NAR Settlement + Buyer Agency Breakdown with Real President
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- čas přidán 17. 03. 2024
- On Friday, March 15, 2024, NAR entered into a settlement agreement against the anti-trust lawsuits. Here is a high-level overview from Inman.
Here’s what we know so far:
- There are going to be changes
- These changes will be incorporated into how we do business
- We will get through it together
In response to this news, we hosted this webinar to tackle these developments together and establish a commitment to continuously learn, grow, and become even better real estate professionals.
I have to admit that this was the best presentation that I have seen anyone do on this subject. My compliments to Sharran on a job well done! I don't know Sharran but I can tell that he's a very classy individual. Thank you to Erik Hatch at Hatch Coaching in Fargo, North Dakota for sharing this video!
I've known Sharran for many years, he's the real deal ha ha see what I did there!
I agree!!
@@katherinewatersclarkcompass lol
Perfectly stated 👏🏼👏🏼👏🏼
15 years in this business as a listing agent and also a broker owner and two states. Yes, the times could be frightening when we’re not educated and I will tell you this is the best podcast I have seen yet.
Thank you, Sharran, for this fantastic, grounded, lucid presentation, which not only succinctly summarizes the implications of the NAR settlement but also counter-balances all the inflammatory noise out there. I looked up average salaries for teachers in CA compared to average income for Realtors in CA, and according to Google, teachers make more on average. Both professions are filled with hard working people who serve their communities. As the daughter of retired public school teachers, and as a Realtor, I stand by the importance of both professions. While many in the general public may love to hate on us, there are so many more who have experienced the value we bring not only in negotiating a sale, but in protecting all parties against liability. We are now more than ever being called upon to really articulate that value, which we will continue to do.
Showcase the complexity and the process, deliver the simplicity - LOVE IT
This was the BEST presentation on this subject I've seen yet. Excellent job, Sharran. Thank you!
Sharran this is the BEST breakdown I've heard, clear, concise, calm, cohesive. Much appreciation! #bekind
Nicely done. Although we play on different teams, we play in the same league. Best wishes for you and all your agents. We will all get through this and continue to serve.
Fantastic presentation and no-bull explanation of the changes happening in our industry. We ARE valuable and we need to let our clients know that we are #1 - there to support them and represent their interests at all costs #2 - we are providing a professional service to ensure that their dreams/goals in real estate are achieved and that their interests are protected #3 - professional services are not free and are worth our agreed upon rate.
Without a clearing house like the MLS to publicly offer cooperating compensation, doesn't this whole exercise simply become a race to be the biggest brokerage using dual agency? Consumers just are not being benefited in the least by the class action attorneys' antics. The agents will be fine, but only if they belong to a handful of big brokerages.
Sharran, thank you for your enlightening presentation on the recent NAR Settlement and Buyer Agency Updates. Your positivity and graceful delivery truly resonated with me. Your insights have sparked excitement within me to expand my active client portfolio by adding 14 buyer listings alongside my existing 14 seller listings.
Your presentation has equipped me with valuable knowledge that I am eager to share with my team members, real estate clients, and coaching clients alike.
Thank you for fast, interactive action. With this public video you tought all agents about new actual case.
I watched the replay, and I am so thankful for your detailed explanation coming from grace and not from fear. I am blessed to be at Real with Leadership that seriously supports us, informs us quickly, and is proactive. All of this benefits us, Realtor; and at the end, helps us work with the best interest of our clients in mind. You are very much appreciated!!
This is so helpful! So thankful for your leadership in all areas - especially now!
Appreciate you so much, thank you for being our leader!
Great presentation! Thank you for coming from a place of contribution! Fear is a liar! Agents need to be trained and understand their value, and if they don’t, they won’t succeed! Great agents care about people and want to serve! Serve with Grace!
Great Info! Thank you for breaking this down. See you at 5 AM
This is spot on! Thanks for sharing!
Great presentation! Thank you! You confirmed my thoughts on this! Superbly presented!
Nice traffic here. Guess you hit the jackpot with a good topic. BAM sent me.
What a great presentation. Thank you, Sharran for keeping it ReaL.
Best breakdown, by far, I have seen on this.
Thanks for the breakdown this morning Sharran!
Wonderful presentation
I think dual agency will become MORE common as buyers go directly to the listing agent to make the offer.
You maybe right… until all states ban it. As it’s impossible to be a fiduciary for both parties simultaneously.
Most effective presentation to calm the nerves. And yes, Agents are the ones destroying their own reputations by misleading posts that make us look and sound like worthless people.
