling against the National Association of Realtors has sent ripples through the industry, bringing to light practices that have not been as buyer-friendly as they have been presented over the years. As we bid farewell to this transformative year, HomeTraq, a trailblazing technology startup specializing in no-commitment, on-demand home tours, is here to....

Unwrap the 3 simple truths about real estate transactions:

1. Forced Commitments are Not Consumer Friendly.  
Forcing consumers to sign Buyers Agency Agreements to simply tour for sale homes is not buyer-focused by any means. HomeTraq boldly declares that the era of compelling buyers to sign binding agreements before even stepping foot in a potential home is outdated and counterproductive. This practice has been a barrier for many buyers, deterring them from exploring available homes freely. We believe in empowering buyers with the freedom to tour homes without unnecessary commitments.

2. Conflicts of Interest are Clear & Present.  
Alternatively, forcing consumers to coordinate home tours directly with the listing agent is not buyer-friendly either, and more concerning it creates a complete conflict of interest challenging the fiduciary responsibility and duty of agents.The potential conflict of interest when buyers coordinate tours and questions directly with listing agents is alarming.  A buyer's agent should act as a dedicated advocate for the buyer's interests, free from conflicting allegiances. This declaration sheds light on the importance of maintaining the fiduciary duty of agents to ensure a fair and transparent real estate process.

3. Commitment is a Two-Way Street.  
When a consumer is ready to make a commitment to work with a specific real estate agent, a Buyer’s Agency Agreement is vital to detail what services consumers are provided and what the buyer agent receives in compensation from their client.  Clarity in commitments should be complimented with clarity in compensation. When a buyer is ready to engage a specific real estate agent, a Buyer's Agency Agreement becomes crucial. This agreement establishes clarity on services provided and the compensation structure, fostering a transparent and mutually beneficial relationship.

The services provided by a buyer's agent have never been performed for free.  The real estate industry, however, has long perpetuated the notion that buyers' agency comes without a cost to the homebuyer.  In response, the recent legal developments are begging the question... What does a buyer's agent actually do in a real estate transaction?  With this in mind, HomeTraq is here to unwrap another set of presents...

The 9 gifts of a buyer's agent:

1. Representation and Advocacy. 
A buyer's agent serves as a steadfast representative, communicating and advocating for the buyer's needs with all parties involved in the home purchase process, including seller’s agents, mortgage lenders, attorneys, inspectors, and title representatives.

2. Finding Home Matches. 
Through various channels, including text, email, phone calls, and online home search portals, a buyer's agent suggests homes and neighborhoods that may align with the buyer's needs and preferences.

3. Tour Coordination. 
Takes the lead in coordinating and scheduling home tours for properties that match the buyer's interests and needs.

4. Facilitating Additional Service Providers.
Educates, coordinates, introduces, and facilitates additional service providers necessary for a successful home purchase, such as mortgage lenders, title companies, attorneys, home insurance providers, inspectors, contractors, municipal inspectors, and appraisers.

5. Market Guidance. 
Provides crucial guidance on current market trends, offer contingencies, and contract clauses that influence the attractiveness of purchase offers.

6. Contract Facilitation.
Structures, drafts, and coordinates the facilitation of contracts and paperwork to successfully submit the purchase offer to buy a home.

7. Negotiation Skills.
Negotiates and communicates with the seller’s representative during the contract offer and negotiation phase to ultimately facilitate acceptance from all parties involved.

8. Concession Navigation.
Negotiates and navigates potential seller and buyer concessions and requirements arising from the home inspection and discovery process.

9. Closing Assistance.
Assists and coordinates the closing process to ensure a smooth transition from offer acceptance to homeownership.

The federal jury ruling against the National Association of Realtors has stirred discomfort in the industry.  While the upheaval may be challenging, it appears to level the playing field, providing much-needed clarity into the financial aspects of a real estate transaction. As we unwrap the true gifts of a buyer's agent this holiday season, HomeTraq stands committed to transparency, empowering buyers with freedom, and fostering mutually beneficial relationships that enrich the real estate experience for all. In the spirit of the season, may the truth about real estate transactions bring joy and enlightenment to buyers and sellers alike.