NAR Settlement Agreement Game Plan for Realtors

NAR Settlement Agreement Game Plan for Realtors - Watch to learn the systems, scripts, strategies, and processes that real estate agents should use to capitalize on this change in the industry.
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[@Alaine.Rochon]

After so much struggles I now own a new house and my family is happy once again everything is finally falling into place!!

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[@WorshipMusicable]

Thanks for the coaching videos. They have been helpful.

[@nd9834]

Other than the fact the commission can't be enter in the MLS. What else changed? I'm really confused why people are making such a big deal out of this.

[@robertsnyder5522]

From what I read the opportunity for buy side comp can't be advertised ANYWHERE. The settlement clearly states that coopertive compensation can't be advertised anywhere to include 3rd party sites.

[@TobyRussell]

Is this the end of doubling up on dual agency?

[@sunnyday3539]

As someone who is planning to put her house on the market soon, I have no problem with a buyer including a clause in his purchase offer for me to give him a 3% rebate at closing, in order for him to have cash to pay his agent. Of course, the buyer essentially needs to pad his offer with an additional 3%. Which is what essentially happens today already. Buyers who want to do most of their own legwork will agree to 1% or 2% with their agent. Buyers who need full service will agree to 3% or more. It’s like you said, the buyer agent must clearly articulate his or her value when selling their services to prospective buyers.

[@MaryCarltonCNYRealtor]

Sunny, the only issue with "padding" the offer is that when it comes time to appraisal the purchase price can only be 100% of the appraised value. If the appraisal comes in under value the buyer is then asked to come up with the difference in cash or the seller to come down in price. This works well with cash buyers. So this is problematic because the situation is making it harder for first time home buyers to afford to purchase. 60% of buyers don't have the cash.

[@EstherLion91]

I bet most buyers will not sign. This will freeze transactions for several months to years. Then buyers will go straight to seller’s agent.

[@blogstudios7088]

I agree, I would!

[@marciamakoviecki3295]

Lol the buyer agency agreement is 100% more challenging to get signed when you have to ask the buyer for compensation. Most buyer agents have positioned their services as 'free to the buyer.' No more, so don't imply that 90% of buyers will happily sign the form!! And the settlement says you must have the compensation agreement BEFORE you show any houses at all!

[@2036livy]

The true fact is many first time home buyers are in fact doing everything they can including borrowing from grandma and auntie to come up with needed down payment and closing and lender cost. Tack on, oh yeah well now you have to also sign that you agree to 3% agency fee at closing as well will knock them out of being able to close. Buying even USDA 100% still cost money and it's hard in this economy for all especially those struggling to buy homes. These buyers are usually anything 300k and under which is the majority of sales in most areas. I'm infuriated at all this. In my area, I have always have BA signed first and never written in zero or free because I'm not and someone has to pay, but by knowing seller was already offering compensation up front because MLS helped disclose that, then my buyers felt relieved and more confident to go see homes and offer their top dollar. This is a mess.

[@trippsmyrealtor]

Any why would I wait to make an offer before I find out the sellers compensation? It could be $0. I help buyers and if a buyer can not pay additional buyers agents fees I'm going to make sure the seller is paying the fee and if they won't then that home will not be on our list to see. I will find out ahead of time and have a commission agreement from the seller before showing their home.

[@WendyPannell]

Can you pinpoint the part in the settlement agreement that states there will be no reference to the buyer’s commission in the listing agreement? To my knowledge the settlement lists criteria for how it can be stated but nowhere does it say it will no longer be on there. It frustrates me when entire narratives are built on missing information. But hey, maybe I missed it.

[@marciamakoviecki3295]

Most buyers are not first time buyers...they have gone through the process and have a basic understanding of what a buyer's agent does. They're still not going to agree to pay you out of pocket that easily! Can you show them that you are worth 4x more on buying an $800k house than on a $200k house? Percentage s are going away...

[@maryS1977]

Do not imply that sellers are going to be ok with paying the buyer’s agent commission. In our current market with low inventory the buyers must remain competitive in their offers. With a pool of offers there will be some that don’t pass along that cost.

[@carolynpayton9411]

Take buyers to new construction.

[@marciamakoviecki3295]

Trying to put a very optimistic face on a very horrible settlement

[@theGHSV]

KZbin troll here and by no means a professional real estate coach but I can offer this suggestion. The first thing I would do as a real estate agent is contact all my previous clients and apologize to them directly. I would apologize for being apart of an industry that has led to unethical and corrupt practices affecting millions of consumers. I would tell them that this has been a learning experience and a teachable moment for everyone involved. Also, I would emphasize moving forward, I will strive to offer the best and forthright service I can to those who allow me to represent them in real estate transactions. That is how you keep your clients, promote your “worth” and try to change the current perception the general public has about real estate professionals.

[@clashwalker6764]

Perhaps for you, an apology is due. There are many, probably, millions of agents that did absolutely nothing wrong nor unethical. Also, consider that every state processes the transaction differently. Personally, I welcome the change because all buyers SHOULD be working with a buyer’s agent while still having the option of working independently.

[@theGHSV]

@@clashwalker6764 Again, I’m not saying each and every individual agent did something wrong. However, your past clients are going through the same news articles and questioning past practices in their prior transactions. This is fueling the negative public perception of the real estate industry which agents are a main player in. Having the ability to apologize and sympathize with buyers and sellers who believed they were harmed, makes you able to connect with them on a personal level and appreciate their concerns. This leads to a stronger client relationship. Just because you didn’t do anything wrong doesn’t mean offering that apology is meaningless.

[@NoraLovesBendHomes]

I have nothing to apologize for! I've always given TOP NOTCH service to all my clients and they still come back to me with referrals. I'm not sure we'll ever change the "general public" view of RE agents.

[@2036livy]

We already show the breakdown of commission in our listing agreements. Feel like industry caved and is being punished due to the snake oil salesman that were out there

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[@clashwalker6764]

These guys are saying that Buyers MUST be represented by an agent. I have seen many videos about these changes. I haven’t seen any KZbinrs that show evidence to draw that conclusion. The verbiage says that agents must have a written agreement with a buyer before showing a house, but it does not stipulate that an agent must represent the buyer. In Texas, agents must already explain how representation works. I suspect that a signed disclosure (though signature not required at this point) will become the norm. Forcing agencies to represent a party (buyer) is not implied from what I have seen. These guys seem to imply this. Be careful what advice to follow. Soon the state Boards will respond and advise its agents.

[@NoraLovesBendHomes]

Buyers can go "unrepresented" if they choose, but I don't know anyone that has done that. In Oregon we're allowed "dual representation" and I suspect buyers will try to get Listing agents (New Construction sales agents already do this some of the time) to represent them, but not sure how many Listing agents will be willing to work under "dual representation" conditions and still only get paid the "Listing Agent" commission by the seller? Also, some Sellers WILL NOT ALLOW their listing agent to represent a Buyer in the same transaction. Buyers are going to have it tough if Sellers won't help out in some way with Buyer Agent commissions.