NAR Settlement Scripts with Tom Ferry: Real Estate Agent Coaching

[@yaffaargaman2920]

I love you Tom, More than your father,,LOL and i paid attention that both of you are standing!!! thats awsome . thats what i like todo when talking whit clients.

[@JimmyBurgess]

Thanks for the comment Yaffa!

[@AngiePerdiosREMAX]

Tom is the real MVP!

[@JimmyBurgess]

I agree angie!

[@jprietousma]

Thanks for sharing this great role play. It’s a home run! 😊

[@JimmyBurgess]

Thanks for the feedback Jay!

[@MikeEdwardsphotography]

Gold. This is just gold! Thank you both. First time watcher.

[@JimmyBurgess]

Thanks for the positive feedback, Mike!

[@felecia7307]

This was really great to hear. Thank you for sharing. I definitely took notes.

[@JimmyBurgess]

Thanks Felicia! I truly do appreciate the feedback.

[@MartinTaggart]

Guys love the content.... the amount of opportunity in front of me is the amount i create.... something to consider.... large data media telling sellers they aren't paying. Buyers are being told they need to budget to pay all or at least part of buyer agent comp....I fully agree that comp drives traffic, that said, referring to historical comp argument will have limited effect long term. Understanding the buyers money concept will be the strength in the conversation....

[@JimmyBurgess]

Good points. Thanks for the feedback Martin

[@MartinTaggart]

@@JimmyBurgess love the content and the "thinking several steps ahead" approach to this topic....Any thoughts on how lenders may approach commissions, or, how VA etc might work within the new normal?

[@RichRosa]

Good stuff. I am glad to hear Tom understands how dual agency is anti-consumer and bad for business. Jimmy, do you have any videos with scripts/role playing with prospective home buyers?

[@JimmyBurgess]

Rich, this is the video I just released today going over a buyer brokerage presentation with Andrew Undem. I hope it helps. kzbin.info/www/bejne/bqKrqmStgL-lfM0

[@RichRosa]

@@JimmyBurgess, thank you.

[@firstlast1732]

I’ll never use a buyers agent and spend in on upgrades now thank god I’ll keep the 3 percent

[@JimmyBurgess]

Going to be an interesting few months.

[@JeremyHancock-LV]

You would lose more than the 2.5-3% you would pay in commission and create a lot of work for yourself, enjoy them upgrades :)

[@DavidSquires-m6d]

"The most important tool of all business: Incentives (When you get the incentives right, all the magic happens)"

[@angelaknightrealtor4385]

I wrote that down!! It will be used a lot with my clients!

[@wandacollierabbott]

great material

[@JimmyBurgess]

Thanks Wanda! Let me know if I can ever help you in any way.

[@Abundant.Agents]

Thanks Tom & Jim 🎯05:38 Focus on getting the incentives right when discussing real estate with clients to create transparency and manipulate the conversation based on the person you're sitting in front of.

[@JimmyBurgess]

Thanks Diana!

[@donnalabberealtor]

Awesome! Thank you for sharing!

[@JimmyBurgess]

You're welcome! Thanks for watching.

[@sethbagley256]

As an agent I struggle with the concept of "incentives" without steering. Especially as a listing agent. I need some help understanding how get the incentives right without being accused of steering.

[@JimmyBurgess]

Seth, a clarification would be appreciated. Please tell me more about how offering a selling agent bonus or buyer's agent compensation is steering. I think the key is as listing agents is to grab the attention of as many buyers (and buyers agents) as possible to help the seller get the highest net proceeds possible. Maybe if you can clarify the question a little more I can provide a better response to what my thoughts are. Thanks for commenting and I look forward to your response. Jimmy

[@sandrarichlin3254]

Awesome advice!!!! Thank you both!!

[@JimmyBurgess]

Thanks for the feedback, Sandra!

[@RMF-w6t]

Seems to me that buyers will now simply find their own properties via internet and Open Houses and deal with listing agents only. Thoughts?

[@JimmyBurgess]

It is going to be an interesting next 6 months as everything shakes out. Buyers have always had the ability to find their own properties online or at open house and deal with listing agents. They just haven't chosen to do so. Time will definitely tell.

