NAR Settlement And Buyer Agency

Join eXp leadership as they dive into the recent NAR settlement and what exactly it means for real estate agents. This presentation will bring clarity to you, your buyers and your sellers.
#eXpProud
Chapters:
0:00 Introduction
2:36 The Settlement
6:00 In Practice
10:15 Updated Practices And Moving Forward
18:37 You MUST Ask For Concessions In The Contract
20:41 Treat Your Buyers Like You Treat Your Sellers
22:36 What Can You Do Today? Working With Sellers
33:30 What Can You Do Today? Working With Buyers
38:08 What Industry Changes To Watch For Next
40:16 What's Next From eXp?
42:07 Get On The Train! eXp Exclusives
43:15 Q&A
56:20 Big Agent Meeting Link
58:30 Wrap Up
To learn more about eXp Realty visit exprealty.com

[@Tincupping]

So I just got off the phone with realtor that posted your video and told me to watch. She was arrogant and defensive about this situation. My home is for sale by owner and she wants her standard commission. I offered to listen but her attitude sucks. This is exactly why people don’t want to deal with realtors.

[@mommom3172]

Did she bring you a buyer? You don't have to agree to her fee, but she also doesn't have to show your property with no offer of compensation. For Sale By Owners have a horrible reputation with the public as well so good luck! The statistics are not in your favor.

[@Tincupping]

So true. she did bring a buyer and I accepted I agreed to pay 1.5@@mommom3172

[@propertieswithmariaisabel]

So sad, you had that experience. There are those who are not in the business to serve their clients. Have you found another agent to work with? I work in the Southern Sierra region in California. But I have contact with great real estate agents in other areas. Let me know how I can help you.

[@Tsaki1425]

Thank you for the clear breakdown and useful actions. Your video is direct and positive. Too many videos are stating doom and gloom. I also realize that the impact could be different depending on the state you are working in. I did not see much difference for us in Illinois, other than the elimination of the posted commission on the MLS. Realtors may not have been practicing all the requirements but they are mostly not new.

[@RobertRituaRealEstateGuide]

The logistics to trying to work with the proposed settlement is confusing to me. I’m a Real Estate Agent in Las Vegas, NV. Even though they can negotiate in the concessions if the seller will pay buyer agent commissions, it’s not guaranteed. So, that means that the buyers should already have the funds to pay their buyer’s agent when at the time they sign the buyers brokerage agreement, otherwise can we guarantee they will meet their obligation to pay us, their buyer’s agent? Also, if they are using VA and FHA loans, they automatically cannot pay us directly under their current requirements so even if they sign the buyer brokers agreement, it’s voidable right? Also, if the buyer uses financing to pay their buyer’s agent, like pay us through credit card or get a personal loan, this will affect their affordability and how much they can qualify for. So that means lenders would need to take this under consideration if they are prequalifying them for a loan, right? Even if there’s a buyer’s brokerage agreement in place, are we able to place a judgement lien on the property that a buyer purchased as another security measure for agents/brokers to receive their compensation?

[@ml9557]

buyer agent fees are going to crash to flat fee. many buyers will go straight to listing agent avoiding any fees at all.

[@propertieswithmariaisabel]

Buyers who opt out of having a buyer’s agent will be without representation in the transaction and is at lost in the negotiations.

[@ml9557]

@@propertieswithmariaisabel which is going to drive down buyer agent fees. my guess 1k to 3k flat. the days of 2-3% buyer agent fees will be over.

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