Fridays with Phillip | Impending Industry Changes, NAR Settlement Proposal, and More 

This was a great video, Thank you Phillip!!

Great information Phillip. Confusion abounds when the narative is being interpreted with motives controlled by MONEY. I always discuss with agents that I am working with about compensation before writing the offer. If I'm the listing agent I make sure they know what we are offering. Even if it is 5% I always offer 3% to the buyers side and take 2% on my listings. I value a good offer, and respect a good agent on the other side of every transaction. Hail to the Chief!!

Just came across your video - you make some excellent points. I believe you are glossing over major themes. 1. The public at large was uneducated on the real estate process as a whole (this is just how its done) - now disclosure of compensation is negotiable & not a requirement. 2. Economics/competition will put pressure on sell side commissions (mandatory in place sell side agreements will allow property owners to opt out buy side compensation) this is the whole basis of the lawsuit making it illogical to assume prior buy side compensation will go back. 3. It will be much harder to conduct business from the buy side with buyer compensation field being eliminated from MLS. (a purging of brokers can be expected) & that side has never paid a commission & will resist. 4. Getting buyside clients to sign the required agreement that has to explicitly outline compensation - no open-ended wording is allowed (your pre-show agreement will not be compliant) is going to be extremely challenging to brokers, especially new ones. 5. Buyers will seek homes from listing agents/agencies direct - paying (2) fees for (1) transaction will be a thing of the past in time. 6. Listing agents will be unwilling/can't compensate the buy side because it commission compression as you articulated.