Major Shifts Coming From NAR’s Settlement…(Could Get Ugly)

[@quinnpa1976]

For #1, that was always negotiable here in Minnesota. If someone had say 2.0% on the MLS, a buyer's agent could send an amendment requesting the commission be raised to 2.5% or higher (seen it done first hand). Since it was posted on the MLS, an amendment would be required.

[@01tangodown]

Buyers agents about to start charging like lawyers and getting paid immediately for their services. 😂

[@lizzamarievazquez2931]

Thank you Jerry for always keeping us informed! You’re a flipping genius!

[@imeldainterino7747]

Thanks for the video Jerry! Yes, as an agent, I had already started thinking outside the box 😊

[@danlee1027]

Great insight Jerry. New student here. Have you updated 10k program to incorporate NAR settlement? I didnt see it. Repeat fast closing business will be a vaule to some agents and others not. Thanks again.

[@jakejohnson1194]

My question is, with the attack on Wholesaling, where it will become more strictly regulated and in some cases illegal, is a 10 k wholesale fee even worth it? Because if wholesale becomes illegal and we have to resort to whole-tailing or double closing we have to the pay the seller commission on the second sale as well and the tilte fees. So is a 10k wholesale sleep worth it? Or am I Missing something.

[@deshawnhawkins9395]

I don't understand how to do the "double dip" strategy with this new law. Can you make a in depth video for us new wholesalers please. Your a flipping genius!!!

[@FlippingMastery]

for sure!

[@kg404]

That would be gold please Jerry!!

[@ItsJustMeSmiley]

Please include strategy of states that don’t now or soon won’t allow wholesaling.

[@thecashhousebuyersteamh4921]

Double did is basically you letting the listing agent know you are not being represented by a buyers agents. What that means is the listing agent will represent the seller and you as a customer . That is legal and ethical that means the ousting agent doesn’t have to share the commission. The real estate agents have been stealing from sellers the entire time and now the ish has hit the fan. When they were talking negative about wholesalers and flippers they tainted the option for the sellers. Aggressive Greed . Now they will try to wholesale and assign more but they are not willing to do the work a wholesaler does so it’s going to still back fire on them. This should have been done a long time ago. NARS have been doing aggressive greed the entire time

[@channel_nick87]

Doom headlines all over the place. Only thing changing is cooperative commission are off MLS and buyers need to sign agreement with their buyer agents moving forward. Some deals seller will pay like it is now and others it might not requiring more creative negotiation on the buying side. Home prices will not drop though guys. Thats something dictated by the supply and demand of the market and the buyers in it.

[@luisrivera9717]

What I think is funny about the NAR lawsuit that those sellers brought on, those same sellers were most likely also buyers where they didn't have to pay their agents' commission on their purchases.

[@ScottJLetourneau]

I agree. It's way past the time for the industry to be disrupted, especially now with AI. The good old easy commission days are over. It's time to pivot for real estate agents.

[@jacobhill2780]

Jerry, with your new strategy on the buy side of no buyer commission, if the property is listed on the MLS in this example you would stand out to the seller but not to the listing agent because they have no motivation in pushing your offer. Any ideas how to combat this? Your a flipping genius!

[@liveforthelordbeforeitisto5141]

Great update and insights, thank you!

[@claudiaaguilar757]

Hey Jerry, good stuff! “When a door closes another door opens “

[@anthonymuhammad4140]

Always providing great content. Appreciate all you do for our industry. Jerry do you have a template or a copy of a seller financing contract?

[@christopherschwindt7859]

It seems like this whole thing could result in the various processes involved in these real estate transactions being broken out and paid for separately on a fixed fee or hourly basis. As noted there's really not that much difference between the process for a $200,000 property versus a $2 million property but the percentage commissions favor the higher dollar substantially in terms of what it would break down as an hourly rate or a fixed fee. So that's probably going to change. Real estate attorneys should be able to capitalize on this by representing buyers to help negotiate and review paperwork and title etc.

