How to explain a buyer agreement in 60 seconds

Since 17 August 2024, under the practice changes in the NAR settlement, MLS participants who work with buyers need a written agreement with the buyer before touring a home. Some states had similar rules before then, and state law can add requirements.

The agreement must spell out what the agent will be paid in a specific, objective way (not "whatever the seller offers"). It must say clearly that broker fees aren't set by law and are fully negotiable, and the agent can't receive more than the amount agreed.

Buyers don't need a legal lecture. They need to know three things: who you work for, what you'll do, and how you get paid. Here's a way to say it.

The 60-second version

"Before we tour, the law asks us to put our working relationship in writing. It's short, and it protects you. It says three things. One: I represent you, not the seller, so my job is to get you the best home on the best terms. Two: here's what I'll do: search, tours, pricing advice, negotiating, and managing everything to closing. Three: here's how I'm paid. Fees aren't set by law; this is what we're agreeing to, and I can't be paid more than this. Sometimes the seller covers some or all of it, and we can ask for that in any offer. Any questions before we sign?"

Answering the three usual worries

"Am I locked in?"

Explain the term and how to end the agreement. Many agents offer a short first term, for example for a single property or a few weeks, so buyers can try working together.

"Will I have to pay you myself?"

Be clear: it's possible. Then explain how you'll ask sellers to contribute through the offer, and show recent examples from your market if you have them.

"Why didn't I need this before?"

"The rules changed in 2024 to make agent pay more transparent for buyers. It's the same service, just in writing."

Make it easy to say yes

• Send a one-page summary before you meet, so the first tour isn't the first time they see it.
• Use your brokerage's approved form and follow any state-specific disclosure rules.
• Practise out loud until it takes under a minute. Confidence reassures more than detail does.

Not legal advice. Requirements vary by state and MLS. Always use your brokerage's forms and follow its compliance guidance.

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