What They Aren’t Telling You About The NAR $400M Commision Settlement

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Learn More About What REAL Broker Can Do For Your Real Estate Business. Book a Free Call With Me Here:calendar.app.g... THE GEAR I USED TO MAKE THIS CONTENT:
amzn.to/47BRbCa Today I break down the recent settlement announcement from the national Association of realtors for over $400 million and what agents need to do now.
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Опубликовано:

22 авг 2024

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Комментарии : 24

@MarvinOrieh 5 месяцев назад

Learn More About What REAL Broker Can Do For Your Real Estate Business. Book a Free Call With Me Here:calendar.app.google/uoLVHsgdrYXr2x2y7

@georgiarealestateagent 5 месяцев назад

80% of buyers don’t have it and need the closing costs to close. It has nothing to do with the quality of the agent if the buyer doesn’t have it. It will force dual agency and low commissions offered to the buyers agent by the listing agent IF there is one. Builders will more than likely eliminate it completely. Not to mention having to call every realtor on every property to ask “you paying?”

@MarvinOrieh 5 месяцев назад

Not to mention, VA buyers will be completely left in the cold, because the rule with VA loans is that the buyer will not come out of any out-of-pocket expense. As much as sellers might think this is a win. These individuals at some point will be buyers again, and will be on the other side of this and I don’t think they will be happy with the outcome. I genuinely think that listing agents will still offer. It has to be direct to the agent from the other agent. Thanks for watching!

@taunopeters6819 Месяц назад

They changed the VA rules to accommodate the new ruling

@TheFamilyONetwork 5 месяцев назад

Thank you for the breakdown! Well explained! Great content! Keep it up sir! 😊

@tedshoop 2 месяца назад

Great explanation, Marvin. I couldn't agree more. Best wishes to our continued success!

@MarvinOrieh 2 месяца назад

Thank you Ted! I appreciate you watching.

@lazrodriguez3066 5 месяцев назад

What’s to keep a buyer after working with an agent for 30 days to buy a home with someone else? How will the buyers agent find out? Is he owed compensation?

@MarvinOrieh 5 месяцев назад

Every state is different, but if it’s a home that you showed or sent to the client, you technically will be owed compensation because they are essentially breaching your buyers representation agreement. There’s really no way to know a buyers remove but if it’s something you show them you’re definitely in a good space to request recompense.

@MrMotivation247 5 месяцев назад

Unintended consequences will appear and then Attorneys will get paid again.

@lilyrichardson5322 5 месяцев назад

Great explanation of the NAR settlement breakdown!👏🏾

@MarvinOrieh 5 месяцев назад

Thank you! It’s a lot of noise out there about it. Folks need to know the nitty gritty.

@disruptancepodcast 5 месяцев назад

5:41 positioning matters! Keep helping the industry level up to help more

@MarvinOrieh 5 месяцев назад

Always. It’s not what you say but how you say it that matters. People will understand. Thank you for watching🙏🏾🙏🏾🙏🏾

@masonjkranglecpafinancialc1336 5 месяцев назад

Very nice explanation of the changes coming. More negotiation and disclosure changes in the future.

@MarvinOrieh 5 месяцев назад

Thank you for watching brother!

@cynthiabarrow1867 4 месяца назад

Make sure to follow the rules of your state as well during this transition.

@MarvinOrieh 4 месяца назад

Great point!

@lovpinkdiamonds 5 месяцев назад

Seems like it will be still harder for a buyer. So u saying the buyer has to pay more upfront on the closing cost

@MarvinOrieh 5 месяцев назад

Great question, That is a possibility because it’s now going to be another expense that is part of closing cost. Before this ruling all a buyer has to pay as part of closing cost is only the estimated prorated taxes, HOA, various state fees, in addition to the closing attorney or title companies fee and insurance, all that is separate from the buyers down payment of 3.5%,5%,10%,etc. So now with this ruling it’s possible that if a buyer wants representation from a real estate agent, they will have to compensate that individual for the work that they’re doing directly which before this ruling that fee came directly from the seller. So this is the part that the people advocating for this are not paying attention to from this ruling. All the buyers that could be affected. Thank you for watching!

@LaFlareVision 5 месяцев назад

What’s the logic in doing a reduced commision?

@MarvinOrieh 5 месяцев назад

Great question! Since the buyer (who hired the agent) may now have to come out of pocket to pay the agent, the agent may do it as a tactic to save the relationship or soften the blow. Everything is negotiable.

@LaFlareVision 5 месяцев назад

@@MarvinOrieh ah he’s thinking about the long term play…. Gotchu