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Diane Christner (Bright Realty)

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6,411,116
Bob Crane
Woodland Management Service / Woodland Real Estate, KW Diversified - Stevens Point, WI
Forestland Experts! 715-204-9671

That first provision could lead to a lot of confusion and opportunities for negotiation that could lead to much higher overall commissions.

The second one is a good idea since far too many agents who work with buyers fail to get this signed right now and making it required will cut the bs of agents treating their customers as clients.

Mar 15, 2024 10:31 AM
Rainmaker
2,783,816
Richie Alan Naggar
people first...then business Ran Right Realty - Riverside, CA
agent & author

Real Estate, by its very nature of dealing with people in all sorts of situations remains a negotiated business. There are somethings to be worked out outside of rules, regs and procedures. How much to pay someone? That's between the parties. All others, KEEP OUT!

Mar 15, 2024 11:44 AM
Rainmaker
1,320,157
John Juarez
The Medford Real Estate Team - Fremont, CA
ePRO, SRES, GRI, PMN

I read the article and I am confused. If the mls cannot include an offer of compensation from the seller, do we really need an mls or is something new needed. What is read is "...offers of broker compensation could not be communicated via the MLS, but they could continue to be an option consumers can pursue off-MLS". What the heck does that mean? I think this is a mistake and, to say the least, totally confusing.

As for Buyer Compensation Agreements, we are already using those. But, if a buyer has no idea of whether of not there will be any compensation from the listing broker, how can a buyer know what to offer for a house and where they are going to get the money to pay their broker. Is this the end of buyer representation?

Mar 15, 2024 10:22 AM
Rainmaker
5,875,851
Joan Cox
House to Home, Inc. - Denver Real Estate - 720-231-6373 - Denver, CO
Denver Real Estate - Selling One Home at a Time

Our industry is going the wrong direction, and won't make it easy for buyers in the future.    Maybe this is the wrong move.

Mar 15, 2024 11:37 AM
Ambassador
2,069,001
Alan May
Jameson Sotheby's International Realty - Evanston, IL
Home is where the hearth is.

Yes... I've read it and just posted about it.  I'll be interested in seeing how this plays out, when compensation is removed from the MLS... and we now are required to have exclusive buyer agreements.

Where will we find buyer's agent compensation... will they now allow it to be included with the offer to purchase?  Will there be a board form developed?

It doesn't give us much time to adjust.

Mar 15, 2024 09:48 AM
Ambassador
5,250,841
Debe Maxwell, CRS
Savvy + Company (704) 491-3310 - Charlotte, NC
The RIGHT CHARLOTTE REALTOR!

Hi Diane, I believe we'll get through this. Once the final gavel rests on the podium, we will have Plans A, B, C & D to address these concerns. Lots of questions out there and lots of confusion. 

As to having compensation in MLS - we can easily negotiate that as part of the Contract for our buyers. I can't imagine this will change much - except to be an extra step for us. 

We already have BA agreements in place when we begin working with buyers so, that won't be an issue here in NC or SC.

I do believe we'll lose a fair number of agents though - either pushing them into other professions or an early retirement. 

Mar 15, 2024 09:48 PM
Rainmaker
1,055,502
Candice A. Donofrio
Next Wave RE Investments LLC Bullhead City AZ Commercial RE Broker - Fort Mohave, AZ
928-201-4BHC (4242) call/text

Yes. 

I'm used to Loopnet/Costar with no offers of compensation at all, I either plug in no number or a low one and if they are writing, attending inspections for their client etc I raise it.

I don't care if MLS compensation becomes a talking point.

I don't care if BBAs are required everywhere (EXCEPT NON NAR BROKERAGES which I suspect will grow in number near future) It was always 'all or none' but now buyers are having THEIR choice taken away. Except to have a non-NAR broker represent them.

What I find SUPER SUS is the statement that our dues will not be increased to pay out the blood money! I was born at night but not last night!

NAR's membership is gonna take a dive, I reckon! 🔮

THIS, combined with markets correcting and agents simply not cutting it in real estate.

Mar 15, 2024 12:47 PM
Rainer
380,497
Don Baker
Lane Realty - Eatonton, GA
Lake Sinclair Specialist

NAR doesn't make the rules for our broker owned MLS

Mar 15, 2024 11:27 AM
Rainmaker
2,397,260
Bob "RealMan" Timm
Ward County Notary Services - Minot, ND
Owner of Ward Co Notary Services retired RE Broker

I am retired and off the email list now Diane Christner so I appreciate staying informed through AR even though it doesn't affect me anymore.

