NAR settlement: how does buyer broker compensation work?

Following the NAR settlement effective August 2024, the rules around buyer broker compensation have changed. Here's what agents working with Opendoor need to know.

What changed

Under the settlement, buyer agent compensation is no longer automatically offered through the MLS in the traditional sense. Instead:

• Buyer agent compensation must be negotiated in writing between the buyer and their agent before touring homes.
• Sellers (and platforms like Opendoor) may still offer compensation to buyer agents, but it is no longer a blanket requirement.

Opendoor's approach

Opendoor continues to support buyer agents. Here's how:

• The amount of buyer agent compensation varies by market and is set by Opendoor for each property. For further information on compensation, agents can reach out to Opendoor via phone, email, or text.
• If the offered compensation doesn't cover your full agreed-upon fee, you can negotiate the difference directly with your buyer as part of your written representation agreement.

What agents should do

1. Execute a written buyer representation agreement with your client before showing any Opendoor homes. This is now a standard requirement.
2. Review the offered compensation before submitting an offer.
3. Discuss compensation with your buyer so both parties are clear on how your fee will be covered.
4. Include compensation terms in your offer if you're requesting an amount different from what's offered.

Tip: If you have questions about the compensation offered on a specific listing, contact the Opendoor agent support team before submitting your offer.