New Commission -3%

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Woo hoo, about time!! I look for real estate listings myself and I contact listing agents myself. Why do I still need to pay someone $60,000 (3% of $1 million) for that service? I was going to do FSBO but if the commission goes down to 1% I might consider using an agent.

NAR will also no longer get exclusive access to MLS.

Just the fact that you wrote this explains how ignorant you are about the process. You will still be paying that 60k. Do you really think that sellers are going to cut their price 60 K for you? The only difference is now you will be paying that baked in commission without actually having an agent.

Also, you could have always paid one percent. The commissions are not fixed and have never been.

Exactly!

And real estate agents are currently paid $500 an hour minimum, with many in the area bringing in $2K+ per hour. Buyers are about to be in for a very rude awakening when they realize what they will need to pay. I feel terrible for them.

I seriously doubt that the judge will end up approving this.

Lol are you replying to your own posts now? That's just so sad. NO ONE IS GOING TO PAY YOU $500-$2000 AN HOUR. I do not feel terrible for you.

I love how the agent-apologist does not even consider the possibility of negotiation. Negotiation is not even part of their vocabulary.

Also the price for them will forever remain fixed, as they believe it should be. What changes is who pays. But the price is a fixed rate.

+1 It's like they didn't even understand the merits of the case.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Woo hoo, about time!! I look for real estate listings myself and I contact listing agents myself. Why do I still need to pay someone $60,000 (3% of $1 million) for that service? I was going to do FSBO but if the commission goes down to 1% I might consider using an agent.

NAR will also no longer get exclusive access to MLS.

Just the fact that you wrote this explains how ignorant you are about the process. You will still be paying that 60k. Do you really think that sellers are going to cut their price 60 K for you? The only difference is now you will be paying that baked in commission without actually having an agent.

Also, you could have always paid one percent. The commissions are not fixed and have never been.

Exactly!

And real estate agents are currently paid $500 an hour minimum, with many in the area bringing in $2K+ per hour. Buyers are about to be in for a very rude awakening when they realize what they will need to pay. I feel terrible for them.

I seriously doubt that the judge will end up approving this.

Wait, you seriously think a settlement as complex as this, as deeply negotiated as this, would be rejected by the judge? Do you have any concept of what obligations a judge has as they oversee litigation like this? If both sides agree there is an incredibly small number of scenarios in which a judge has the legal authority to reject a settlement. One like this has a 0.001% chance of being rejected by the judge.

Haven't you been paying attention? He is a Realtor. We are not possibly in a position to question his expert judgment.

Great point, forgot he/she/they is a capital "R" Realtor (tm). That obviously overrides any mindless economics or legal training us lowly non-Realtors (tm) have.

[Anonymous]

Anonymous wrote:Here is the Chat GPT summary of the settlement.

The National Association of REALTORS® (NAR) has agreed to implement several changes as part of a settlement agreement. These changes include:

1. **Compensation Requirements**: NAR will eliminate the requirement that listing brokers or sellers must make offers of compensation to buyer brokers. It will also prohibit the disclosure of listing broker compensation or total broker compensation on the MLS.

2. **Participation Conditions**: NAR will eliminate any requirements conditioning participation or membership in a REALTOR® MLS on offering or accepting offers of compensation to buyer brokers.

3. **Non-MLS Mechanisms**: NAR agrees not to create or support any non-MLS mechanism for listing brokers or sellers to make offers of compensation to buyer brokers.

4. **Written Agreement Requirement**: NAR will require that all REALTOR® MLS Participants working with a buyer enter into a written agreement specifying the compensation they will receive.

5. **Representation of Brokerage Services**: NAR will prohibit REALTORS® from representing to a client that their brokerage services are free unless they will receive no financial compensation.

6. **Disclosure to Sellers**: NAR will require disclosure to sellers and obtain their approval for any payment to another broker acting for buyers.

7. **Negotiability of Commissions**: NAR will require disclosure to prospective sellers and buyers that broker commissions are not set by law and are fully negotiable.

8. **Filtering of Listings**: NAR will require that REALTORS® must not filter out or restrict MLS listings based on the compensation offered to the buyer broker.

9. **Educational Materials**: NAR will develop materials consistent with these practice changes.

These practice changes are to be implemented as soon as practicable, no later than the date of class notice, and are intended to last for 7 years after the class notice date.

This is not quite accurate. The settlement allows for offers of compensation to continue off of the MLS. This means that while such offers cannot be communicated via MLS platforms, they can still be part of negotiations and consultations conducted OFF the MLS.

https://www.nar.realtor/magazine/real-estate-news/law-and-ethics/the-truth-about-the-nar-settlement-agreement

Not much will change, agents will just need to get creative.

