DOJ Impact on Real Estate Commissions, Insights for Agents! | Tom Ferry’s Mega Webinar Part 2

Join Tom Ferry and special guest Alyssia Essig for a crucial discussion on the Department of Justice's proposed changes to real estate commissions. In this eye-opening session, Alyssia, a seasoned real estate expert, shares insights and breaks down the DOJ's move to decouple commissions. Learn how this shift could impact real estate agents and the dynamics of buyer agent commissions. With 26 years of experience, Alyssia provides a high-level overview, emphasizing the need for agents to adapt to these changes. Don't miss this informative session that delves into the intricacies of the DOJ's proposal and its potential effects on the real estate industry.
In this segment, we discuss:
0:00 - Intro
3:23 - Agenda
4:08 - The DOJ and what did they do?
10:27 - Stay focused
19:14 - Winning business
28:58 - In conclusion
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For the majority of my life, I’ve been passionate and dedicated to changing lives by giving away the very best strategies, tactics, and mindset techniques to help you and your business succeed. Join me as we take this to level 10!
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You are advised that any Information provided on this podcast is not legal advice. Ferry International assumes no responsibility for consequences resulting from the use of the Information. Some of the Information may be outdated or not consistent with current law.

[@JoffreyLong1]

I'm telling loan originators to watch the Tom Ferry videos and then send the Realtors they work with to these videos to get up and running. There's so much OPPORTUNITY in this whole thing for people that pay attention and have learned how to have a "Tom Ferry" attitude. Amazing.

[@JoffreyLong1]

Thank you! I'm not even in real estate sales (private money lender) and I'm telling agents to come look at this. NAR did not cover it in a useful manner. I posted the following on the NAR comment space: " Tom Ferry, sales trainer, has excellent coverage of this with immediate "how to" and "what to do" that, unlike NAR's content so far. I appreciate some of what NAR has done. I'm not trying to promote any particular person, I'm sure there are others who have articulated this as clearly as Tom Ferry has, for free, on his podcast, but based on all this, I'm so glad I did find a clear, useful explanation of all this. The need filled by the podcasts I mention is that they give you immediate "marching orders," the attitude to have, and how to USE THIS in your career. " Great work, Tom and Alyssia. On behalf of our entire industry, for reasons mentioned above, I / we THANK YOU.

[@EP10051]

Thanks Tom can you please share the buyers agency video that compliments this? Thank you

[@asigmaslife]

They need to pass a law making it illegal for listing agents to work with unrepresented buyers. No more intermediary relationships within the same brokerage. A licensed agent or attorney should be required on every deal!

[@user-ze5rf7xp6e]

I just closed on 1.3 M home purchase with a cash buyer. The commission was approximately 35K. I know my buyer is also very frugal and knows many good realtors. ( I was jumping with joy that they picked me. They also previously knew my wife ) I just know that if I had asked the them to pay me 35K in commission they probably would have called a few of the other agents they know to see what they would charge. I’m sure MANY agents would happily do it for less. I know if I got a call from a buyer who buying a similar priced home would offer 20K I would happily accept it., particularly because I know other agents would too and 20K is still a nice commission check. At the end of the day it’s more or less the same paperwork for any home. Bottom line I think agents will be seeing their 1099’s shrink.

[@robelliottpodcast]

In Australia Buyers and Sellers Agents are always separate, and it works well.

[@brefarmer]

Do buyers pay their agent or does it come from the seller?

[@robelliottpodcast]

Buyers pay the buyers agent, Sellers the selling agent

[@joerice4390]

In georgia... Our gar forms Clearly give the option of how much they want to pay a buyer's broker if any...

[@hellobc3488]

As Florida but, all the miss-leading news publication are saying different. Such bad reporting The change will set the industry back a few decades, as those who say, "Agents have deceived us all along." should know. Buying homes changed into what it is today because people felt they didn't have enough representation, so they began hiring real estate companies to represent them. Home sales have been faster for decades, buyers have had more representation during the process, and lawsuits related to buyer misrepresentation have decreased significantly. As a result of these changes, it will take longer for your home to sell; you might sell for less, most likely because fewer offers will be made. Therefore, the current system is best for all parties. Incentivize thousands of agents to bring you buyers by paying them $0 and seeing how many they bring you. Sellers and listing agents who want to sell their homes fast and for a cleaner deal will, I believe, offer more than the standard rate currently as the market continues to become more competitive for home sales. We're seeing it with big builders currently. Embrace the change and continue to carve your path in this industry, and you'll be fine!

[@damiencummings4910]

So the solution is buy her coaching program. Nice

[@stephanyjoy1083]

Actually historically the buyer ultimately pays both sides in the sale as they bring in all the money. This change is a sham. Buyer's agent typically work much harder than listing agents.

[@TheNoBSRealtor]

I don’t know how this isn’t a discriminatory ruling against the lower class who can’t afford agents and will in turn get taken advantage of… and lead to lawsuits lol… winners are the lawyers

[@actrendify]

Do you think this will put an end to MLS’s? If bigger brokerages with tons of listings are able to advertise the compensation to their own agents, what need or value do the associations provide? Zillow (and others) generate revenue of selling buyer leads and allow free syndication - if that goes away and now there’s a fee for that, not sure why MLSs will continue to exist at the level they do now.

[@pier21realty]

I REALLY HOPE BUYER AGENTS GET BETTER ADVICE THEN THE BASIC. SO BAD. 50% WILL BE OUT OF THE BUSINESS BY THE END OF THE YEAR. COACHES ARE GOING TO BE IN TROUBLE TOO.

[@ab-qn7kv]

Can buyers purchase real estate now without representation?

[@livinginoklahomacityofficial]

They literally always could. Forever and always.

[@LivinginGrandJunctionColorado]

The Settlement states "clearly" that Negotiations can continue outside of MLS but, funny how that's not mentioned here, Do better.

[@livinginbrevard]

This came out before the settlement email. I watched it the day before the email came out.

[@LivinginGrandJunctionColorado]

@@livinginbrevard then don't "assume"

[@JordanDennisLeadingYouHome]

Me to listing agent whos listing has been active for 4 months: "Hey, Mr./Mrs. Listing Agent. My buyer wants to put in an offer, but the seller is going to pay me 5%" ☝Isn't that ridiculous? I say it's going to be business as usual.

[@LivinginGrandJunctionColorado]

Yep. Buyers will not be paying.

[@countrysister700]

@@LivinginGrandJunctionColorado many can't pay with these rates and house prices