Transparency: The answer to a better home buying experience
Dear home buyer,
We hope you had a festive holiday last week and were able to take some much deserved time off to relax. We reflected on our past year and how grateful we are for those who believe in our cause of making the home buying experience better.
At Nuhom, transparency is at the center of what we do and how we do it. The purchase of your home may be one of the largest investments in your life. Understanding what you’re buying, who is helping you buy it, and how all parties are involved is something you have the right to know. In fact, in this case, given the financial decision involved, it should be overemphasized.
Recently, the Department of Justice (DOJ) and the National Realtors Association (NAR) settled an antitrust case which we hope and believe will bring more transparency to the experience of homebuying. To clarify, the NAR is the governing body of all of the area multiple listing services (MLS) and it’s brokers and agents. So if the NAR requires changing practices then it is expected that local brokers and agents will have to follow suit.
Here are the 4 items the DOJ is requiring of the NAR:
1. Buyer agents must disclose how much commission they are making when they assist buyers purchasing a particular property.
Nuhom does this. In fact, on our website, Nuhom attempts to show you how much commission could be earned on each property. When you make an offer, we also have you initial next to the commission so you understand what it is.
2. Buyer agents cannot claim to the home buyer that their services are “FREE”.
Nuhom conducts this way. In fact, on our website, we make it abundantly clear that the homebuyer pays for this service out of the purchase price of their home and it is not free by any means. Here is an article we wrote which demystifies commissions.
3. Buyer agents cannot motivate homebuyers to consider homes with higher built in commissions.
Nuhom conducts this way. In fact, due to our above transparency and Nuhom’s approach with homebuyers we encourage them to sift and decide which homes are a best fit for them based on their needs vs. what commissions are built in.
4. All licensed brokers or agents are to have equal access to properties when scheduling showings for homebuyers.
Since Nuhom is currently focused on homebuyers, this applies to us less as a code of conduct, but does improve our ability to access properties and function as a company.
As a homebuyer, you may not understand everything above, but rest assured that Nuhom applauds the efforts by the DOJ and supports the above directions. Within an archaic industry made up of millions of agents across the country, bad practices and habits can become common. Nuhom does all of the above and more to provide a transparent experience for you.
Many brokers and agents see this settlement as a blow to the agent industry as it may lead to the lowering of overall commissions. As said by a thoughtful agent, ‘we see this as an upward pressure on value’ to provide consumers and homebuyers such as yourself a more fair and just home buying experience. --We couldn’t agree more with this ladder statement! Nuhom is focused on you, the homebuyer. We are making an experience that is buyer first and buyer centric.
Grateful to the DOJ!
Nuhom is a Boston based full-service real estate tech company making home buying convenient, fast, and rewarding. We have dismantled the traditional home buying process and replaced it with innovative technology, far fewer hurdles, and more savings for the modern home buyer. Learn more at www.nuhom.co