Welcome to the era of buyer commissions!
Last week the National Association of Realtors (NAR) proposed a settlement to resolve the Burnett-Sitzer anti-trust lawsuit.
This proposal includes a rule change that will eliminate seller paid cooperating commissions from being published in the MLS.
So how will buyers agents be paid? According to their agreement with their buyer!
Now ultimately there can still be commission paid by the seller, and even without it being pre-negotiated, it can be negotiated with the offer and contract terms, so your buyer doesn't necessarily have to pay the whole bill.
There will likely be some great agent incentives offered by builders who have their own agent marketing networks.
Watch this episode of State of Real Estate as Jon Carissimo dives deeper into the details and how to use this news to earn more than you could have before.
This content delves into the current state and future of the real estate industry, highlighting the importance of building strong buyer relationships and the role of buyer brokerage agreements. It discusses proposed MLS rule changes and their impact on commissions, urging real estate agents to adapt and leverage these changes. It also mentions available resources like coaching calls and workshops to help agents navigate the industry's evolving landscape.
#RealEstate #BuyerRelationships #BrokerageAgreements #MLSRuleChanges #IndustryAdaptation
FAQ
What is the MLS Cooperative Commission?
The MLS Cooperative Commission is a pre-negotiated buyer commission that is paid by the seller.
What are the changes in the MLS rules?
The most significant change is that offers of compensation cannot be published in the MLS.
What is a buyer brokerage agreement?
A buyer brokerage agreement is a contract that creates a buyer-agent relationship and employs the agent.
How will the changes affect agents?
The changes will create a higher professional standard for agents. They will need to earn their commission by providing value to their clients and negotiating their worth. It may lead to some agents leaving the industry, but it will also encourage professionalism and transparency.
What is the purpose of the coaching calls offered by Tampa School of Real Estate?
The coaching calls offered by Tampa School of Real Estate provide a platform for networking with other agents and getting your questions answered. They offer guidance and support to help you progress in your real estate career.
What are the potential benefits of charging retainer fees in real estate?
Charging retainer fees, although uncommon in the residential market, could become more prevalent in the future. Retainer fees provide upfront compensation for agents and can help secure commitment from clients. However, they are non-refundable and should be clearly outlined in the buyer brokerage agreement.
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