Top 7 Facts (vs Fiction) Commission Sharing Settlement

Real Estate Training & Coaching School

News, Business News, Careers, Business

4.4 • 705 Ratings

🗓️ 1 April 2024

⏱️ 39 minutes

🔗️ Recording | iTunes | RSS

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Summary

Welcome back to America's #1 Daily Podcast, featuring America's #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? Visit: https://whylibertas.com/harris or text Tim directly at 512-758-0206. IMPORTANT: Join #1 Real Estate Coaches Tim and Julie Harris's Premier Coaching now for FREE. Included is a DAILY Coaching Session with a HARRIS Certified Coach. Proven and tested lead generation, systems, and scripts designed for this market. Instant FREE Access Now: YES, Enroll Me NOW In Premier Coaching https://premiercoaching.com April Fools Day calls for some FACTING! It's time to debunk some myths surrounding the NAR Commission lawsuit settlement. Let's clarify the facts and dispel the misinformation: Fiction 1: The settlement forces real estate brokers to reduce their compensation. HUGE Announcement: You will love this! Looking for the full outline from today's presentation? Our DAILY Newsletter featured lead generation systems, real estate scripts, daily success plans and (YES) the notes or today's show. Best part? The newsletter is free! https://harrisrealestatedaily.com/ Facts: The settlement doesn't impose any limits on what Realtors can charge or the services they offer. Realtor fees have always been negotiable, reflecting the industry's competitive nature. Sellers have diverse options, and fees are determined through negotiation. Fiction 2: The settlement will prohibit sellers from paying a commission to a buyer’s agent. REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris's favorite PROBATE LEAD PROVIDER? Simple, alltheleads.com/harris Fact: Sellers retain the discretion to pay a commission to a buyer’s agent. It's crucial for successful property sales. Incentivizing buyer's agents ensures optimal exposure and selling opportunities for sellers. Ready to become an EXPIRED Listing Agent? As promised, here is the discount link for the EXPIRED LISTING LEADS: https://www.redx.com/affiliate/tim-and-julie-harris/ The Northwest MLS in the Seattle area has dealt with this since 2019 and, as such, has demonstrated that such changes have minimal effects on the market. In fact, it's largely business as usual. This is because the cooperative compensation model works! Fiction 3: The settlement will relieve sellers of any financial burden of buyer agent fees. Fact: Sellers may choose not to pay buyer agent compensation, but it doesn’t absolve them of costs. Buyers may request concessions or include contingencies for compensation, affecting overall transaction economics. Fiction 4: The settlement reduces the total cost of transaction services. Fact: Shifting the burden of agent compensation doesn't necessarily lower overall transaction costs. Realtor services are essential and should be compensated. Sharing costs between parties doesn't equate to reduced transaction expenses. Fiction 5: The settlement will lower real estate prices and make homeownership affordable. Fact: Real estate values are determined by market fundamentals, not Realtor commissions. Even if commissions decrease, it minimally impacts home affordability. Rising home prices stem from market dynamics, not commission structures. Fiction 6: The settlement benefits buyers by allowing fee negotiation. Fact: Buyer representation is traditionally covered by sellers, which benefits buyers, allowing them to finance fees over time. VA loans expressly prohibit buyer-paid commissions, raising questions about buyer benefits.

Transcript

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0:00.0	Welcome back. Today we are going to be going through the facts versus fiction regarding the commission sharing lawsuit.
0:06.0	Now, why are we doing this? Because over the weekend, and I think really for the last two weeks,
0:11.0	all of us have been waiting through nothing but misinformation with regards to the commission sharing lawsuit,
0:16.0	and the worst of which has been coming from mainstream media or corporate media.
0:20.0	Now, you're going to be facing
0:21.4	down consumers, buyers and sellers, and really anybody who is going to have read all this
0:26.7	information and have complete, I think, confusion about really real estate and how you get paid.
0:32.0	So what we're going to be going through today are the seven, I think, top fact versus
0:35.8	fiction points that we have been able to find.
0:38.9	And hopefully this will clear the air for all of you.
0:40.8	Now, we've organized these notes in such a way that you can use these notes for social media
0:45.7	or really for anything.
0:47.8	Maybe you're writing articles, blog posts, Facebook posts.
0:50.3	It doesn't matter.
0:51.2	So I can, Julie and I were, again were again designing all this so that you could easily
0:55.0	take our notes and just write fact and then you know here's the fiction and that kind of thing right
0:59.6	and the point being is this will make you the authority on really again what's truly happening in the
1:05.1	real estate media so the people frankly can cut through all the noise and I want to also shed light on the fact that overall,
1:12.5	as Julie and I were sharing with you guys a couple of weeks ago, nothing has really changed
1:16.6	in the nature of how buyers and sellers are going to be engaging with you. The only thing
1:20.6	is really changed is really some procedural Mickey Mouse that we're going to be going through
1:24.4	as pertains to how buyer agents are going to get paid,
	...

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