[@KenishaMillerREInv]

Thanks for this video Jerry! Yes I think virtual showings are going to be a big thing! 🏘

[@richiestarks6163]

This is my outlook. Sellers can’t make commision without a buyer. They will have to work together. People facing divorces and desperate sellers won’t care. When he market stabilizes is where you’ll see the real test of time.

[@luisrivera9717]

Agents will now have to take listings, find their own buyers, and charge 4-5% for their own commissions. Buyers will have to do without an agent.

[@Creativefrugalfun]

Correction from Utah Broker here...Sellers can still determine if they want to offer a buyers agent commission and the fee offered it just can't be advertised on the mls

[@selenajackson1126]

Great knowledge and experience you’ve sharing. Agents and brokers will feel the heat soon.

[@fusioncashb.9185]

Oh, WOW! So it is still a good idea to do Dual agent. When Wholesaling real estate.

[@thecashhousebuyersteamh4921]

No you don’t have to use dual agents as a wholesaler you go direct to the listing agent . You are direct and in your agreement always make sure the words and or assigns is next to your name as buyer. That’s ethical and legal to do. Don’t be fooled by all the guru nonsense. It’s smoke and mirrors to push fear and hesitation. Make a fair offer on or off market to ensure you, the seller and the end buyer and the listing agent win. THATS how real quality wholesalers have been doing good business for decades. Not until the last 8-10 years has wholesaling become questionable.

[@joelsgotthekeys]

It's gonna happen Jerry, You're a flippin genius!

[@jaceaser]

There was an article by James Crumbaugh in 2010 forecasting changes. His article was called "Our Industry will cease to exist" he was right

[@ml9557]

disagee.. this is going to hit high volume RE agents the most. their revenue is going down 50% easy.

[@JCMPremiumTV]

Hopefully it becomes like carvana and they could deliver my house to me as well.

[@danjonesrealestate]

Agents have never been entitled to any commission, per federal law it’s always been negotiable. There’s a reason real estate agents were established as a sub licensed agents, to practice a fractional percentage of real estate law as in fill out legal real estate documents and advise opinion in real estate matters. If anything, real estate agents are gonna follow suit in compensation as attorneys have.

[@FlippingMastery]

in theory yes, in practice buyers agents by and large earned 2.5 - 3% just for "showing up"

[@quinnpa1976]

then coordinating the inspections, repairs, communicating with lenders, clearing issues with title, and any other issues that come up during the sale. A solid buyer's agent does SO much more than just "show up". @@FlippingMastery

[@elconquistador4157]

It leaves a huge opportunity for wholesalers but these new regulations will make it more complicated.

[@luismunoz0325]

Great content Jerry as always thanks for breaking it down

[@FlippingMastery]

My pleasure!

[@johnPxIV]

It's horrible for buyers and sellers and agents. It'll be great for wholesalers.

[@StoicVisions]

I’m trying to tell people . Zillow is literally going to tankkk 90% of their revenue is goneeee I bought so much shorts might not ever have to do real estate again hahah

[@blipblop92]

Every investor says the same thing about the future

[@StoicVisions]

short up 1200 percent end of day today@@blipblop92

[@Genwellness]

Why is zillow going to tank? Won't they just pivot to buyers and automate things like what jerry mentioned. I could see them doing that

[@StoicVisions]

@@Genwellness zillows revenue is brought it by marketing listings to agents and not just selling it to one They sell it to hundreds of thousands the revenue brought in from that alone is 3/4 of their market. Imagine overnight that entire market is gone . There has to be contracts written prior to agree on how the agent will get paid and how much a buyers agent gets paid . I don’t see Zillow standing the test of time against this new act. Not only that they have been a losing company for ever check out the numbers from the past 3 years alone

[@michaelreeves6441]

Buyer's agent set fee price per square foot maybe..

