My Showings: Buyer Agreement Education

This article outlines the enhancements Realtracs has made to the platform to help our Participants working with Buyers to understand the new requirements laid out in the NAR Settlement.

What does that mean?

The obligation to enter into a written buyer agreement is triggered just prior to an MLS Participant taking a buyer to tour a home, regardless of what other acts the MLS Participant performs for the buyer.  A written buyer agreement is now required prior to a buyer “touring a home.” An MLS Participant “working with” a buyer can enter into the written buyer agreement at any point, but must do so PRIOR to the buyer touring a home. 

To break it down per the Settlement-

The written buyer agreement MUST:

• State conspicuously the specific amount or rate of compensation the Buyer's broker will receive or how this amount will be determined.

• Be objective and not open-ended.

• State conspicuously that commissions are fully negotiable and not fixed by state law.

• State conspicuously that the buyer’s broker may not receive compensation for brokerage services from any source that exceeds the amount or rate agreed to in the agreement with the buyer.

1. To request a showing, click Schedule Showing from the Grid View OR from the full Property Report scroll down under the Office and Showing Information section. 

2. If the Listing Agent is using Realtracs Showings, the showing scheduler will open.  Choose your showing Date/Time as always.  Please note that Realtracs has added an acknowledgement at the bottom of the scheduler If you need a reminder or to refresh your understanding, you can also select the info tool tip next to Buyer Agent Agreement Prior to Showing, and read the Buyer Agreement Stipulations.  

3. If the Listing Agent is using Zillow's Showing Time, they will also see the prompt below in orange.

Additional Information and Documentation

NAR Written Buyer Agreements 101

Tennessee REALTORS Forms on the Fly (must be logged in to access)