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My broker snuck in the buyers' contract when we offered on a property. Would love to know how agents will do this before showing....

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Then, the buyer needs to wait and when they have the funds to pay the buyer agent the he/she starts looking for the house. Why the seller to pay from his pocket for the buyer if the buyer can’t pay. If both agree then they can add the agent fee to the cost of the and finance through FHA and in that way the seller can pay the additional amount they add to the agreed home price as sold price.

You can collect more than what is stated on the buyer's rep but you have to do an amendment to the buyer's rep.

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Buyers agents are non value added unless they negotiate the price down.

I dont want to sign an agreement just to see houses. 😊

Appreciate a positive spin on this topic! Thanks guys!!

It is such a joke the way they are reporting on this and what they are doing to the American public is sad. No one reports that REALTORS work for free or really indebt until a BUYER brings their money to the table. The Buyer pays the commission in their Mortgage, so do we need Sellers to start paying REALTOR up front? Then they actually pay their REALTOR for a job. This is going to hurt Buyers as so many will now go back to having no representation as most Buyers do not have the money to pay upfront and all the other cost they have to purchase a home. What happens when 3 of the 8 homes your buyer wants to see will pay no Buyer Agency fee and your buyer has no money to pay you?

Can we get a copy of the script?

This turned out to be completely inaccurate

Such great input, really powerful content you provided thank you.

This isn’t true. Many boomers are narcissistic sociopaths that treat their family and children like they were a burden to their success. Many of them want to live and retire in 10,000+ sq ft homes that they don’t need. They’re all about their narcissism, greed, and status in society. Very few boomers actually care and want their children to succeed.

The NAR And MLS Rules are getting ridiculous, no longer your business

Good thing Garry's definition of working with a buyer isn't the standard. Then there would be no online lead generation. We're all sending listings working toward getting the kind of meeting Garry talks about. Also, I think the practice changes slipped in timing because they were tied to preliminary approval of the settlement, which slipped. Now that preliminary approval has been granted, I don't expect to see any more sliding in the schedule.

Buyers are already shifting. Buyers will pursue a Real Estate Atty to represent them vs a 60 hr "trained" buyer agent.

Occasionally we find a buyers agent worth using but usually we contact the listing agent. Buying real estate has changed so much over the last 20 years with redfin, zillow etc. who provide so much information that agents jobs have also changed but commissions have not. This is the much needed correction. The useless agents will leave the industry and the strong ones will adapt and make it.

The link for the Instagram checklist doesn’t work. Is it still available somewhere else?

Buers agent compensation is going to drop like a boulder! Time to find a new career. The NAR killed the cooperative real estate industry. Time to be a listing agent.

Can you do a video on WHY these NAR rules came into being?I mean specific cases/instances. Also, please answer WHY NAR is even important to be a member of for realtors.

So if your a listing agent and a buyer comes to you, how does that work?

This is going to be lit

In my experience with buyers agent as a buyer for my two settlements I think the agent might have spent a maximum of 10 hours for each transaction. She showed me three houses and one agent even did not show up on closing day as there was nothing for him to do at the closing desk.

If a buyer wants to pay by the hours the agent is going to work for him/her, what is the average hourly rate looking at 10 last transactions?

I think the practice is definitely going to change in upcoming days and years, which I think is best in my opinion that seller should pay his/her agent and buyer should pay his/her agent. Each agent works for their client and in the best interest of their clients.

I can not imagine that a buyer would sign an agreement to pay a buyers agent $15,000 to buy a $500,000 home. Buyers are simply going to go directly to listing agents and/or have a real estate attorney represent them.

No buyer is going to agree upfront to paying buyer agent fees. This isn't 1980, most listing's are online and available to view based on range of criteria.

I feel sorry for anyone wanting to buy real estate now. If you thought things were a mess before (they were) you're going to be shocked by the levels of agent desperation we'll be seeing in the future. I look for corruption to skyrocket in the coming years.

The jury took 1 hour and 20 minutes to award $1.7B and these Wahoos are pounding their chests on how valuable they are. It's comical

Thou does protest too much...The reputation of realtors is equal to the DMV and car salesmen. The lack of professionalism in this industry is off the charts. The DOJ just sued you for Billions and won. Get that through your collective heads

Valuable info. Thank you!