[@joelballard4955]

If a doctor makes 265 an hour, a nurse makes 50, plumber makes 70, cop makes 30-60, electrician makes 50-100 an hour what is a realtor worth an hour. Somewhere in the 25-50 an hour I would say. Probably the same pay a title clerk, insurance agent, or accounts processor. Not one agent on the planet is worth 6% of a 400k transaction. I hope this lawsuit thrashes the market. But will see. NAR is a massive lobby.

[@clashwalker6764]

It’s what you know that gives a Realtor value. Don’t be jelly

[@joelballard4955]

@@clashwalker6764 🥱🥱🥱.

[@ab-qn7kv]

What seller in their right mind will let unvetted and unaccompanied buyers go roaming throughout their house.

[@jay-alldayy]

Yea I agree that’s not a good idea to have buyers go into owner/tenant occupied homes without anyone being there. What if a buyer steals something or uses their stuff while alone?

[@MacLaganHomeLoans]

Most likely this will cause more work for the listing agent and they will have to be there for the showings.

[@user-fm4db6cq7g]

Buyers are about to be completely manipulated with no or a cheap broker

[@FlippingMastery]

easy... vetted with pre-approval before a showing. ID'd before entering, cameras watching the showing. Easy solutions. It's not 1990 anymore.

[@ab-qn7kv]

@@FlippingMastery Your right 💯 Jerry🙂. It's not the 90's. People in the 90's had more respect and values for someone else's property. Just curious.....your from the 90's. Have you ever seen a whole village of people ransack/rob a Target in the 90's? Pretty common today. Pre approval is a nothing burger. ID's can easily be fake that scans as legitimate (ask my 19 year old neice). Cameras..."oh boy honey, look at these people on the camera stealing our stuff, walking all over our home with muddy shoes, and breaking everything as they exit". Sounds easy but not practical. Empty apartments are one thing. A home with valuables and family heirlooms is something else.

[@camillesydnor8738]

It is not the same amount of work across-the-board if you sell $1 million house versus $300,000 house. We have to put money into advertisement, staging, top tier open house. Are you kidding me?? I witnessed an agent loose 35k on a staging when the millionaire decided not to sell. I spent 1,300 on staging before!!!

[@FlippingMastery]

Staging is not included in the standard 3% commission

[@LisaShaw-tk1ol]

@@FlippingMastery that’s right ! I do staging myself as an agent, that’s a separate cost right there 😊

[@longnecklion-ds3nb]

Yo Jerry what’s that name of the beat you be using it’s fire 🔥

[@gigallthetime37]

Thank you, Jerry

[@sweater6414]

Jerry I have a property for you. That will be a good deal. Just in a historical district with a tough seller.

[@paulpaul585]

Hey Jerry good stuff!!!! Do you do deals In the Chicago land market (I'm in mostly the suburbs), I am a Realtor and an Architect and Builder, I liked what you were saying about having a buying agent do many things for you around the 11:00 mark, if you are interested I can be that guy for you here - since I can hear many hats for you! Please let me know!!!! Thank you Paul A. Paul III

[@dm0516]

Listing agents commission is next, watch. This is just phase 1

[@erick3614]

No matter how you slice it, buyers are at a major disadvantage because they lack the experience to navigate a sophisticated seller and their agent. Sellers will have to endure longer transactions, higher carrying costs, and still likely to pay a buyer’s agents’ commission. This system is more like France and Americans don’t want to live in France.

[@hvacguy11]

As if it’s not hard enough to buy a house let’s add a realtor fee on top of it

[@LisaShaw-tk1ol]

Hey Jerry, I’m a new agent here in Florida, I want to do wholesaling also, however, My Brick/Mortar brokerage is not in agreement with it. I’m literally training this week and have been transparent on my side business of wholesaling, what advice can you give me ? Should I change brokerage to (Real brokerage) I see you & others agents doing both (residential & wholesaling as well. I know how to wholesale more than all the contracts for residential 😂thanks Jerry for your honest feedback ! You’re a flipping genius as always! Sincerely (Agent) 🤔

[@TheSisUNeed]

I have heard of people with this issue, their brokerage not being in agreement with wholesaling. If I were you and you truly want to wholesale I’d find a wholesale friendly broker.

