Your NAR Settlement Questions, Answered

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The NAR Settlement…
Over the last week, we’ve seen a lot of fear, uncertainty… and even panic. The headlines certainly aren’t helping.
So we reached out to all of you - our viewers and members - to gather your questions, and in this episode of the Chris & Garry Show, we answer the most common and pressing questions about the NAR Settlement.
FAQ:
0:00 How will buyers agents get paid?
2:19 How do I talk with buyers about my compensation?
5:05 How do I explain my value to a buyer?
7:57 What if my buyers can't afford my fees if the seller isn't offering compensation?
10:18 If buyers can't afford homes in this market, how will they pay my fees?
12:04 What if buyers want to go look at houses without a buyer representation agreement?
15:41 How will this change how we work with buyers at open houses?
19:49 What if my seller refuses to offer buyer broker compensation?
25:01 How do I talk to sellers about my compensation?
29:53 Why did NAR settle?
Get more real estate sales, marketing, and tech tips at:
www.thepaperlessagent.com/week...

Опубликовано:

27 июн 2024

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Комментарии : 36

@ski3435 3 месяца назад

There is a competing organization being developed called the AREA (Amer. Real Estate Assn) that will maintain what they term the NLS or National Listing Service that will list all homes for sale across the country. Membership is estimated to cost about half of the NAR membership.

@mattsohn3442 3 месяца назад

Great discussion guys. But there's a problem with your answer to "what if my seller flat-out refuses to offer the buyer's agent compensation?" Buyer's agents are prohibited from steering customers to or away from listings based on compensation. Your answer is essentially saying, "agents are going to skirt the rules anyway, so you best play ball in a rigged system if you want your home sold." This is one of the reasons that home buyers will stop using agents altogether. I wouldn't want my agent steering me away from certain homes simply because it's not in their best interest. I've bought several homes over the years, and I can now unequivocally say that I will hire an attorney for $1k to look over the paperwork, but I won't be paying a dime to any agent going forward. This whole lawsuit has exposed just how dirty the brokerage game is.

@Hammer.J.Helmer 3 месяца назад

you aren't alone in those feelings.

@lovetosing1657 2 месяца назад

Your missing the value of a Buyers representative. A lawyer does not know how to negotiate and if a buyer uses the listing agent multiple representation in some cases can be a law suit waiting to happen.

@mattsohn3442 2 месяца назад

@@lovetosing1657 Buyers agents hold value for some people, just not for me. I do my own negotiating, and there just isn't anything agents bring to the table that I'd be willing to pay $20-30k for. I'd just need help structuring the contract and making sure I'm not doing anything wrong from a legal perspective, which is why I'd rather just pay an attorney a thousand dollars to help me through the paperwork. To each, their own.

@lalalalalalalala4264 2 месяца назад

@@lovetosing1657 There is no value for buyers to have representation, just like there is no value for sellers to have listing agents. These agents are just trying to scare buyers and sellers into thinking they need an agent. How do they add value when sellers will be losing thousands in commission that could have gone towards lowering the cost of the home or help contribute to closing cost, etc.???

@dookrew3201 Месяц назад

If you sign for one day, the next day that buyer can sign on with a friend, relative or any other agent and buy that house. The buyer agency has to be for that property but for no less than 3 months. A buyer easy out clause is also a terrible idea because buyers will use agents to get into properties and then call a friend to write up the offer cutting out the agent who just volunteered all their time and efforts.

@SteveDaniels-vi7zw 3 месяца назад

Wait till people realize they don't need the listing agent. Things could be a flip flop of how u think. Zillow will no longer be able to make money off buyer leads. They're going to change their business model. I bet they come up with a cheap/easy way to list your home. They already do a lot of the work realtors used to. Advertise the house here, Here's your comps, here's a mortgage person that works with us, here's an inspector that works with us. Everyone will be rated like yelp does. I might be able to easily list my home myself and you as an agent bring me your buyer. Most people don't want to work one on one as buyers and sellers. But, All there needs to be is one agent or facilitator in the middle. Not two. Who knows how this all will pan out

@benvigilrepro 3 месяца назад

I would invite all agents to not only read the NAR settlement but also the DOJ letter of interest in Noselek v. MLS PIN settlement. Pay special attention to how the DOJ looks at steering and the example they use in the letter. You should then seek legal counsel and then make a decision as to how yo want to conduct business.

