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Thanks for watching David!

We agree but unfortunately just as insurance companies are trying not to pay there have been people trying to take advantage of insurance companies as well. Which is why we recommend having a professional in your corner when dealing with large insurance claims to ensure fair compensation.

Hi Brienne, unfortunately we aren't the experts on this topic like Mark. It would be best to visit Mark's socials or website to ask further questions to him directly.

His contact information can be found in the description of this episode.

@@harcourtsauctionsthanks very much!

I also appreciate that you ask questions to really reveal all the potential pros/cons Ben!

True legend of the industry !!

Thanks for the constant support! Always appreciated!

Thank you!

Thank you so much! Glad you enjoyed it!

Thanks David! Glad you enjoyed it!

Funny how things change right? We are in the middle of another change. Wonder what it will feel like 10-15 years from now.

Seems so simple but obviously extremely effective!

Thanks for your comment. While there are plenty of LA mansions this home clearly stands apart from the rest. With that said we are happy to announce that this beautiful and thoughtful build from Ty and his team is currently pending and we look forward to it closing here soon!

Thanks David!

Thanks David!

Just more reason to schedule another time to have you back! We also have some episodes coming up very soon regarding NAR news.

@@harcourtsauctions Yes please!

How crazy how fast that SF market moves! We talked about it on the episode but it truly is one of the markets with the fastest transitions in the country. Glad to hear it’s heating up! Always love good news coming from SF!

Thanks! Great and refreshing take on social media marketing in real estate!

Thank you so much! Glad you enjoyed it!

Always love the positive feedback!

It was our pleasure!

Thanks Brian, glad you enjoyed it!

AWESOME! Would love to hear how they react!

The pleasure was all ours! Thank you so much for providing your insight and wisdom for all of our listeners!

Thank you so much Brian, glad you enjoyed it!

We absolutely loved having Jess on. Definitely need to schedule a follow up so we can dive further into her marketing ideas!

Thank you so much Jonathan for watching and enjoying the episode! So happy you found some quality takeaways from it!

Buyers these days are finding homes on their own more than ever before. Even without a buyer's commission the home will still be found on Zillow, Trulia, etc. if it meets the buyer's criteria. We do agree that there should be a fixed cost for buyer's agent but in any industry sales people are almost always incentivized to show one product over another. Take GNC or your local supplement store for example. They historically incentivize their sales associates on pushing certain products by giving them increased bonuses on those specific products. The reason buyer's should be choosing buyer's agents is not because there is zero incentive not to but because it's better to have an expert negotiator working on your behalf. Protecting consumers is going to go out the window when you have people purchasing homes without buyer representation trying to negotiate with listing agents who are working to get the best results for their sellers.

⁠​⁠@@harcourtsauctions the only incentive someone who represents you as a fiduciary should be your payment to them, not some third party. We need to get out of the mentality that a buyers agent is in sales, they should not, they should solely be a representative of the buyer to facilitate real estate transactions and to get them the best deal. The only agent that should be in sales is the listing agent, as it is their job to sell the house.

@@BushyTop08 This is why we said it would probably be ideal if the buyer's agent made a set amount regardless of the home and the commission listed by the listing agent. We agree that the buyer's agent isn't completely in the sales role but more in the negotiation role. That's not to say there isn't some aspect of sales in representing a buyer. However, if we remove the commission the buyer's are going to have to pay for their representation upfront out of their own pockets instead of it being baked into the sales price of the home. A lot of buyers are going to either not have the upfront money or see that cost that is usually tied to the purchase price of the home and decide to forgo representation. That will leave a lot of buyers with a high probability of being taken advantage of and will drastically influence the market. We don't have the answers but we have seen the Australian market firsthand where they didn't have buyer's agents and it caused a lot of hesitancy and confusion for the majority of people purchasing a property which is why buyer's agents are starting to make an appearance in that marketplace.

@@harcourtsauctions with buyer agents commissions decoupled, there will be more opportunities for different business models, hourly, a la carte options, virtual agents, more use of real estate attorneys. The idea is currently as it is set up there is zero incentive to not use a buyer agent currently. Costs will come down to offer only the services a buyer actually wants. Some people want a Cadillac, others want a Kia. Commissions are too high and decoupling will fix that through competition, that is how a truly free market works. There are already first time homeowner programs in all 50 states that will provide 4% downpayment assistance as a forgivable grant if they stay in their home for over 7 years. If that is what we are truly worried about, first time homeowners, there are programs readily available for them if they make less than 140 k per year for a married couple.

There are first time homebuyer programs but there will need to be an adjustment to the closing cost language that allows buyers to use these programs to pay for their representation. Some states don't let those grants cover closing costs so those would have to adjust too. It will be hard to use for upfront representation costs when it isn't guaranteed to result in an actual home to live in for those 7 years. As you know, often times buyer's agents work for a buyer and never actually get them into a home. There will definitely be a rise in new business models, that happens with every change. It will be interesting how it's handled and what the decision is but I would say commissions are too high for certain agents. Like you said, there are agents who are currently the Kia (although there are some expensive Kias these days lol) and some who are Cadillacs. What we would argue is that the buyer is already paying the commission regardless because it comes from their purchase price. The change will be, in our opinion, the buyer dictating how much they pay specifically to their agent versus it happening on the seller's end. This will allow seller's to choose their level of service and the buyer to do the same and pay accordingly on each. Most likely it will result in the seller still paying upon successful sale and the buyer paying some sort of an upfront cost and/or a bonus upon successful close.

❤

Thank you so much as always Kara! Your support and comments always go a long way!