NAR Settlement Aftermath: Opportunities and Obstacles | Ep. 423

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There is HUGE opportunity in wake of the NAR Settlement. D.O. welcomes special guest Cynde Velez to discuss the $400M NAR commission lawsuit settlement and its potential impacts on home buyers, sellers, and the real estate industry. 😳
They clarify common misconceptions, emphasize the importance of buyer representation, and explore how agents and lenders can adapt and collaborate in this new landscape. The hosts provide insights into possible solutions and stress the need for patience and education as the industry navigates these changes. 👀
Referenced Articles and Links:
- www.heraldtribune.com/story/o...
- • Understanding the trut...
📝 Sign up for the TLOP Newsletter for more insights - tloponline.com/dos-industry-i...
#TheLoanOfficerPodcast #TLOP #NAR
▬▬▬ Contents of this video ▬▬▬
0:00 Intro
4:23 The impact of the NAR settlement on the real estate industry
12:00 Real estate commissions and representation
16:13 Real estate representation and negotiation strategies
23:22 Real estate industry changes and opportunities
32:15 Cooperation between agents
37:11 Real estate industry changes and their impact on buyers and sellers
42:23 Lender-Realtor collaboration and innovation
51:01 Article on The NAR Settlement

Опубликовано:

24 май 2024

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Комментарии : 36

@miketdarnell Месяц назад

Very few loan officer voices have spoken on this subject. Thank you.

@dustinowen1191 Месяц назад

You are welcome.

@Htx024 Месяц назад

Great video a lot of gems 💎 being introduced. I like the “concierge” approach.

@TheLoanOfficerPodcast Месяц назад

Appreciate the feedback! Make sure you peep the website too: www.TLOPonline.com

@stevewolgamotjr.141 Месяц назад

Buyer agents do more work than seller agents. Buyer agents should be entitled to equal if not more than the seller agent.

@dustinowen1191 Месяц назад

It will be interesting to see how things shake out. It appears that the market will dictate the value of representation.

@mikesmith1702 Месяц назад

entitled ...operative word

@marciamakoviecki3295 Месяц назад

Certainly not always. Often, the buyer finds the house online, agent let's them in, does contract online, and then manages the transaction for a few hours, mostly online. I got a $20k paycheck for that often over my 20+ year career. Under the new regs, you can ask for as much as you think you're worth directly from your buyer. See what they think...

@pkingmerchant Месяц назад

You're going to see a lot of buyers representing themselves. A lot of realtors who have been carried by the market will need to change careers.

@TheLoanOfficerPodcast Месяц назад

☕

@marciamakoviecki3295 Месяц назад

Very true. In many transactions, the buyer agent does very little other than manage the transaction. There's no magic the agent does that can't generally be handled by someone else in the deal, title, attorney, etc.

@TheLoanOfficerPodcast Месяц назад

@@marciamakoviecki3295 👈👏

@dustinowen1191 Месяц назад

I could see this flush out the bottom 20%.

@pkingmerchant Месяц назад

Yes, at least. Probably 400,000 realtors will end up needing to change careers. @@dustinowen1191

@kentneumann6563 Месяц назад

Initial reaction is buyer's agent's commission will decrease but I believe the listing agents will be the ones under more pressure to justify their 3%. When you are in markets with median sales over $750,000 the commissions of $20,000 or more the commissions get hard to justify. I was at an open house yesterday for a house over $1mm that the listing agent did not pick up the sticky traps filled with dead bugs and the deck was covered with leaves. It get hard to prove your value with that type of service.

@TheLoanOfficerPodcast Месяц назад

PREACH 🎓

@marciamakoviecki3295 Месяц назад

That may be true in that case, but many agents also shovel sidewalks, driveways, mow lawns, feed and manage pets, and deal with a wide variety of issues that home sellers often don't handle. I do think it can be just as easy or even easier to sell a $1Mill house than it is a $200K house, so sellers should think about their expectations and negotiate accordingly. Some agents do almost nothing but put a sign out and the house sells Day one. Others might have a listing they manage for 6 months or more because the seller won't bring the price down to market conditions or won't maintain the property, etc. All kinds of scenarios.

