The headlines around the proposed NAR lawsuit settlement are pretty dramatic, so it’s no wonder we’re seeing so much fear and confusion among real estate professionals.
There are very practical things you can do now to prepare for the new rules. And if you’re an agent who cares about serving your clients and cares about professionalism, there could even be opportunity in this.
In this episode of the Chris and Garry Show, we break down the settlement, what it means, and what practical things you can do now to prepare.
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Excellent advise and informative
Thank You!
Well done.
Thank you for all the great info!
Best explanation and way to handle that I have seen yet.
So we have many programs to help the buyer purchase a home--they are the ones putting forth all the money. The seller is GETTING all the money, but hey! ...let's make it more difficult for the little guy to purchase a home. I work with the little guy and this makes me very, very sad. Who in the world (beside the ones making the big money) thought this was a good idea??? It is NOT! Sorry, but it really hurts those who have been saving for years to purchase a home of their own. I have never steered a buyer away from a home offering a lesser commission, but now you're saying I, as a realtor, am not trustworthy. Deal with those who break this ethic and not with all of us. Hate this...
My conversations with sellers start with me explaining my value, marketing plan and the work I do to sell their house, then I talk about all the things I do when representing a buyer (value, expertise, tasks and duties). Then I segue into what I charge when I'm in each role so I can negotiate for my brokerage's compensation when I work for the seller as well as when I also have to perform both roles in the same transaction. At that point I've explained how valuable a buyer's representative is and explain that having a trusted, knowledgeable partner representing the buyer allows me to focus solely on my seller client. Then I end with "What, if any, compensation would you like to offer to that trusted partner who will be managing all of those buyer tasks so I can focus on you?" Basically, I sell the value of a buyer's representative as a listing agent.