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In our MLS at closing there will be a field that will have concession sub fields that will show: Concessions closing costs $, Concessions Property Improvement Costs $, Concessions financing costs $, Concessions buyer broker fee $, Concession other costs $. So for the interim unless it changes, we may have info on how the new NAR requirements will affect our market.
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what I’m curious about is what will the listing agent duty be to the unrepresented buyers. Apparently, there exist a type of buyer who just hate paying agents. So, they will expect listig agents to show them houses and to then submit their offers to the sellers. Some even claim that not working with unrepresented buyer is a violation of ethics and an offense worthy of revoking a license. This, I think is something to consider.
Here in California from what we’ve been hearing is that the unrepresented buyer will be just that – they will need to get there own forms to submit an offer etc. They will be acting as their own agent, we (listing agents) will forward disclosures etc as we normally would to a buyer’s agent. They will need to decipher, research, seek advice etc, basically what a regular buyer’s agent would do… submit their offer, and counter offers, schedule their inspections, negotiate and submit their repairs requests, review their disclosures… All we can do is facilitate delivery of paperwork, point them in the direction of HOA, escrow, lender etc to answers regarding those items. It is our understanding that we need to be careful on what and how we answer so as to not give the impression that we have a buyer agent relationship or give them the impression that we are representing them in any way. An unrepresented buyer is their own agent and will need to act as their own agent.
They will have the choice to get an agent, hire an attorney… to help them should they choose to. The listing agent’s fiduciary responsibility will be to their seller.
@@BLUDOTRealtyGroup in the markets that had more “unrepresented buyers “isn’t the fail rate like 70% as a listings agent and a seller you knew the numbers would we even advise that they come without an agent doesn’t put the transaction in jeopardy. How do we know that they’re going to know what they’re doing and we won’t just take it off the market for nothing
As an agent who handles up until now mostly buyers in a southern state and a very large metro for a long time (by choice, as I was a consultant prior to Real Estate and got into the family business ) even recently before this, I was already getting too overwhelmed with an amount of time each buyer was taking / w the volume of buyers being much more draining than my team members doing listings I would say the Internet has made. The buyers feel like they are more confident, but actually makes them more dangerous to themselves into the Listing side.
so many of these buyers, especially the ones that walked into the transaction thinking that they werein the know, actually required the most babysitting them literal liability to themselves and 10x times more to listing side because they would go rogue and unknowingly potentially screw their own deal and risk their own earnest deposit or worse
As I switched over to the listing side, if we have two offers and one has an agent, that’s confident attached to it I’d rather work with the agent and make half the pay and let them get paid because at least my seller would have a higher chance of closing on time and then you’ll not fall through because it has to go back on the market people may assume that something is wrong with the property and it could take much longer and cost sellwe more
@@Keepswimmingkeepswimming – we never had a deal with a buyer that was unrepresented so we wouldn’t know the stats and we would definitely advise our sellers on the risks of an unrepresented buyer. With that being said the new way of doing business due to NAR settlement, we can not force buyers to signed a buyer representation. We will also advise buyers as to same the pros and cons and they can decide. Do we think this will be the majority, no – we do not think so. The listing commission negotiation will be between seller and listing agent period. We will advise sellers on the NAR settlement and give them the choice to offer a specific compensation, offer none or offer to consider all offers without obligating our sellers to a predetermined amount upfront.
And in advising our sellers we will give pros and cons to each of the scenarios. This is what we do when we get an offer – we give the sellers a synopsis of the offer (pros and cons and seller decides which offers to accept, counter or reject). Nothing has changed – only that sellers now have the option on buyers agent compensation and the negotiation falls on the buyers agent and their buyer. In the end the market will always determine how things play out. Is it a seller’s market or is it a buyer’s market, supply and demand , etc – we’ll all know soon enough that’s for sure as every market is different.
Nothing has changed. All that’s changed is the disclosure, and here in FL we’ve already been disclosing everything. Listing agents will still offer buyer agent compensation. Sellers will still agree to it. Only FSBO might be difficult.
This ^^^. Plus, anyone who calls the Listing Agent BEFORE the Contract will know exactly what is being offered. Then, it’s up to the Buyer to decide : )
Hey Ricky,
Ive seen a broker put buyers agent commission on MLS private remarks, what do you think about that? California—-
You can’t mention it ANYWHERE in MLS or 3rd party sites (Zillow,Redfin etc) , but CAN on social media posts, brokerage website, directly to buyer agents etc. Ridiculous rule and shame on DOJ
@@JTS1982 crazy! How is getting away with that??
They just complicated the entire process for absolutely NOTHING… smh
I live in DFW, TX and the new law has been in effect since July 29th in my MLS and my broker doesn’t want any listing without offering buyers agent commission.
So the listing agency is basically trying to work around the new rules to screw their customers.
Hi.
This report is base on what dates/time frames used?
Great point. How are commission rates going to be tracked in the future without MLS entry? Hit me the other day. Glad you mentioned it. Good job, Ricky. Keep sharing the knowledge.
How does Average commission of listing agent go up when listing agent would have made 4-6 % as dual agent and now will make max an extra percent for repping an unrepped buyer ? Think about that one Ricky doesn’t make sense
That’s “if” they double ended. Pretty rare. They averaged about 2.7%. With more buyers going direct to listing agent, they will be double ending more deals. Makes sense. But like I said, nobody knows how it will play out
I’m in Omaha, NE and previously in our market the buyers agent received 2.4% so if the new buyers commission has gone “UP” to an average of 2.55% I’m not sure how that worked out.
But based on the NAR rules of having an agreement with the buyer before showing homes, our buyers agreement will be including the commission that we as a buyers agent will receive wither from the seller or from the buyer if the seller does not offer a commission to the buyer’s agent. If my buyer wants to put in an offer to a seller that will not offer a buyers commission, my buyer is free to make and take the offer, but they will then have the added expense of paying my commission so the take it or leave it wouldn’t affect me. It will affect my buyer
I would offer a buyers agent commission, but a discount to anyone not using an agent.
I expect to see more flat rate agents.
Those haven’t really worked in the past. I saw those trend brokerages from time to time. They lost a lot of money.
I am from the state of F.L. I am not an agent. I have a property I’m going to sell. After meeting up with a couple of agents about listening to my home for sale, It seems like the agent did not want to move forward with the new commission rules and laws.
I decided to sell my home on my own and offer the concession to the buyer.
I think they should have given you the option. Sellers typically do net more with an agent but hopefully you got the value you wanted
Thank you for this!
Its a very one sided settlment and was specifically designed to advantage big corporations. I feel in thr future consumers will catch on to how these companies cheap out in every aspect of the deal. Consumers created us.
I like your perspective of listing agents taking less but still incentivizing buyer agents. My perspective is to get the property sold and offering a reward to them just helps get the deal done faster
I don’t believe these commissions should be based on percentage
Preach it Ricky! My Team and I are ready!!