I am in Canada 🇨🇦 🤔and I am very surprised Buyer Representation Agreement (BRA) is not signed beforehand and explained in the US. Our BRA in Canada 🇨🇦 clearly says the Buyer is Responsible for paying the Buyer’s Agent. I explain that every time during Buyer consultation. I let them know that ultimately you, BUYER is responsible for Buyer Agent compensation. Furthermore, in the event if the co-op commission offered by the seller is lower than what is on the BRA; the Buyer has to make up for the difference.
No co-op commissions on MLS means more secrete deals by Sellers offering higher commission for bringing Buyers. This is gonna be more mess. Right now by posting it on MLS there is transparency. No posting means under the table let me whisper in your ears 👂…..
Love you, Brother, Explained it very good, great attitude and super good vibes!!!! Great Job!!!!!!!!!!!!!!!!!!!
Love this! Grace is everything! Thank you! 😊
Very well done. Thank you for breaking it down so well.
ALWAYS love your thoughtful insights Sharran. I appreciate having someone like you in our industry. Best, Sean from Boston!
Thoroughly enjoyed this presentation. Great perspective!
Thank you so much Sharran. Great video. So well explained and informative. Packed with useful information. Thank you for your kind, concise and positive way. Excellent work!!!
Wow! Love this! 👏🏽 I appreciate you.
Great job Sharran! 🙌🏼🙌🏼🙌🏼
Thank you Sharran. You are the best- so thoughtfully done and so clear and concise and for the high D's, this was awesome!
So positive and helpful. Grace to you too!
Thank you for leading with Grace!!
Thank you for this wonderful, classy presentation!
Thank you. Huge respect
Excellent! Thank you for sharing.
appreciate the High - D quick-cap, Thanks
The best breakdown on this video I’ve seen
Excellent! Thank you so much.
You are brilliant. Thank you for breaking down the top 5 things to concentrate on
Appreciate you so very much!
My motto in life is 'live with grace.' So I love this message.
Your awesome, thianks for doing this.
This was absolutely Amazing. I thank you for utilizing your leadership skills to help us broker-agents like myself move forward and not backwards. I appreciate this video so much!!
listing agents has to accept offer with Broker Broker agreements is wonderful
me
Super Sharan.. very good info
Thank you!
Outstanding!!!!!
Thanks for time 😊
Great presentation. Overall analogy very helpful, as well as the specific recommendations. "Steering" comments a little dicey, though.....
lol I got money the attorneys have already cut that part out and gonna fry him with it via the settlement
The only way you can have no steering is to not disclose what type of buyer rep compensation that the seller may offer… till then steering is alive and kicking and I am happy to sit on a grand jury and explain to them how this works.
Agents steer all the time. And if the goal was to
Avoid steering this settlement agreements terms failed to address it.
THANK YOU BOSS - BE REAL BE HUMBLE
Great info
Great video, but big idea #4 is not correct. In paragraph 58, section 8 of the proposed settlement, it states that payment to buyers broker can come from seller or listing agent. Just has to be conspicuously disclosed to seller and in writing..
That is correct. Sorry if that was not clear in how I shared it.
Best explanation of the proposed settlement. Could you take the reins of NAR, please?
Realtors bring so much value! We are Professionals! We bring Knowledge, Experience and Professional Assistance to Navigation thru the Home Selling and Purchasing Experience. I feel Buyers are going to most affected, if Sellers are not willing to Contribute Money toward Buyers Broker Fee, I do not think Buyers will want to be on the hook for Down payment, Closing Costs and Buyer Broker Fee. Especially First Time Buyers and those are the ones that really need most assistance. This is really absurd and Realtors do provide a lot of value and prevent lots of issues that can occur during the home selling and buying process.
Sharran, what program do you use to make your videos with slideshow/video....looks great by the way, and thanks for sharing this info.
I think the biggest group of buyers that aren't being considered are those who limp in to a transaction. They ONLY have 3.5% as a down payment. How are they going to afford to pay a buyer's broker?
How will this affect VA Purchasers? VA Buyers are prohibited from jpaying BB fees!
Great presentation and so appreciate how you broke down the main points. How can I receive the slides?
Here you go: bit.ly/3IPO53w
Great video and explanation. I don’t quite agree that it’s as simple as the destination is the same, just a different route or path.
If the destination was automatically the same, then buying agents would continue to make 3% and funded through the transaction via the lending…. This is not going to be anywhere near the same.
The destination - buyers agents getting paid by seller - is the same.
The route - how exactly they get paid - not via co op compensation but potentially by a direct fee paid by the seller or some other combination is the new route.
Maybe I can do a better job clarifying my definitions. Thank you. I’ll work harder to do better.