[@LisaShaw-tk1ol]

Thank you for the feedback! unfortunately this Brokerage is great for brand new agents like myself, I need my hand held for awhile 😂thanks!

[@TheSisUNeed]

@@LisaShaw-tk1ol Ah, I understand. Solid foundation will take you far in this career. Have you wholesaled any properties before you became an agent?

[@shouston9]

Easy, find a brokerage that is investor friendly

[@dexterdonnell1292]

Buyer agents, if there smart, will us the broker buyer employment agreement to control the buyer and the commission. Conventional buyers will not be able to navigate the process. A lot of paper work and tons of disclosures. It will put the buyers agent in a way better position to get a higher commission. Especially when you're dealing with FHA, Conventional and VA first time buyers. Most have no money but have the credit and the ability to purchase. Getting them to pay won't happen. Plus plus getting involved in a dual agency situation will also cause the Listing agent issues I'd not done right. I believe listing agents are going to fold like a cheap tent in the end. By the way 97% of deals on the mls are co broke. Most Listing agents aren't built to deal with buyers this is why the list. The buyer has the ability to get the cash. Yeah not sure this will help the seller or the Listing agent at all. enfact it may cost the seller more in the end. Over the years and still today I have and still deal with really bad LOs.

[@soaring8467]

And this will eliminate human bias when the buyers agent is representing multiple offers for the same listing. At least we’re paying for a service and avoiding potential human bias. The good ones that provide value to buyer would thrive as you’re eliminating the entitled ones.

[@mommom3172]

How so? What if I negotiated a 3% rate with you and 1% or a flat fee with another buyer and NOW you're negotiated rate is confidential, no longer public. Who's offer do you think I'm going to fight for harder to get accepted? 🤔 So how is bias removed again?

[@soaring8467]

@@mommom3172 so that’s exactly and a great example of the human bias that would be eliminated by using AI highlighted in this video. This happens more often than most people realize as agents are not expected to fully disclose it and can represent multiple buyers at the moment which can affect the outcome. I am not pro robot by any means and like I said, the good agents that still provide tangible value will still be doing just fine if not better with this change.

[@tanishadaniels8878]

When you get a property under contract with an agent and let them know what you want to put in the contract. What contract do you have a cash buyer sign.

[@danjonesrealestate]

What?

[@tanishadaniels8878]

@@danjonesrealestateafter you get a property under contract within an agent off the MLS. what contract do you have the cash buyer sign to get the deal close

[@tanishadaniels8878]

When you get a property under contract with an agent off the MLS. What contract do I need for the cash buyer to get sign to get the deal close

[@livinginoklahomacityofficial]

​@tanishadaniels8878 it's the same contracts no matter how a home is purchased.

[@shamaneslife]

you need an assignment contract

[@Genwellness]

So basically realtors will become licensed wholesalers....BBBRRUUHH

[@RicardoDelgado7]

bruhhhhh

[@FlippingMastery]

maybe some...

[@jadonmesfun6479]

Realtors are already licensed wholesalers by default lol. They are the middle man connecting buyers to sellers just like wholesalers. Only difference is they get paid off commission percentage rather than a wholesale Assignment fee 😂😂😂

[@sessinganderson4622]

Really! We agents to work for free!??? Anyone hear about cost of living!!

[@Project_Medina]

Bring out the NFTs

[@sessinganderson4622]

Automation never happen. Strangers in my home. Don't think so!!

[@larryjones9773]

Tell Elon Musk that automation won't work. Like driverless cars, a video recorder can be included on a hat that the prospective buyer can wear during his viewing. An agent can remotely provide the tour. Additional video recorders can be installed throughout the home, to make the tour free of theft. The technology for this already exists.

[@ml9557]

commish is rarely shared in commercial btw so that statement is false.

