Florida Realtors® Releases New Compensation Forms
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- čas přidán 20. 06. 2024
- Florida Realtors has released four new forms - two compensation agreements and modification forms, for each compensation agreement. These new forms aim to provide maximum flexibility to compensation arrangements in the transaction and are designed to allow the participants in a real estate transaction to memorialize compensation arrangements.
➡️ FIND THE FORMS & LEARN MORE: floridarealtors.org/nar-settl...
The first is the Compensation Agreement - Seller to Buyer's Broker. This new form is a compensation arrangement in which the seller agrees to compensate the buyer's broker for procuring a buyer for a listed property.
The second is the Modification to Compensation Agreement - Seller to Buyer's Broker form. This form allows the parties to make changes to any material terms of the underlying compensation agreement between the seller and the buyer's broker.
NAR has FAiLED EVERY SINGLE Real Estate agent in America!
in other words residential real estate will now function in a similar way of commercial real estate... The seller will continue to pay the total commission without being revealed on the MLS. Brokers will have to interact through documents prior to show, securing seling broker's compensation.
your wrong, because most buyers of commercial do not have an IDX were they can go online and see everything on zillow, they have loopnet, but i know many many commercial brokers that do not put properties on Loopnet. some are on MLS some on their private websites etc... why is this important, almost all the listings in america are on zillow because realtors place it on mls and mls give websites option to see what realtors put together, and realtors are governed by NAR rules to have proper information and data or they can get fined, otherwise it would be like craigs list bunch of fake ads with nonsense....now why is this important to this discussion because a buyer can get most of the value of the agent for free because they can just go on zillow call listing agent and hire a lawyer for 4k or something.... in commercial the info is not easily available so people hire agents to help them and use their network etc.... this is the problem realtors NAR gives away the house so of course the public will go against them, the POWER of the NAR collectively putting their members in check is being giving away
What if the seller’s broker is offering 2.5%, but your bba is for 3%, and you want the seller to pay? Would you do a 2.5% sellers broker to buyers broker and a 0.5% seller to buyers broker?
We need an explanation on how to use these, not just someone reading what we can all read.
I just used the form and in sending an offer. I sent it to the listing agent and the seller than signs acknowledging that they are paying me a 2.5%. It is very straightforward. If a listing agent educate the seller they will be able to properly compensate buyers agent. This new forms just makes our commissions transparent to all involved. Just a few more steps to take when structuring transactions.
Agree that NAR let every single agent down -sellers and buyers agents
Buyers that are financing will need more cash to pay their agent a commission? Instead, buyers will go direct to listing agents. Listing agreements will now be 3% Its going to get really tricky when the listing agent is representing multiple buyers.
Thank you! I appreciate your clarification.
People will evolve. Great agents will survive and thrive and the industry standards will improve as they should.
Youre right that people will evolve. They'll evolve right into a predominately on line marketplace powered by AI, including the transaction.
@@jsoberay I’d have to disagree. Online tools enhance our daily lives but they do not take the place of human interaction and essentially mentorship. Everyone can not be experts in everything nor do they have the time to get online and study everything they need to study to make decisions. We have always paid for mentors, experts, advisors, counselors etc. That is not going to just stop with this minor Real Estate change. Real Estate is still one of the most powerful industries around and people should be properly represented and seek experts to do so.
And if they don't, no worries, CarMax is always hiring!
That is very true. We just need to think outside the box and roll with the punches.
Yes, just a quick question. If the seller refuses to pay the buyers agent commission, and the buyer can’t afford to pay the agent a commission, how is the agent going to be paid?
Have the form in place and let the buyer know that in the event they choose a home that the seller will not pay for the buyers agent commission they will need to pay the commission. Do this before you even show one house. Generate a script that works for you, educate buyers prior to the system.
@@denissecamacho9284 then what happens when the buyer refuses to pay the commission?
Sad isn’t it. But at least may bring buyer loyalty
While some of us fumble around with these confusing forms some brokerages and brokers are creating simplified versions. I call for a simple one page version. You are going to get buyers who don't want to do an exclusive buyer agreement. They want to see a few properties. We need a form like that. What about an open house? Do you refuse entry if neighbors come by with no agent? Do they need to sign an arrangement? Then there is new construction there is no such document.
With open houses It's probably different due to the seller opening the home to any interested buyers but that is a good question.
A form with something like... "3 property" max is a good idea. It's much better than signing a form each time a property is visited and the buyer does not want to use you exclusively yet but wants to see what help you can provide. I don't personally feel that is a waste of time, sometimes you have to feel out your agent and the agent has to feel out the client.
It still does not make sense to me that the commission cannot be on the MLS. Buyer agents still need this information because they are not working for free and the buyers need to know this to see if they have to shell out a ton at closing or not. The general public doesn't see the private page on the MLS if that is who they are trying to hide it from. Instead of easily seeing this on the MLS, the buyer's agent has to go search for it somewhere else. Is NAR trying to become irrelevant?
They already are
I heard on a call that the reason why they removed it is because agents were sorting homes to show based off commission and sellers argued it was unfair. Now why we can't keep the field but remove that search field as searchable is another story...
That is a very accurate statement. We just need to do more steps prior to showing homes. Tricky indeed
The video is titled “New Buyer Representation Forms” but focuses mostly on Buyer's Broker Compensation forms. Will there be a deep dive on the new Buyer Representation forms?