@dustinowen1191 Месяц назад

I agree. I think the whole settlement will place great stress on the value received for the price paid.

@peterbedford2610 Месяц назад

Most countries just have a listing agent. I've done many transactions without a buyers agent. Listing agents just need to do more work. And its about time!!

@dustinowen1191 Месяц назад

You are correct. Most countries operate different that the U.S.

@benvigilrepro Месяц назад

There are already hybrid LO - agents out there. My brokerage in CA has operated under this format for over a decade.

@dustinowen1191 Месяц назад

There are...but is that the best for the consumer? Meaning, can someone be great at both?

@benvigilrepro Месяц назад

@@dustinowen1191 How do you know the two people doing those jobs are great at what they do? Considering half of Realtors do very little to no business in a given year, what are the chances that an agent is any good? The whole reason this lawsuit came to pass is because somebody felt our practices were unfair and bad for the consumer. I can tell you that there are really bad loan officers out there as well. There are some practices in mortgage lending that I feel are unethical that are done all the time (but I digress). The consumer still needs to look out for themselves and make sure they are dealing with a good agent or loan officer. With a hybrid LO-agent, you can deal with the same person or brokerage which has its advantages. Also, at our brokerage, we either get paid for the loan or on the real estate transaction. Not both. This is a potential tremendous savings for the consumer both in closing costs and loan costs. Whether you decide to work with a LO-agent or a separate LO and agent, be sure you are working with someone who is knowledgeable and is looking out for you.

@harpreetbhogal7380 Месяц назад

6% commission (3% buyer agent and 3% seller agent) for 700K property is $42000. Do you think it is reasonable for the seller? of-course people would love to represent themselves to save that ridiculous amount.

@dustinowen1191 Месяц назад

I don't disagree. I would be willing to pay something though to be represented and based on my requests / expectations I should pay accordingly.

@robertdarcey8923 Месяц назад

They can. All they have to do is pay the MLS fee, list their property and offer a closing cost incentive to future buyers. By next week, LegalZoom will have a compliant real estate contract that you can purchase, lol.

@zz5guy Месяц назад

I just bought a FSBO. It was super easy not having to work with and pay realtors.

@dustinowen1191 Месяц назад

In many cases this is true. But in many other cases a buyer could end up overpaying for a house or buying a home with defects without knowing. I say this about doing mortgages. There are some transactions so basic and clean that a 6th grader could complete them. Then, there are many other that require an experienced, competent professional to navigate the complexity of the situation and provide a solution. Figuring out if your situation is basic and clean vs complex is where situational awareness comes into play.

@thomasforbestv5388 Месяц назад

Inflated value and Realtors taking advantage of situations and terms. Sellers are getting smarter.

@ruthjohaningsmeirnexamortg5504 Месяц назад

John Coleman: The theme music doesn’t match the show. It’s a cross between the X-files and smoking too much mellow. I’ve listened to every tlop episode including before we were tloppers

@TheLoanOfficerPodcast Месяц назад

It's a VIBE tho!

@user-ox3mu9xp5z Месяц назад

I am a current home seller who is interested in this topic. In spite of this, I will be looking for this information elsewhere because I CANNOT get past Dustin. Let the guest speak!! You love your voice way too much. And try eliminating your swearing. It’s tacky.

@dustinowen1191 Месяц назад

Appreciate you. We'll look into this. Her name is Cynde Velez. She is a awesome Realtor. I bet she'd give you some time one on one to answer your questions. And you are right, I LOVE to talk. I don't love the sound though...but I have heard some others do. And, I do need to remember to share the mic. Good luck with selling your home.

@augustoliver2779 Месяц назад

This was an unnecessary change that harms everyone.

@augustoliver2779 Месяц назад

Remember, we work better when we are well compensated. We just sold and we paid the 3% buyer’s agent commission happily. We were given the option to not pay, but how would that have affected our realtor’s performance? We sold in 1 week.