A lot is changing in the homebuying and selling process following a recent settlement by the National Association of Realtors regarding commissions. This includes new procedures for open houses.

While open houses will remain accessible to both casual lookers and serious buyers, visitors may now be required to fill out a form when they enter. This form will ask if they have a buyer’s agent and will also clarify that the agent hosting the open house does not represent them.

These forms are part of new rules that will take effect on August 17, which will alter how buyer’s and seller’s agents are compensated.

Previously, the seller typically covered the commission for both agents, usually around 5% or 6% of the sale price, with the seller’s agent often splitting this with the buyer’s agent. Although buyers could negotiate their agent’s commission, they frequently accepted the seller-set commission.

Under the new rules, buyers will need to establish their own agreement with an agent regarding commission, which they must sign before viewing properties with that agent.

While sellers can still choose to cover the buyer’s agent’s fee, buyers shouldn’t assume this will always be the case. If the seller doesn’t cover the entire fee, the buyer will need to pay the difference. Additionally, if a seller does offer to pay the buyer’s agent’s fee, this information won’t be included in the official listing but can be advertised separately.

Regarding open house tours, it’s unclear whether buyers will be turned away if they refuse to sign the disclosure form. Tricia Thomas, CEO of the Bay East Association of Realtors, noted that each company will set its own policy for such situations.

The impact of these new policies on the industry remains to be seen, but Thomas assured that the purpose of the forms is to clarify representation, not to gain new clients.

“There’s a limit to how much a listing agent can assist before it crosses into representation,” Thomas explained.