@gadgetgrader 3 месяца назад

I think the MLS's and the listing agents should have a field of Y or No field stating the seller is offering a co-op. The specific amount should always be negotiated upon offer

@Hammer.J.Helmer 3 месяца назад

@@gadgetgrader with all the talk of "negotiating" that I hear agents use, you would think this would just be the case in the offer, and the selling side would do the same.

@alexmlo1 2 месяца назад

good luck asking for concessions in a low inventory market as a first time buyer going FHA.

@ski3435 3 месяца назад

Some of you may remember 10-15 years ago a brokerage firm...Merrill or Morgan Stanley lost a lawsuit because their brokers were steering clients into their captive in house mutual funds which paid a higher commission and away from mutual funds from other providers which had a lower commission. Both had similar performance. So buyer's agents should take note.

@evednavimedia 2 месяца назад

Great vid.

@Hammer.J.Helmer 3 месяца назад

Spending a lot of time talking about a settlement agreement that may not even be approved. The DOJ is going after split compensation, and want it to go away. Consumers are also now getting riled up, and may start to insist on breaking it up. There is still a lot that is going to change here, and all these workarounds are likely to be short lived.

@ski3435 3 месяца назад

Follow the lawsuit in Illinois. It is specifically going after seller's agents sharing commissions with buyer's agent.

@Hammer.J.Helmer 3 месяца назад

@@ski3435 exactly. all of the agents out there talking about work arounds are missing the big picture. Think about the entire point to removing the split fee on the MLS. They could have said they will stop hiding it from the buyer so the buyer can see it on the listing - but they didn't. NAR is trying to set themselves up so they can blame the DOJ for the big changes that are really coming.

@marciamakoviecki3295 3 месяца назад

Even a fsbo, I've always gotten a show letter from the seller and They pay the commission.

@ski3435 3 месяца назад

The seller cuts the check, but pays with the buyer's money.

@kevincranna7334 3 месяца назад

As a buyer, why would I want my agent to be paid a percentage of the sale price? In other words, they are incentivized by a higher sales price. The exact opposite of what I’m trying to accomplish. This makes no sense. It would have to be a flat fee/hourly rate.

@hopoutside 3 месяца назад

that’s a common sense point that will rarely be communicated!

@ricardoollivierre 3 месяца назад

I see the logic. But tbh MOST realtors just want to get the job done. The difference from a $300k home to a $340K is negligible in terms of commission, especially if it’s a buyer that doesn’t have a large budget ( the higher you get to their max the riskier the deal is). We would rather them get in at a price they are comfortable with + they could be repeat clients OR refer us business

@kevincranna7334 3 месяца назад

@@ricardoollivierremakes sense

@lalalalalalalala4264 2 месяца назад

Once they get their commission, they move on to the next buyer while you're stuck with a high priced home. I've worked with several agents to realize now that I no longer want to work with any. If a buyer really wants the home, go straight to the seller.

@studentaccount4354 3 месяца назад

Was the settlement approved by the court and DOJ? Please post relevant evidence for your claims. Thank you!

@lindacourtney7621 3 месяца назад

Why are we not challenging this decision….. 😞

@ski3435 3 месяца назад

Because you would lose. That's why the NAR settled.

@Hammer.J.Helmer 3 месяца назад

you can hear it from the horses mouth... the NAR president said it would bankrupt them to appeal. You still have to get a bond for the fine if you appeal and they can't do it. Just like the Trump thing.

@EMPTORADVOCATE-gt4rb 2 месяца назад

Sellers are going to again have to buid into there price whatever they are willing to pay in concessions now FHA loans are letting buyers add up to 6% instead of just 3% in concessions.Agents are going to talk sellers into offering both concessions now instead of one concession to attract more buyers.This is not helping buyers or sellers there will be more steering going on who is offering the most concessions?

@lindacourtney7621 3 месяца назад

Who wants to work for $.00

@mattsohn3442 3 месяца назад

Nobody is asking agents to do that. They are merely stating the buyer pays their own agent. If buyers opt to not hire an agent or choose to only pay a 0.5% commission, that's merely the market speaking.

@KAZHE63 3 месяца назад

This is insanity! I’m not signing a long- term BA or a one-day BA! No way! And shame on you for saying “go in for the kill” to get me to sign one! Absolutely hilarious. You guys are SO overrated and overpaid. We’ve decided to leave our money invested through 2925 until this debacle is ironed out.

@lalalalalalalala4264 2 месяца назад

That's Real Estate Agents for you. That is why people don't take them seriously.