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What Are The ONLY 2 CHANGES Happening Because Of The Class Action Law Suit Against The National Association Of REALTORS® & Several Of The Largest Brokerages?

As your Greater Indianapolis Real Estate Experts, we'd like to clarify What Is, and What is NOT changing for buyers and sellers effective July 1,2024! 

  • CHANGE #1
    Agent's Showing ANY Property, Representing The Buyers, Must Have A Written Contract With The Buyers Before Any Showings

    The National Association of REALTORS®, along with many states including Indiana, effective July 1,2024, now require A Wriiten Contract Between A Buyer and a Buyer's Agent

    Before agents can show buyers any property, the potential buyer must already be under contract with the agent who is showing the buyers a property.

    Along with the Agent's Responsibilities, this contract must include a predictable and fixed amount of compensation that the agent will receive for representing this buyer in the purchase of a property. The amount of this compensation can not change, regardless of any amount paid by the buyer or the seller, without an amendment to the buyer agent agreement that has been signed by both the the buyer and the buyer's agent.

    Because Of This Agreement, A Buyer Can Ask The Seller To Pay Their Buyer Agent Commissions As Part Of Any Offer!

    The only time a buyer can be shown a property, and not already under be under contract with the showing agent, is when the agent is representing ONLY the sellers, like during an open house.

  • CHANGE #2
    Sellers Paying Buyer's Agent Commission Can't Show An Amount In National Association of REALTORS® Sites Like The MLS/BLC

    The amount of any Buyer's Agent Commission, being paid by the seller, will not be visually apparent as part of the MLS known locally as the BLC.

    While Seller’s can, and likely will, still offer to pay Buyer’s Agent Compensation for an agent that’s 100% representing ONLY the buyer’s interest, this amount will not be visually apparent as part of the MLS known locally as the BLC. Additionally, any offers of this compensation by Sellers can NOT be made using any MLS related service like through the showing service that’s connected to the MLS/BLC. So, effective July 1, 2024, the Buyer’s Agent will need to determine what amount, if any BAC, the seller has included as part of the List Price so that the Buyer(s) can then determine if they even want to look at the property, or alternatively consider the property with the intent to ask the Seller(s) to pay the BAC as part of any offer.

    To address this change as a Listing Agent, ToHelpUmove will now include a “BAC QR code” that will be shown on every for sale sign, and on all marketing literature, that easily directs and connects users to www.ListingsBAC.com where Buyer’s agents can see the BAC that’s included in the list price.

8 MYTHS... Being Spread By The Media, Politicians, And Even By Some Agents! 

REALTOR® COMMISSIONS ARE BEING SLASHED

6% COMMISSONS (TYPICALLY 3% PER AGENT) ARE DEAD

THE OWNER'S COSTS TO SELL WILL BE SIGNIFICANTLY LESS NOW

SELLERS CAN NOT LEGALLY PAY BUYER AGENT COMMISSIONS

HOME OWNERSHIP FOR BUYERS WILL BE MORE AFFORDABLE NOW

BUYERS NOW WILL ALWAYS HAVE TO PAY FOR THEIR BUYER'S AGENT

BUYERS ARE REQUIRED TO REPRESENT THEMSELVES

BUYERS CAN'T LEGALLY ASK SELLERS TO PAY AGENT COMMISSIONS

To Better Understand These Changes, And Why These Myths Are False, You Should...

GET THE ANSWERS TO THE FOLLOWINGS QUESTIONS AND MORE! 

Are broker’s compensation fees set by lawmakers, by the National Association of REALTORS® (“NAR”), by local Multiple Listing Services (“MLS”) or are fees set by these similar entities in the greater Indy area that are called the Broker’s Listing Cooperative (“BLC”)?
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Are real estate Agent Commissions the same, or do the fees vary between different agents?
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If I List with Mitch, and ToHelpUmove, can I pay Mitch his typical Listing commission and still pay a lesser amount in the Buyer’s Agent Commission?
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I heard about changes due to a class action lawsuit about Sellers paying Buyer Agent commissions! Are real estate commissions decreasing, will home prices decrease, will sellers no longer pay for Buyer Agent commissions? What are all of the Changes?
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Will Seller(s) Continue To Offer To Pay a Buyer’s Agent Commission (“BAC”) For Buyers?
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Is Limited/Dual Agency, where One agent is representing both the buyer and the seller at the same time on the same property, ever encouraged by Mitch?
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What's The Value Of A Place You're Considering Selling?