[@TheBishopTeam]

Great combination of Real Estate minds: Jimmy & Tom. Thanks for sharing #BHHS CA

[@JimmyBurgess]

Thank you Bishop Team!

[@anahitaharouni9600]

Great information. Thank you both. Hope to see more podcasts of the two of you

[@steveshaw2218]

I do not understand the resistance to dual agency. Potentially because I work with specialty real estate but declining dual agency would seem to be counter productive to the actual marketing. Otherwise an excellent exchange, thank you.

[@JimmyBurgess]

Steve, I agree with you. That was Tom's opinion. Thanks for the feedback.

[@bbgorman562]

If you pass a buyer off to another agent in your brokerage it’s still dual agency.

[@JimmyBurgess]

It is going to be an interesting time of change over the next few months. Thanks for sharing your thoughts.

[@RichardPriceIsRight4U]

This was great!!!

[@JimmyBurgess]

Thanks Richard!

[@johnvillanueva3007]

Great Info from my from two of the Best! Jimmy, I'm happy to call you a friend! Keep up the great work, it's all about your MINDSET!

[@HeatherRoach-lm3ce]

If you can’t put buyer agent commission on the mls anymore than how is that helping seller incentive to attract top buyer? I’m confused how would it be advertised?

[@JimmyBurgess]

Heather, agents will ask before showing homes if there is any seller participation for buyer's broker commission, Also, it only keeps that information from being in the MLS. I imagine agents will figure out how to know what, if any, compensation is offered.

[@my530realtor]

As always Great Information. Thank You!

[@JimmyBurgess]

Thanks Antonio!

[@pmarinello1]

August 17th? Thought July was the date, but all good ideas. Offer an incentive, meaning selling agent commission, but not on MLS

[@JimmyBurgess]

They moved the date all changes must be made by to August 17. Some local MLs boards have chosen dates earlier, but the new date that it must be done by is August 17.

[@kimm5555]

What I get out of this is that nothing has changed

[@pmpenrealty]

absolutely. Thank you so much for this great wisdom

[@JimmyBurgess]

Thanks! I truly appreciate the kind words.

[@BostonJohn-inLA]

In the role of a listing agent looking for comparable, it would be good to have social proof that incentivized properties sell for more.

[@JimmyBurgess]

Thanks for the feedback John.

[@lasnenastv6811]

Awesome! Thank you Tom

[@JimmyBurgess]

Thanks for the feedback!

[@RickColburn]

Great information. Thank you guys.

[@JimmyBurgess]

Thanks Rick!

[@jimmitchell2380]

Jimmy, I've had discussions with brokers who think it will be best (for a seller), to negotiate buyer-agent commissions on an offer-by-offer basis, and not offer an up-front incentive (either through concessions or co-op comp, as long as the DOJ allows it). I'm seeing that as the most productive way for a seller to maximize his/her NET return on the sale of their home. Your thoughts? [Great interview by the way! Tom is gold!]

[@JimmyBurgess]

Thanks Jim! I think every market and every transaction is different. With that in mind, a one size fits all solution is probably not feasible. In our local market we have rising inventory and if a seller decides to go that route then they would be putting themselves at a competitive disadvantage. Again, I think every market and every property are different, but the key in my experience is the easier you make the opportunity for someone to buy, the more opportunities you will have to sell the home at the highest price possible. I hope this helps!

[@Edgewateracademy]

Excellent advice

[@JimmyBurgess]

Thanks for the feedback.

[@mayrasepulvedarealtor5784]

Thank you!

[@JimmyBurgess]

You're welcome!

[@Veteran_Nerd]

Love it!! Thanks guys

[@JimmyBurgess]

Thanks Spencer!

[@virginiajoanprange8102]

Thanks Tom!

[@stevepomeroy-rockin-pa-realtor]

Great thoughts

[@JimmyBurgess]

Thanks Steve!

[@jenniferhodgson7640]

So what do we do when the compensation piece goes bye bye on MLS?

[@JimmyBurgess]

Get an email (in writing) from each listing agent prior to showing what buyer side agent compensation they are offering so your buyer can let you know which homes they want to see understanding all details about the home and potential expenses for them.

