The buyers agents will just include a form asking for payment from the seller directly if their buyers iffer is accepted. Buyers wont pay out of pocket for an buyers agent. The thing is the really good buyers agent not only show the home but once on escrow they help the buyer perform along the long process. They do negotiate on the buyers behalf but then again the buyers agent benifit the seller because they bring them to a successful close. There are many times.. mist times my buyers want to offer something way too low and I use comparable sales to get the buyers offer up to make a win win. Ive explained it before that if ypu are going through a divorce and 1 lawyer is representing both parties then thatbwould be unwise. And technically the buyers mortgage actually funds the entire commissions and closing costs.
I agree buyers likely won't pay out of pocket for an agent. The form is a good idea and a version of that should be put into practice by agents now rather than later. We are notifying our clients of impending changes to buyer agency structure, even putting it in buyer rep agreements. If there's a situation in which the compensation doesn't follow a typical structure, we are very explicit about what that means for our client every step of the way.
I think the rule changes around buyer agency compensation will 100% go through, but there’s so much momentum around how we do things now that it might not actually change our day-to-day. That’s more of a 50/50 to me
@@zibtihaj3213Well the official NAR interpretation was changed 8 days ago, and I believe the idea was for it to take effect immediately. But now there’s the trickle down to MLS and state associations. They have their own specific rules around this. So how they handle it will be case-by-case.
Sometimes our value on the buyer side is limited. It's not that we aren't working hard, putting in the hours, and providing a real service. The market is unevenly slanted toward sellers. If buyers themselves had to pay for our services, we certainly wouldn't make as much.
I think if this change were to be fully realized, the best business activity would be the same as today: Focus on the listing side (I know sellers are also buyers, but I think you get what I mean).
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The buyers agents will just include a form asking for payment from the seller directly if their buyers iffer is accepted. Buyers wont pay out of pocket for an buyers agent. The thing is the really good buyers agent not only show the home but once on escrow they help the buyer perform along the long process. They do negotiate on the buyers behalf but then again the buyers agent benifit the seller because they bring them to a successful close. There are many times.. mist times my buyers want to offer something way too low and I use comparable sales to get the buyers offer up to make a win win. Ive explained it before that if ypu are going through a divorce and 1 lawyer is representing both parties then thatbwould be unwise. And technically the buyers mortgage actually funds the entire commissions and closing costs.
I agree buyers likely won't pay out of pocket for an agent. The form is a good idea and a version of that should be put into practice by agents now rather than later. We are notifying our clients of impending changes to buyer agency structure, even putting it in buyer rep agreements. If there's a situation in which the compensation doesn't follow a typical structure, we are very explicit about what that means for our client every step of the way.
What are the chances this will 100% go through ?
I think the rule changes around buyer agency compensation will 100% go through, but there’s so much momentum around how we do things now that it might not actually change our day-to-day. That’s more of a 50/50 to me
So about when will they go into effect ?
@@zibtihaj3213Well the official NAR interpretation was changed 8 days ago, and I believe the idea was for it to take effect immediately. But now there’s the trickle down to MLS and state associations. They have their own specific rules around this. So how they handle it will be case-by-case.
If our time is more valuable than that, why have we allowed the false narrative to rise that we are non-essential?
Sometimes our value on the buyer side is limited. It's not that we aren't working hard, putting in the hours, and providing a real service. The market is unevenly slanted toward sellers. If buyers themselves had to pay for our services, we certainly wouldn't make as much.
I think if this change were to be fully realized, the best business activity would be the same as today: Focus on the listing side (I know sellers are also buyers, but I think you get what I mean).
@@powerrealtyadvisors I agree
@@LookyLooRealEstate I'm trying to see it as exciting times in our industry, rather than doom & gloom. Haha