New Alabama Law: No Buyer’s Agreement Needed to Tour Homes

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Alabama Governor Signs Law Allowing Homebuyers to Tour Properties Without Signing Broker Agreement

Alabama Governor Kay Ivey has signed a new bill into law that gives homebuyers more flexibility in their dealings with real estate agents. The law, which passed the state Senate earlier this month, ensures that buyers are not required to sign a buyer brokerage agreement before touring a home. Instead, they’ll only need to sign the agreement before submitting an offer on a property.

The bill, introduced by State Representative Randall Shedd, is a response to recent changes in real estate commission rules and concerns raised by the U.S. Department of Justice. Under the DOJ’s scrutiny of the National Association of Realtors’ commission settlement, the department questioned whether buyer brokerage agreements could limit competition among agents.

Alabama real estate professionals, like Jeremy Walker of the Alabama Association of Realtors, argued that buyers should have the freedom to explore homes and get to know an agent before committing to a contract. However, some industry experts warn that bypassing early agreements could increase the risk of “steering” or conflicts over compensation.

This move by Alabama lawmakers has sparked debate, with some supporting the change for buyer autonomy, while others fear it may lead to legal and ethical challenges in the future.

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Zillow Report: Off-Market Home Sales Cost Sellers in Communities of Color Thousands

In real estate news, a new report from Zillow shows that home sellers who choose to sell off the Multiple Listing Service (MLS) lose out on significant value, and this impact is disproportionately harming communities of color. Over the past two years, sellers who bypassed the MLS collectively lost over $1 billion. Homes sold off the MLS in these communities lost an average of 3.2% in value — nearly $10,000 per home — compared to just a 1.2% loss in majority white neighborhoods.

This news comes after the announcement of Compass One, a new consumer platform launched by Compass and CEO Robert Reffkin earlier this year. The platform gives buyers access to “Compass-exclusive inventory,” a move that may further shift how homes are marketed and sold, limiting public exposure and potentially deepening existing disparities.

Experts warn that these trends — whether through off-market listings or exclusive platforms — could limit opportunities for buyers and sellers, especially in already marginalized communities.

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Remine’s Struggles Lead to Sale Amid Bankruptcy Proceedings

After 3.5 years of struggling to find success, the owners of real estate software company Remine are putting the company up for sale, either in whole or in parts. Earlier this month, MLS Technology Holdings, a joint venture between four major multiple listing services, filed for a voluntary bankruptcy alternative in court to begin selling Remine’s assets.

The owners — Austin Board of Realtors’ Unlock MLS, First MLS, Miami Realtors’ MLS, and Heartland MLS — initially acquired Remine in 2021 in hopes of revolutionizing real estate technology. But despite their efforts, the venture has faced significant challenges.

On May 2nd 2024, MLS Technology Holdings announced the appointment of Joe Kazzoun as the new CEO of Remine hoping to correct course.

With over 148,000 members across the four MLSs, the company is now focused on liquidating Remine’s assets in the hopes of recouping value.

Source: Link

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