[@faizaenterprises2279]

Hopefully they ban wholesaling without a license so the side hustlers could get out of industry as well

[@raymondwashington9456]

You're a hater 🤦🏿‍♂️

[@investmentincii2770]

Yes he is a true haiter!!!Go sit down somewhere

[@Jwick-xu8cz]

Look at this clown 🤡

[@Saed_223]

Bring it🤣 can’t stop us.

[@Bsilbs]

Yeah that’s stupid and anti-American. Go to China

[@sweater6414]

Would you consider helping me or having one of your agents?

[@cl91]

Damn the fact that he said he sweetens the deal by offering more commission to a buyer agent is unethical. Fair housing violations or ..?? School me.

[@FlippingMastery]

Offering higher commission isn’t unethical. I’m the seller, I can offer to pay whatever commission I want. A buyer’s agent who uses a higher commission to steer is unethical

[@g00bers24]

NoooOOOoooOOooooOoOo, you can't just offer incentives in a free and fair market to motivate agents to deliver better service! That would be like tipping a waiter more because they went above and beyond to provide excellent service! I'm calling the CIA to look into you Jerry! /s

[@mommom3172]

​@@FlippingMasteryNothing stopping you from still offering bonuses. I know all the agents in my market and that pool is going to get smaller. I'll just be calling them or texting them to ask what's on their roster and they can tell me. It just won't be on MLS. People are really worked up about this as if we dont text, call or see esch other in the field. 😂

[@clashwalker6764]

“Real value” STOP THINKING IN THAT MINDSET FOR A SEC. The true value of a property is what a buyer is willing to pay AND YES that includes concessions and closing costs even when they get rolled into the costs…. THE BUYER IS WILLING TO PAY… and it appraises! The Sales Price is the true value, like it or not.

[@FlippingMastery]

Not true. Let’s take FHA. A sold comp for $106k with 6% concessions is the same as a $100k comp with no concessions.

[@MrDmcdan00]

AI will be as cheap as 199 to 299 flat fee for buyer seller broker company.

[@user-fm4db6cq7g]

Hows ai gonna show you a house?

[@larryjones9773]

@@user-fm4db6cq7g Like driverless cars, a video recorder can be included on a hat that the prospective buyer can wear during his viewing. An agent can remotely provide the tour. Additional video recorders can be installed throughout the home, to make the tour free of theft. The technology for this already exists.

[@user-cr3kg4xp7n]

Sad bro

[@johnPxIV]

The market is going to crash once this goes into place. 😂😂😂😂

[@brunoruiz3844]

Let’s get rid of all wholesale and real estate fees. How about that?

[@FlippingMastery]

wholeslasers earn every penny. agents get 3% for having a pulse. Now that they have to earn their value, bye bye

[@MrDmcdan00]

I believe buyer agents will be a thing in the past come 2025 2026. There are AI companies figuring this opportunity at this very moment 😮

[@danjonesrealestate]

Have you bought a house?

[@mommom3172]

​​@@danjonesrealestatewhen I see comments like that, it is apparent the person has very little experience transacting in real estate. Tech companies have figured out its too complicated to streamline. AI can do divorces too...but these are complicated negotiations and so many local, state and federal variables impacting a sale. Most homes are occupied. They are pretending you can commoditize people's most intimate space and just let an app control who comes in & out. Hope you didn't leave your safe unlocked or keys laying out when you left for work. May not be there when you get back! The last "buyer" took liberties to take the car for a spin 😂

[@patmagic3301]

Let’s punch some numbers just for $hits and giggles. 1.5% of $500,000 is $7,500, obviously 3% is $15,000. The “standard” set by the buying and selling public paying it is 6% $30,000. There is absolutely NFW that this amount is in line with the amount of work an agent does 🤷‍♂️. But, if people continue to be ok with it then they get what they deserve. That’s insane. Can’t wait to hear realtors chime in and cry about all the 1099, driving, advertising and showing they do. Oh my favorite, my knowledge of my market is invaluable to my clients 😑🤮

[@Genwellness]

Facts

[@RicardoDelgado7]

😂😂😂 ur so right ! agents suckkkkk

[@JCMPremiumTV]

I hate it with a passion.