How To Adapt To The Post-NAR Settlement Landscape and Win
Oct 22, 2024Whether agents like it or not, the NAR settlement is in place, and no compensation will be offered via the MLS. As a buyer agent, you need written compensation confirmation before your client enters into an executed sales contract.
With the new guidelines, agents wonder how to structure their compensation. The traditional route of looking in the MLS and accepting what is presented as cooperating compensation is now off the table, which means many agents are feeling pressure on how they will be compensated when providing service to a buyer.
How will this affect income and the ability to attract clients? What other challenges come with the guidelines
Here's where the buyer representation agreement comes into play. While you cannot negotiate compensation through the sales contract, your buyers can strike the lack of compensation to offset their contractual obligations. This simple yet effective strategy allows you to regain control over compensation discussions and ensures that both parties are on the same page.
In this episode, I talk about what this relatively new change means for the real estate industry and what you can do if you have a signed buyer representation agreement with an offer of compensation.
If you cannot demonstrate your value then you’re going to have a problem. -Marki Lemons Ryhal
Three Things You’ll Learn In This Episode
- Better compliance in real estate
As of August 17, 2024, MLSs will no longer display broker compensation offers. How does this change promote greater compliance and accountability in real estate transactions? - Stay out of hot water
Under the new settlement practice changes, offering or communicating broker compensation through the MLS is prohibited. Why is it essential to remain compliant and avoid workarounds that could lead to legal trouble? - Putting clients first
Prioritizing clients' needs and wants over personal interests builds trust and loyalty, as clients feel valued and understood. How does consistently putting clients first strengthen long-term relationships in the real estate industry?
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