Should Seller's Still Compensate Buyer's Agents - NAR Lawsuit

[@jamesmurphyrealtor1277]

I'm still trying to figure out how Listing Agents are going to offer a commission to the Buyer's Agent without disclosing it on MLS and also before the Buyer's agent has a written contract with their buyer already "for a specified amount, which can't be open ended " and " can't contain terms which attempt to get around the new rules", like "or what the seller is offering" and would also be limited to what the buyer can or will pay. I can tell an agent who calls about my listing that my seller is offering a 2% commision, but that's irrelevant if the Buyer already has a contract with their agent stating that the buyer will pay them no more than $500 or whatever. This $500 agent also will not be very motivated to be doing much of anything for their client. The DOJ seems to believe that an agents job is limited to just showing a house.

[@CTXLiving]

Hi James, I'm not sure how long you have been in real estate, I started my career back in the mid 90's and we didn't even have an MLS... weird I know lol. I see it as a positive from one perspective just taking a step back in time and being a little old school where you had to pick up the phone and actually have conversations with other agents, Over the years I've seen influx of agents when the market's good and the same outflux of agents leave the market when it shifts so in that aspect I think a lot of the dedicated true real estate professionals are going to stay in the business and continue to do wonderful things. While all the fly by night agents that are really giving the industry a bad name are going to be getting out and finding a job that suits them better. And in regard to your concern with these $500 agents I don't think they're going to be around long enough to really be an issue because bottom line from all the polls that I've seen the general public understands for the most part that we have a lot on our plate it takes a lot of due diligence, organization, understanding the ever evolving rule changes, contract updates and legal issues when it comes to buying and selling real estate. I've seen very few change from my area norm... however offering an al-cart options menu may be something you want to add to your presentation. Feel free to hit me up off line to discuss more.

[@jamesmurphyrealtor1277]

@@CTXLiving Thank you for your response and avice Frank. Me, I got into real estate about 10 yrs ago, but I do hear stories from agents like yourself about the pre-mls era. Being an Agent or Broker was definitely much different and a lot more more work back then. I agree with your point about the fly by night agents too who don't do much for their clients other than show them some houses and most of them will probably have to find another career. There is so much more to it than just showing houses and placing offers, which I believe you already articulated well. As far as the new rules, I'm positive that we will figure this out and succeed, but I can just picture some Buyers being hurt by it, at least in the short term, especially FHA ones with no experience and limited funds.

[@CTXLiving]

@@jamesmurphyrealtor1277 Hi James I agree I am in a primarily VA market, And I do see some of those cases where the buyers are extremely limited on funds but like I mentioned before I don't believe a lot of sellers are going to refuse to pay a cooperating buyers agent. I think things are going to be pretty much as they've always been now I agree there will be those few sellers that won't want to contribute, but that's just eliminating potential buyers to that home. All in all it's just another learning curve not only for us but for the consumer and public. I believe going in as a professional giving the sellers the true picture and options to work with will work out just fine. Thanks for your insight and I wish you all the best.