Very good explanation. Thank you
Thank you!!!
I’m trusting God throughout this entire process! I refuse to be stressed out over this nonsense!
This will be a nightmare for foreign buyers who already struggle to understand procedures.
No one is going to be using a buyers agent. They will simply contact the listing agent directly or use a Real Estate Atty.
thats a big question, that nobody can answer if i had to bet, a lot less will use realtors but also there will be less realtors and lots of buyers getting taken advantage of, which is why buyer agent even came about in america. also sellers will suffer. i just sold a house to someone a third home, who was not even thinking about buying a home. it was me that created a conversation about it showed him a good deal, di the paper working, showing, helped with app to mort got them an attorney got the the HOA, helped with comps check it all the time. met the inspector at the property. etc etc.....this guy would have not even thought of buying this home. that is going to hurt the seller if that doesn't exist and will create a slower market thats not robust.....
think about it, all of these changes will hurt buyers, sellers selling agents and buyer agents, i can not really see a place were anyone actually benefits from this at all.
@@gevabarable Buyers will benefit the most. They won't be laying fir someone to open doors. Meeting sn inspector is just courtesy, nit beneficial to the buyer. Buyer agents are a waste of time with zero accountability.
@@rack9458 hey I got a great deal you wanna see it? So here it goes if you say no, then I can never talk to you again because you don’t even know business 101, the first thing you should say is let’s talk about it, why because u never know what I have going on, secondly u will be seeing about of off market in this kind of deal making because that’s really how commercial trades happen
@@rack9458 not sure how long you have been in real estate, but you can always go without an agent, last year, 2 yrs ago, 5 yrs ago, 10 yrs ago 20 yrs ago and on and on, so not sure what you are saying that buyers will benefit, you never needed to hire an agent.... secondly where i sell i have 4-5 off market homes for sale meaning the don't have listing agreements, and many agents do, and going forward you will see this triple, as we know that value comes with network and information, if you don't hire me in my area there is 100 percent chance i won't tell you what those properties, are and if you want to know you will need to sign a commission agreement with me. that is coming a lot more then you think,
@@rack9458 Right, it is like husband and wife hiring the same divorce attorney...
So a buyer's agent is going to reach out to me everytime prior to showing my listing to get a form signed by my seller or my broker to verify what they'll be paid? Am I understanding this correctly? 10:20 "a written agreement is required, prior to touring a property, well before an offer is made using that purachase and sale contract..."
I believe that refers to the buyer and the agent, not the buyer, agent, and seller. It protects the agent from wasting time with a buyer and much more.
Is it just me or is this tough to listen to? This woman is reading the entire time. Why not just issue a statement in writing and we can read it for ourselves?
I couldn't listen for more than 30 seconds. Hopefully there's a writeup about it somewhere else!
what did us realtors do to warrant the Lawyers $ 418 million dollars ?
Exactly what I want to know. I think a pissed
off seller did not want to pay a commission and sued. Just my guess
What a mess.
Played fast and loose with sellers commission dollars for decades?
@@joyfulspirit22many agents abused and charged large amounts of commission percents and in many cases they charged doubled their amount and gave the buyers agent a smaller amount. At some point a seller got pissed off because of this practice. I have seen it on my end where in MLS I was offered 2% and listing agent put 2% on mls as transaction agent and in the settlement they got 4%. The sellers were thinking that the 6% they were paying was split and found out it was not. These agreements show the seller what they are paying to the buyer and that way this type of transactions are avoided.
Hey, I'm interested in a 2020 or 2021 Ford F-250 Super duty. Got any in stock and what's the finance rate?
This will just confuse buyers and they will most likely not use a buyers agent and go directly to the listing agent. Most buyers barely have the money to close. If they are told they maybe responsible to pay you, most won't want to sign the docuument. I hope I am wrong
Find good lenders with programs and closing assistance. Add a discount on your end when the seller pays commission. I have listing currently and they are paying for the buyers agent and I’m a buyers agent and just went into contract using this form were the seller agrees to pay me the commission. It’s just how as agents we educate our buyers and sellers.
what a hassle in an already horrible re market.....i predict sales will decrease drastically and everyone that has anything to do with real estate will suffer from title companies to a/c repairman and roofers, well, everyone but the attorneys of course, they will still get 33% and the lawsuits that will arise out of this mess, thanks
Agreed, What a mess, we will be tied to our computers, sending out agreements. EEEE GAD!!!!!
Buyers will not want to sign these agreements. This is going to be confusing to buyers -- it will take quite a while for buyers to see this as their "new normal".........
Thank you Juana and your entire legal team for your constant guidance and support.
Great info! Thank you!
Samira Easton
Broker Associate
Premier Sotheby’s
Nar is like the Biden administration, they just keep on f'n 💩 up.
I don’t know why they want to create havoc in our career! They’re supposed to help us not hurt us. Why are we paying them all these dudes and fees every year! Yes, this is causing a lot of confusion and buyers are not gonna understand why they have to pay.
@@jeannetowne9262 it’s because people vote democrat. These are Obama appointed judges, and the president of NAR is an extreme leftist.
Juana is a true asset to FAR and I have 100% confidence that through her guidance we are in great hands navigating these changes.
@@milesrealestate is this a joke?
What a big mistake this all is. Feeling bad for Buyers and Sellers. They will both suffer.