Breaking News -- Major Shifts Coming From NAR’s Settlements (Could Get Ugly) | Flipping Mastery Breakout
Wholesale Hotline | Brent Daniels
Wholesale Hotline
4.9 • 586 Ratings
🗓️ 6 April 2024
⏱️ 13 minutes
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Summary
Today on the Wholesale Hotline Podcast (Flipping Mastery Edition) Jerry is breaking down the affects of the NAR ruling.
Show notes -- in this episode we'll cover:
- The affects on buying and selling homes.
- What will happen to agents and commissions.
- How this will impact the industry as a whole and wholesaling.
Please give us a rating and let us know how we are doing!
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Transcript
Click on a timestamp to play from that location
| 0:00.0 | Hey, it's Jerry Norton. Welcome to the Wholesale Hotline podcast and the Flipping Mastery Breakout. |
| 0:08.0 | We want to know how we're doing, so please leave a comment and give us a rating. |
| 0:17.0 | In light of the recent landmark settlement by the National Association of Realtors, the $100 billion year real estate agent industry could come crashing down. |
| 0:26.6 | Now, in the wake of commission reform, there is a lot of confusion and uncertainty about how these changes are going to impact real estate for good or bad. |
| 0:34.6 | I'm going to give a comprehensive analysis on the impact that this |
| 0:38.0 | could have for buyers and sellers, agents, and also investors. If you're unfamiliar with NAR's |
| 0:43.5 | recent $418 million settlement, NAR finally agreed to release its stronghold on what the courts |
| 0:50.1 | have deemed an antiquated and anti-competitive commission structure. Now, as part of the settlement proposal, |
| 0:56.0 | NAR agreed to make three big changes that opened the door to commission reform. |
| 1:00.0 | First, NAR agreed to abolish all rules allowing sellers agents to set compensation for buyers' agents. |
| 1:06.0 | Now, that means that the buyer's agent commission, which has historically been 2.5% to 3% |
| 1:11.6 | is no longer set or predetermined by the seller or the listing agent. |
| 1:16.6 | Number two, NAR agreed to prohibit agent compensation appearing in the MLS fields. |
| 1:21.6 | Doing so will supposedly prevent agents from steering or persuading clients to purchase or not purchase based on their compensation. |
| 1:30.7 | And three, buyers' agents working with buyers must enter into a written buyer broker agreement. |
| 1:35.5 | Now, if the settlement is accepted starting in July of this year, the buyer's agent has to not only negotiate his fee, |
| 1:41.6 | but he has to figure out how his fee is going to get paid, |
| 1:45.2 | since it's no longer automatically paid from the seller's proceeds. |
| 1:48.6 | But keep in mind, commissions can still be part of negotiations between the buyer and the seller, |
| 1:54.2 | and can still be facilitated by their respective agents. |
| 1:57.2 | Additionally, outside the MLS, a seller or his agent can still choose to advertise the buyer |
| 2:02.0 | agent commission amount that they are willing to pay. It's only not allowed on the MLS. |
... |
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