It's going to be an interesting next few months. We will just have to see how all this shakes out. I agree, while it is concerning it is exciting as well.
@@powerrealtyadvisors I think we already have and will continue to see changes. MLS's in NY have made changes and CA has made new disclosures and changes to their buyer's agency agreement forms. I don't believe buyers will be affected all that much and they will receive some representation in most cases. I might be off a bit on the numbers but 42 States allow for dual agency. Of the 8 that outlawed it, 5 allow for designated agency. That's when the buyer and seller are represented by the same brokerage but they have individual agents. So in most cases, a buyer will have access to properties and representation. Now the commission pool may be smaller and this is certainly not the most ideal situation for the parties involved but its not that much of a change from current practices. I can see a scenario where a buyer would not hire a buyers agent and just go straight to the listing agent especially in dual agency States. I can also see why a listing agent would prefer to work with buyers directly rather than a buyer agent. A listing agent needs a buyer to gain a commission so they are just as important to a listing agent as they are to buyers agents. A listing agent could gather a book of buyers and let potential sellers know that they have buyers at the ready. A pretty solid marketing tool. Again, I don't see this as all that bad for buyers in most cases. For buyers agent, well, that's a different story.
To my knowledge, an appeal would require them to pay a huge bond, and I don't know if that appeal has even been granted yet. I've been meaning to check in on it, out of the loop for the last week!
It's going to be an interesting next few months. We will just have to see how all this shakes out. I agree, while it is concerning it is exciting as well.
Totally agree Ben, thanks for the comment. I'm just wondering how quickly we see these changes really taking place in our market
@@powerrealtyadvisors I think we already have and will continue to see changes. MLS's in NY have made changes and CA has made new disclosures and changes to their buyer's agency agreement forms. I don't believe buyers will be affected all that much and they will receive some representation in most cases. I might be off a bit on the numbers but 42 States allow for dual agency. Of the 8 that outlawed it, 5 allow for designated agency. That's when the buyer and seller are represented by the same brokerage but they have individual agents. So in most cases, a buyer will have access to properties and representation. Now the commission pool may be smaller and this is certainly not the most ideal situation for the parties involved but its not that much of a change from current practices. I can see a scenario where a buyer would not hire a buyers agent and just go straight to the listing agent especially in dual agency States. I can also see why a listing agent would prefer to work with buyers directly rather than a buyer agent. A listing agent needs a buyer to gain a commission so they are just as important to a listing agent as they are to buyers agents. A listing agent could gather a book of buyers and let potential sellers know that they have buyers at the ready. A pretty solid marketing tool. Again, I don't see this as all that bad for buyers in most cases. For buyers agent, well, that's a different story.
I wonder if NAR will go bankrupt?
To my knowledge, an appeal would require them to pay a huge bond, and I don't know if that appeal has even been granted yet. I've been meaning to check in on it, out of the loop for the last week!