ICYMI: Unpacking NAR Settlement And Buyer Agency: 60 Days Later - What We Know Now

Join eXp leadership as they dive into the recent NAR settlement and what exactly it means for real estate agents. This presentation will bring clarity to you, your buyers and your sellers.
1. Contract Revisions: We've got some important contract revisions for buyer agreements and listing agreements that you need to know about. Stay ahead of the game and ensure smooth transactions for your clients.
2. Let's Get Clear on Open Houses: Open houses are a vital part of showcasing properties, but are you up to speed on the latest guidelines? Let's discuss best practices and ensure your open houses are both effective and compliant.
3. New Timetable Alert: Mark your calendars! We have a new timetable for when the latest rule changes go into effect. Don't get caught off guard - be prepared and adapt to the updated regulations.
4. The MLS's Emerging Role: The MLS isn't just a platform for listing properties anymore. It's now playing a crucial role as the enforcer of these rule changes. Learn how to navigate the rule changes in this evolving landscape of real estate to avoid fines and penalties.
Stay tuned for more updates and insights as we navigate these changes together! #RealEstate #Update #MLSChanges 🏠✨
#expproud
Chapters
00:18 Overview of NAR Settlement and Buyer Agency
02:32 Practices Going Forward
04:48 Timeline and Process
06:08 MLS Enforcement and Responsibilities
08:25 Shift in Buyer Agency Dynamics
16:03 Brokerage Activities Requiring Agreements
18:25 Emphasizing Buyer Agent Preparedness
22:18 Advice on showcasing buyer representation skills
25:16 Proactive approach to client engagement
26:57 Importance of professional strategy meetings
30:11 Introduction of single property buyer broker agreement
34:33 Adapting to changing industry standards
43:06 Open House Guidelines
46:18 Company Support and Tools
48:37 Market Strategies and New Construction
56:42 📝 Company Updates and Marketing Support
01:00:05 🌟 Best Practice Tips

[@NCbluesman]

I can't believe only about 450 people have seen this video. This is incredibly important information and the answers to questions provided here are really well done. Thank EXP leadership for getting this done.

[@weldonwillifordrealtor]

I know several major MLS's are still going to show compensation since NAR has directed the MLS's to actually enforce the ruling. Unless the DOJ gets involved this will be interesting to watch play out. Many are saying NAR will be bankrupt so there won't be any oversight once that happens anyway.

[@charleswr8359]

The whole problem has been the fact that the RE industry claimed too much share of the total residential property market. 5% or 6% is too much. UK gives less than 2%. Many countries give less than 1%. What value do they contribute to the property? Nothing. The buyer pays for what is worth of the property. Agents simply connect a buyer to the seller. They deserve maybe 1%. The home is the largest single asset for the vast majority of Americans, yet the RE agents owned 5%-6%. The homeowners didn't think about it until they actually sell. The total commission for each home sold should come down less than 1% of the home value, more like $2k or $3k. The RE attorney charges like $1k for each closing. That should be what the agents earn too.