[@BrandonONeill.churchillprop]

Call the selling agent and ask them the split

[@jenniferhodgson7640]

@@JimmyBurgess in MA, we are dealing with low inventory. Buyers don’t have time for this. They need to move fast if they want a home. DOJ really messed this up for buyers. 🤦‍♀️

[@helainerothberg5199]

Thank you amazing

[@JimmyBurgess]

Thanks Helaine!

[@imy_mac]

When they were role-playing, I immediately rolled my eyes, what’s more important question any person in real life would say both lol, the pivot would be. Have you ever gotten something for nothing?

[@JimmyBurgess]

Thanks for your feedback

[@alpafena1]

lol you guys are playing the good listing agents.

[@JimmyBurgess]

Not sure if I should say thank you or not, but I appreciate the feedback.

[@realestateprof247]

**Lack of Video Accessiblity using Closed-Captioning **Jimmy, as a college real estate professor, I am unable to share your amazing video channel with thousands of my students due to their lack of their lack of ACCESSIBLITY due to required closed-captioning standards. This translates into a huge loss of thousands of new subcribers for your channel as I teach 24 online courses per year and this is also a huge loss for my students as my college prohibits providing students with video links with auto-generated captioning. Would you be willing to switch to closed-captioned in lieu of auto-generated CC? If so, this would be a Win-Win for all!

[@JimmyBurgess]

Please tell me more or let me know if we could set up a call to discuss please.

[@myfivestarrealty]

Co no duel agency. Remember yiu must negotiate what the buyer us willing to pay. If you have a ^ and the seller offers more the rest of the $ no buyer agent can keep goes to the buyer or back to the seller. If seller does not pay enough what buyer will pay you the buyer must pay the rest 😮

[@JimmyBurgess]

Going to be an interesting next few months

[@lapdog4135]

This guy is all about keeping status quo and having the seller keep paying for the buyers agent commissions. I want to know how these buyer agent agreements are going to be written. If they’re charging 2% to 3% commissions then why would a seller offer 5%-6% commissions for the listing agent?

[@JimmyBurgess]

It is all working out now, but the majority of the buyer agency agreements state the buyer's side commission mentioned on the buyer's agreement will be offset by any compensation being offered to the seller.

[@pl5861]

Or you could be a Fudiciary and offer a flat rate instead of a commission. Guess what the DOJ is looking at? Change now and be a leader, or wait for the change and play catch-up.

[@JimmyBurgess]

Thanks for your feedback. I think everything is still up in the air. I hope this was helpful and I completely agree we all need to be flexible and adjust as requirements and opportunities present themselves.

[@LindaPillard]

Dr Duma?

[@JimmyBurgess]

?

[@PaulMerriwether-s3i]

What are we trying to accomplish? MG you haven't figured that out yet? All sellers want a fast sale and most money as possible. Very little value covered IMO.

[@JimmyBurgess]

Thanks for the feedback Paul

[@jamesthompson6786]

Whether, paying both agents $30.000.00 or paying the seller’s agent $15.000.00 is a big difference, so a realtor lady told me that I would never get the house on the market if you do not give an incentive to the buyers broker! You Guys are still set in your ways. After August 17th, things change! Now let’s think given 30.000.00 or 15.000.00! I think the buyers broker will have to work a little harder/ No more Cooks in a real estate business!

[@JimmyBurgess]

It is going to be an interesting time. As with all times of change I believe some in the real estate industry will struggle to survive and others will thrive. Thanks for sharing your thoughts.

[@MiamiLuxuryResidence]

Love Jason, getting to know Jimmy, Tom is just tiring. He never answers your questions, he always asks a question back and then goes off topic.

[@JimmyBurgess]

Thanks for the feedback Ory! I hope my stuff is helpful.

[@joelballard4955]

If the buyer agent is not fighting for the lowest possible price for you as a buyer, they deserve nothing.

[@JimmyBurgess]

I agree if that is the goal of the buyer.

[@freedomfighters9302]

Isn’t that always a main factor for a buyer? ​@@JimmyBurgess

[@BaddNewzGolf]

@@freedomfighters9302no….sometimes just winning the house is the main goal for the buyer. There are many reasons to ask the questions that these guys just did. It’s not about what you THINK your client wants. It’s about exactly what they tell you they want.

[@laurendaforeignone]

That doesn’t help if you know your client is going to get outbid

[@joelballard4955]

@@laurendaforeignone so getting a bad deal and overpaying is better than not buying that house?

