Retaining an Agent Gives Homebuyers an Advantage in Massachusetts Real Estate Market

According to Boston-area real estate professionals, working with a buyer's agent can help homebuyers succeed in a competitive Massachusetts real estate market.

A new law, which took effect in August 2024, requires homebuyers to engage a broker or agent to represent their best interests in real estate transactions. Before August, home sellers paid a portion of the buyer agent's fee.

The change, which the National Association of Realtors (NAR) implemented nationwide, requires a buyer to enter into a written agreement with an agent before the buyer can tour a home. 

Melvin Vieira, a real estate broker and former director of the Greater Boston Real Estate Board, said the new practice change will benefit homebuyers in the long run. He added that buyers must choose a reliable agent who best represents them.

Vieira explained that choosing a reliable agent can prevent a buyer from being misled during a sale or avoid problems such as careless home inspections and unreputable lenders.

“Buyer's agents work with the buyer's attorney to make sure, among many other things, that the title is clear and the lender is reputable,” Vieira said in an interview with The Boston Globe.

Sandrine Deschaux has worked in real estate in Greater Boston for nearly 20 years. She said the fee for retaining a buyer's agent ranges from 2.5% to 3% of the property's final price. Deschaux stressed that the buyer and agent must work together to structure the agreement based on the buyer's unique circumstances.  

“The agent must assess your tolerance for risk-taking,” she said. “People need someone to hold their hands and even be a psychotherapist.”

Learn more about the NRA's new MLS policy changes.