If you sign for one day, the next day that buyer can sign on with a friend, relative or any other agent and buy that house. The buyer agency has to be for that property but for no less than 3 months. A buyer easy out clause is also a terrible idea because buyers will use agents to get into properties and then call a friend to write up the offer cutting out the agent who just volunteered all their time and efforts.

The seller’s agent works for the best interest of seller and same way the buyer’s agent works for the best interests of the buyer. Sellers should not pay for buyer’s agent commission, that should be on buyer in my opinion . Whoever wants to buy they are going to buy and pay the agent commission or a flat fee. How much hours an agent spends to close a settlement for the start by looking at 10 transactions?

What is the name & source of the document you are discussing? how do you obtain the list of points regarding buyers you are discussing ? TY

I’ve got hundreds of videos on TH-cam. Property walkthroughs.

Is there an agent/buyer script that agents can use to roleplay in regards to getting buyers to sign the buyer's agreement?

It's not only about compensation, it's about representation. This is going backwards. Bringing back sub agency, and what about the CIS? Before speaking with a client at all!

California law will be you must have an agreement prior to writing an offer. Quit NAR!

How is this exciting?

UNCLEAR AND CONFUSING FOR BUYERS --- in cases where the seller doesn't pay the buyer's agent, how are buyers supposed to negotiate with their agents and decide upfront on buyer's agent commission when the industry hasn't established what the new norms are?

So much unknown right now, however, I have already seen sellers in my area listing with 0% buyer agency commission. I have yet to see any viable solutions to assist buyers from a financial standpoint. The most effected by this are first time buyers who are usually already strapped for cash. Makes an already tough market even harder from first time buyers.

This lawsuit sounds like the sellers agent did a poor job of effectively conveying how commissions are paid and distributed in a real estate transactions. 6% is split between the two agents and is distributed at closing which is usually covered by the loan the buyers obtain.

The lawyers make millions and people who sold their homes get $13. People selling a house in the future will make money by not having to pay the buying agent saving thousands. This whole thing is a disaster.

The only winners are the lawyers...no wonder people hate these creeps.

i don"t think we should have MLS anymore, everyone should be able to advertise whatever they want to pay anyone and should be able to pay 6% 10% 20% zero % or 1% or anything to sell their property. secondly if their is no MLS, zillow and everyone in the game can fight for ads on their platforms, and buyer agent can ask the seller or buyer for whatever percentage they want could be 25% who cares, none of them will have full power and agents value is to have off market or can just find you a home....and to the seller the buyer agent is huge value because he/she has the buyer, agents should dump the mls period

Happened because this is a total money play, nothing else. Lawyers chasing a successful industry

Thanks for the information! 😀

It's going back to the way it was before the 1990's.DOJ has been watching what youtube real estate agents and mortgage lenders have been saying. Listing agents will have to start selling there own listings and only getting one side of the commissions. Sellers never needed to pay 2 agents to sell there home.

We just need to be more transparent and explain the compensation to our clients and explain all the work we actually do for our buyers

You probably can obliterate this analysis: Pre-NAR Pre-MLS Simple Scenario Neither party has an agent. Pre-NAR Pre-MLS Agent Scenario Both parties might have an agent. circa 1994 NAR MLS Seller Sub Agency Scenario Seller sub agency procures the buyer, and “legitimately” delivers them to the seller agency, in consideration of the cooperation fee AKA procurement fee. It seems like we all know that plenty of buyers got screwed by the person they thought was “their” agent. 2024 Sitzer Burnett Collusion Conspiracy Anti-Competitive “Coupled” Scenario Buyer agency procures the buyer, and illegitimately delivers them to the seller agency, in consideration of the cooperation fee AKA procurement fee AKA fiduciary breach inducement fee AKA bribe. 2024 and Beyond Department of Justice “Uncoupled” Scenario Quite specifically, no consideration passes between the two agencies. Dual agency becomes a thing totally of the past, eliminated, like it is now with attorneys. Full text of this comment with illustrative images: ownersrealtyservices.com/the-evolution-of-real-estate-purchase-transactions/