[@JohnAlanDay]

You said it, "I know agent's that make 5 times what my brain surgeon buddy makes per year" Really?

[@JimmyBurgess]

I appreciate you taking the time to comment and give your feedback.

[@freedomfighters9302]

He is calling compensation incentive?! That is confusing for all parties. No. Bottom line-no one can work for free. No buyer No sale.

[@JimmyBurgess]

Thanks for the feedback.

[@timmclaughlin1787]

And nothing really changes,,,

[@JimmyBurgess]

It is going to be an interesting next 3-6 months in real estate to see how all of this shakes out and what changes happen.

[@seminole2001]

My seller is willing to entertain all offers. Don’t put a number on what will be offered UNTIL an offer has been presented. RE is way too collaborative. The commission separation is long overdue.

[@insilence6156]

No, now it is no longer allowing realtors to be savage hogs for money off of the buyer and seller. House prices were jacked up to accommodate the buyer agent and listing agent fee. Now the seller gets to dictate what percentage, and no to buyer agent who is a total waste anyhow.

[@JimmyBurgess]

Sellers have always had that option.

[@JeremyHancock-LV]

Always going to be people like you that think a professional is a waste of money, heck the prison is full of people that thought the same about a lawyer.

[@JohnAlanDay]

NUTS to say, " look at ones in MLS that show 0 co-op commission. It's bullcrap. Those numbers are the old, "we have always done it this way", in my mind you mean always expecting the seller to give up everything financially to sell their home. I'm an agent, never agreed with it and was forced by my broker to offer a certain co-op or couldn't take the listing. It's smoke and mirrors and seller's should not fall for it.

[@JimmyBurgess]

Thanks for your feedback. I think when Broker's require a minimum commission for their agents it is beneficial to the Broker and not necessarily to the agent or the buyer/seller. Every situation and transaction is different.

[@ld45678]

I have never seen another industry with more "scripts". It's a low bar to entry in the RE world and that attracts lazy people

[@JimmyBurgess]

William, I couldn't agree more. That's why the professional agents must step up their game and serve at a higher level with more clients in my opinion.

[@lawrenceeberhart6818]

I am not sure that this is any better than the old system that sued NAR for nearly a billion dollars. Sorry Tom, you are still advocating that the seller pays the buyers commission. The public has already spoken.

[@JimmyBurgess]

I think the market will adjust based on market conditions and the amount or lack thereof really dependent upon local market conditions. Thanks for your feedback.

[@SallyLovesCars]

The home sellers are not going to pay for ANY of the buyers fees. Stop spreading bad and hopeful information. The Home sellers will offer 2% listing fee and the buyers are going to be flat fee. Everyone needs to adopt the new rules. Stop being sneaky by hiding fees!

[@JimmyBurgess]

It is going to be interesting to see how everything shakes out over the next few months. Not sure where you got that something was being sneaky out of this video.

[@ronb8052]

You can try to convince realtors to pay you to learn your scripts...my opinion is it's a waste of money. The ONLY people who will make money in real estate are LISTING AGENTS. Buyers no longer need agents....ever heard of Zillow? As for "incentives," the seller's incentives are NOT paying the buyer's agent commission.

[@JimmyBurgess]

Thanks for sharing your thoughts

[@jamesthompson6786]

$30.000.00 commission for both of the realtors or 15.000.00 for paying the sellers realtor only/ I talked to one realtor lady on the phone and she told me “if you do not give incentives to the buyers broker They will not put your house on the market” I said what kind of people are these realtors don’t they care or are they only after money? I am sorry that they are working in this industry, but they need to stop trying to make the sellers feel guilty! Have you noticed that since May of 2024 you don’t find real estate agents or companies telling people about the lawsuit! And most KZbin videos are geared for the realtor agent and not the local public, why is that and realtor agents rush their clients to put their houses on the market before August 17?

[@JeremyHancock-LV]

Either way the buyers agent must be paid. So you either get 15k less for your house or you pay the commission. Your house is only worth market value, you cannot change that.

[@JimmyBurgess]

I can't speak for the entire industry, but for the agents I know this is not the case. There are unprofessional agents that bring no value, that we can agree on, but it isn't all agents.