Mar 15, 2024 10:50 AM
Rainmaker
480,522
Matthew Sturkie, CRS, GRI 909-969-3805
Action Realty - Apple Valley, CA
CRS, GRI 909-969-3805

I read it this morning. It seems that big changes are coming.  

Mar 15, 2024 09:58 AM
Rainmaker
1,505,203
Ryan Huggins - Thousand Oaks, CA
https://HugginsHomes.com - Thousand Oaks, CA
Residential Real Estate and Investment Properties

Yes.  Times they are a changing!

 

This is only a proposed settlement, it has not been approved by the courts yet.  There are still many, many questions regarding this that hopefully will get answered if/when the rules come out.

 

Interestingly, about half the country already uses buyer broker agreements, so for them this may not be a change or only a very minor one.

Mar 15, 2024 05:44 PM
Rainmaker
912,968
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

I suppose agents will have to contact listing agents and ask about compensation. This could turn into all agents going after listings, then buyer agents will have to trust what listing agent tells them. I can see it now. Seller tells their agent they're willing to pay 5% to get their house sold. Then listing agent tells buyer agent we're offering 1% to buyer agent.

Mar 15, 2024 02:57 PM
Rainer
462,833
Clay R. Seay
Florida Homes Realty & Mortgage - Saint Augustine, FL

In Florida, Transaction Broker IS the State standard, not Seller or Buyer representaion. So, now what coach?

Mar 15, 2024 12:41 PM
Rainmaker
4,954,488
Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

I think this will be confusing to most agents and wonder if NAR should of agree to this.

 

Mar 15, 2024 10:38 AM
Rainmaker
1,623,923
Inna Ivchenko
Barcode Properties - Encino, CA
Realtor® • GRI • HAFA • PSC Calabasas CA

Yes, I did. I never actually liked that the buyer agent commission depends on a listing agent negotiation skills/that not always that great/. 

Mar 16, 2024 10:23 AM
Ambassador
3,348,444
Kathleen Daniels, Probate & Trust Specialist
KD Realty - 408.972.1822 - San Jose, CA
Probate Real Estate Services

 

I received it and did not read it.  I would rather watch paint dry or have a tooth extraction. When the dust settles  ....

 

Mar 16, 2024 06:27 AM
Rainmaker
7,856,350
Roy Kelley
Retired - Gaithersburg, MD

The sad results of NAR leadership.

Mar 16, 2024 04:15 AM
Rainmaker
765,673
Tony Lewis
Summit Real Estate Group - Valencia, CA
Summit Real Estate Group Valencia & Aliso Viejo

Yes and I think it's a bunch of malarkey.  They have served our real estate community well over the decades.

Mar 15, 2024 05:40 PM
Rainmaker
912,968
Jeff Pearl
RE/MAX Distinctive / LIC in VA - Lovettsville, VA
Full Service Full Time Realtor

I suppose agents will have to contact listing agents and ask about compensation. This could turn into all agents going after listings, then buyer agents will have to trust what listing agent tells them. I can see it now. Seller tells their agent they're willing to pay 5% to get their house sold. Then listing agent tells buyer agent we're offering 1% to buyer agent.

Mar 15, 2024 02:56 PM
Rainer
5,346
Allen M.
Pellego - Los Angeles, CA
LA Realtor! We Sell Los Angeles! DRE:01996333

We are now made an employee of the listing agents, period. Everyone should call the hotline at NAR and screen NASTY! This what it is. 

 

Mar 18, 2024 02:20 PM
Rainmaker
905,375
Carla Freund
Keller Williams Preferred Realty - Raleigh, NC
NC Real Estate Transition & Relocation 919-602-848

I think it will take time to shake out. We'll just change our processes and discussions with buyers and sellers.

It will be interesting to see what the new forms in July look like. The attorney's who write the forms are going to be busy since we don't always have the new forms at the beginning of July.

Mar 16, 2024 07:12 AM
Rainmaker
90,484
Michael Elliott
Fathom Realty - Burlington Township, NJ
Burlington, New Jersey real estate sales

My initial thoughts are:

1.  Buyer agents will continue to be compensated

2.  Buyer agency agreements should be the way 100% of the time

3. Every agent should discuss these changes with their broker/ manager

Mar 18, 2024 09:20 AM