The buyer's agent needs to work with the seller's agent on a contractual compensation agreement before a house is sold. Whatever that commission percentage maybe will be up to the seller's agent.
Indirectly but the Seller is the one who will make the decision, Seller's agent's don't strong arm their clients. One can point out the competitive advantage for paying the Buyer's Agent's commission.
I like you. Thank you.
Sounds like path A has less potholes, why would I want take path b with the potholes to reach laguna beach. 😅. Hey good explanation, I just don’t understand why this happened.
Why 6%? In the UK, they pay around 1
Completely different processes and responsibility for marketing costs
BUT one of the new rules is the Buyer Broker agreement is supposed to state how we are getting paid and whatever is in the agreement cannot change so how can we discuss amount of compensation
Good luck! No buyer is going to agree upfront to pay a buyers agent. Period.
Thank you Sharan. Please let us know if you are doing a buyer mastery in Salt Lake City or near by???
HI Julie! We are doing a virtual one May 7. Register for free here: www.onerealx.com
Thank you so much.. Very helpful. please send slides?
Here you go: bit.ly/3IPO53w
All of these agents stating online "you won't get showings with zero concessions" are incriminating themselves. A perfect example of why the DOJ needed to clean this swamp
Excellenr
What about when there is a LA for 6 %and the buyers agent is paying 3%.
Maybe as a seller you can offer 3% commission to buyer agent and 1 % to the listing agent since it seems that will attract more buyers
Test the market with your theory and see how well it works.
The point of the lawsuit is that sellers are not going to be required to pay for a buyer's broker.
It is going to be up to the sellers brokerage to "sell" the idea of offering some form of commission to the buyer's agent, but this is all now going to be fully negotiable, and you are certainly going to get sellers who are not going to be agreeable.
Some will agree, but It's inevitable that an unknown percentage of sellers are going to choose to list with a brokerage that will not require them to pay the other side. And what we will see is their strategy will either pay off, and they will find a buyer who has already signed a buyer's agency agreement, and who has agreed to pay their broker out of their own pocket, or it will not work, and they will find their unable to procure a buyer due to their I'm willingness to work with other brokerages who have agreed to offer compensation to the buyers broker on their website, or anywhere but the MLS.
What remains to be seen is if offers will be inflated over asking, with a stipulation stating that the buyer's broker compensation needs to be paid out of the amount being financed.
This is already happening anyway, it's just being documented as all coming off the sellers side, in which case, the seller's proceeds are reduced by the full commission.
Now, the seller would keep more, and the buyer's side would be reappropriated to reflect payout to buyer's brokerage. Their financed amount doesn't change, only the distributions change.
💛👍🙏
What about the buyers like the Black n Brown communities who already dont have much money for downpayment, closing costs, and maybe the buyer agent.
Smh. I cant wait until the last becomes first and the first becomes last..
Black and brown communities???
98% D
Nothing would sell? Come on now. That's absolutely wrong.
Who are u trying to sell these ideas to? Insecure agents who have been spoon fed buyer leads by the brokerage, or buyers that don't know which way is up.
Agents certainly have a role in business society but it's quite a stretch to say that nothing could sell without an agent. Our culture is a victim of lovbyist groups, and NAR is no exception. They have always protected the people who pay the cartel money for protection
Agents are not for everyone but most large brokerages, which rely upon the performance of their agents to generate revenue, certainly want everybody to believe that they are irreplaceable and an absolute necessity for everyone.
The Auto industry went through this transition 10-15 years ago. The internet has changed the game and it's only a matter of time before every industry that deals with public consumers in buying and selling of goods and services will be impacted by it.
Frankly real estate is one of the last Industries that are still operating under old code and old principles and I'm surprised it's taken this long
What happens next? Sellers stop paying all of the bills. Buyers pay for their own representation. Housing prices start to come down by a few percentage points, which benefits everyone. The Listing Broker makes the same amount. The Seller makes the same amount. The price can be lowered slightly. The Buyer hires their own Broker and pays their own Broker. And the world is a much happier place.
Explain the BBA the same way an attorney does. Non refundable retainer that will be credited towards my commission. Period. End of story. If they say no, move on. The public needs to learn how things will be from now on.
Oh my goodness....where is the world did you get your grace and patience? I look like a maniac next to you,. lol I have much respect and appreciation for your efforts to teach all those helpful tools to keep in our toolbox so we can be calm and carry on during uncertainty . I am taking Lots of deep breathes......in.....out......in ....out ...ooommmmmm Good for you!☮
Condescending intro, well done.
Buyers will not commit my friend. NAR will lose 50% of their members.
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