1/3 Is About The Property Itself: The Location, Condition, Updates, Bed & Bath Count, Size, Age & All Features
1/3 Is About Similar Places For Sale A Buyer Could Also Buy, At The Same Time, In The Same & Similar Areas
1/3 Is About What Similar Properties, In The Same Or Similar Areas, Have Sold for In The Last 6-12 Months

A ten-dollar bill is worth $10 regardless of if it’s crisp and brand new, or if it’s twenty years old, dirty and torn. Neither its condition, the condition of other dollars bills, nor its location will change its value! If the value of real estate was also this precise and exact, just like the value of a dollar bill, then there would frankly be no need for real estate agents! However, accurately evaluating the value of a house, townhouse, or condominium is a complex calculation that leverages years of experience and expertise like Mitch has, as one of the Top REALTOR's in the Greater Indy area!

  • COMPARATIVE MARKET
    ANALYSIS (CMA)
    When Done Correctly
    It's The Most Accurate

    Comparative Market Analysis (CMA)

    This is an indication of the property’s value based on a detailed and adjusted analysis of the 4-6 most relevant and similar properties that have recently sold in your development and/or nearby. 

    A CMA should also increase or decrease the value based on the current market conditions including, interest rates, and the supply and demand at that moment in time. Most real estate agents will perform a CMA before listing a home for sale and great Buyer’s Agents will also complete a CMA when working for a buyer who is considering submitting an offer on a property.

  • APPRAISAL BY
    LICENSED APPRAISER
    Value Based On The
    Lender's Perspective

    An Appraisal

    State-licensed appraisers will walk through a property and write an official appraisal report. While appraisals offer a little protection for buyers regarding the value of a property, the customer for the appraiser is the mortgage lender not the buyers. Banks typically require appraisals when refinancing your home, or getting a mortgage for a new home, to minimize the lender’s risk by making sure the bank is loaning no more than what the property could be resold for if the buyer was unable to repay their mortgage loan.
  • INSTANT ONLINE
    HOME VALUATION
    Easy, Fast, Free, &
    Rarely Accurate

    Instant Online Value Estimators

    These are easy, convenient, and, best of all, free. There are many real estate and lending websites offering estimators out there. You can use this if you want a general estimate of your home may be worth. While these can help you decide if it’s worth considering selling or refinancing, these sites tend to dramatically undervalue or overvalue property values. So, using these when selling or purchasing a new place could create unrealistically high or unreasonably low expectations that could cost you thousands of dollars as both a seller or a buyer!

  • SALES PRICE PER
    SQUARE FOOT
    The Most Widely Used
    And The Least Accurate

    Price Per Square Foot Calculations

    Price per square foot calculations are often used by sellers, buyers and unfortunately even by some real estate agents to determine the value of a property in comparison to other recent sales. This approach divides the sale or list price by the above ground square feet to arrive at a price per square foot.

    If you are comparing to identical floor plans, with identical finishes and features, built at the same time, by the same builder on lots next to each other and both places have continued to have identical updates, then this approach might yield a meaningful value. However, this is rarely the case since price per square foot calculations do not reflect the many differences in properties like, bed and bathroom configurations, land value and location, garage spaces, finishes, updates and improvements, the year the place was built or any of the hundreds of differences between homes.

The 4 Most Commonly Used Ways To Determine Value, From The Highest Level Of Accuracy (4 stars) To The Least Accurate (1 star)

Real Clients, Real Results, Real Reviews...

I always felt relaxed and like his only client...

It is without hesitation that we recommend Mitch Rolsky as a real estate agent for both the buy and sell side.

We have worked with Mitch twice in the purchase of a downtown Indy home and then with the subsequent sale of the same house just over 2 years later. Mitch's guidance allowed us to purchase the home in a desirable location at a price level that was at the lower end of the market range at that time. During the sale of the home, Mitch paid no attention to what the home was sold for earlier but focused on what the market would bear. Mitch focused on selling the value of the home and the location as opposed to price. He knows the market extensively and set a selling price and sales strategy that worked perfectly in a softening seller's market.

We moved because of a career change which forced us to move away during the sales process. Mitch took care of everything from there....in essence, we left our entire belongings in the care of Mitch. Friendly, detailed, trustworthy, knowledgeable and professional are but a few of the attributes of Mitch. Thanks Mitch....

ANNIQUE & MARTY G.

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