What amount will you pay your buyer agent when new Realtor MLS rules start in August?

[Albert Hepp]

In August, Realtor/MLS rules change so that buyer agent written agreements are required, and the MLS will no longer state a buyer commission amount. Both buyer and listing agent commissions will need to be agreed to by the buyer and seller as part of the purchase agreement (not simply disclosed after the fact, like under previous rules in most states).

When you are a buyer, and want to view an MLS listed home, you will have to sign an agreement. That agreement has to state the amount the buyer agent will be paid. What amount will you sign on for?

How does your answer change, if:

1. You have already found the property and just need agent to write the purchase agreement?

2. You expect a long home search where the agent will have to schedule lots of showings for you, over a long period of time?

Thank you.