[Anonymous]

Yes, creatively deliver for Door Dash and Amazon between showings.

[Anonymous]

Anonymous wrote:

Anonymous wrote:Here is the Chat GPT summary of the settlement.

The National Association of REALTORS® (NAR) has agreed to implement several changes as part of a settlement agreement. These changes include:

1. **Compensation Requirements**: NAR will eliminate the requirement that listing brokers or sellers must make offers of compensation to buyer brokers. It will also prohibit the disclosure of listing broker compensation or total broker compensation on the MLS.

2. **Participation Conditions**: NAR will eliminate any requirements conditioning participation or membership in a REALTOR® MLS on offering or accepting offers of compensation to buyer brokers.

3. **Non-MLS Mechanisms**: NAR agrees not to create or support any non-MLS mechanism for listing brokers or sellers to make offers of compensation to buyer brokers.

4. **Written Agreement Requirement**: NAR will require that all REALTOR® MLS Participants working with a buyer enter into a written agreement specifying the compensation they will receive.

5. **Representation of Brokerage Services**: NAR will prohibit REALTORS® from representing to a client that their brokerage services are free unless they will receive no financial compensation.

6. **Disclosure to Sellers**: NAR will require disclosure to sellers and obtain their approval for any payment to another broker acting for buyers.

7. **Negotiability of Commissions**: NAR will require disclosure to prospective sellers and buyers that broker commissions are not set by law and are fully negotiable.

8. **Filtering of Listings**: NAR will require that REALTORS® must not filter out or restrict MLS listings based on the compensation offered to the buyer broker.

9. **Educational Materials**: NAR will develop materials consistent with these practice changes.

These practice changes are to be implemented as soon as practicable, no later than the date of class notice, and are intended to last for 7 years after the class notice date.

This is not quite accurate. The settlement allows for offers of compensation to continue off of the MLS. This means that while such offers cannot be communicated via MLS platforms, they can still be part of negotiations and consultations conducted OFF the MLS.

https://www.nar.realtor/magazine/real-estate-news/law-and-ethics/the-truth-about-the-nar-settlement-agreement

Not much will change, agents will just need to get creative.

You gloss over the fact that this settlement will prohibit a requirement that sellers offer compensation to the buyers agent. In a sellers market, there will be no need to make this offer, even off MLS. You say "agents will just need to be creative" - do you really mean, they will just need to apply a heavy pressure campaign to sellers in order to get them to offer compensation off-MLS? If so, this would be regarded an illegal collusive tactic that will land you back in court, or at the very least, make you famous on Youtube when someone records you trying it. Good luck. I, for one, will never pay buyers agent commissions in a sellers market again.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Here is the Chat GPT summary of the settlement.

The National Association of REALTORS® (NAR) has agreed to implement several changes as part of a settlement agreement. These changes include:

1. **Compensation Requirements**: NAR will eliminate the requirement that listing brokers or sellers must make offers of compensation to buyer brokers. It will also prohibit the disclosure of listing broker compensation or total broker compensation on the MLS.

2. **Participation Conditions**: NAR will eliminate any requirements conditioning participation or membership in a REALTOR® MLS on offering or accepting offers of compensation to buyer brokers.

3. **Non-MLS Mechanisms**: NAR agrees not to create or support any non-MLS mechanism for listing brokers or sellers to make offers of compensation to buyer brokers.

4. **Written Agreement Requirement**: NAR will require that all REALTOR® MLS Participants working with a buyer enter into a written agreement specifying the compensation they will receive.

5. **Representation of Brokerage Services**: NAR will prohibit REALTORS® from representing to a client that their brokerage services are free unless they will receive no financial compensation.

6. **Disclosure to Sellers**: NAR will require disclosure to sellers and obtain their approval for any payment to another broker acting for buyers.

7. **Negotiability of Commissions**: NAR will require disclosure to prospective sellers and buyers that broker commissions are not set by law and are fully negotiable.

8. **Filtering of Listings**: NAR will require that REALTORS® must not filter out or restrict MLS listings based on the compensation offered to the buyer broker.

9. **Educational Materials**: NAR will develop materials consistent with these practice changes.

These practice changes are to be implemented as soon as practicable, no later than the date of class notice, and are intended to last for 7 years after the class notice date.

This is not quite accurate. The settlement allows for offers of compensation to continue off of the MLS. This means that while such offers cannot be communicated via MLS platforms, they can still be part of negotiations and consultations conducted OFF the MLS.

https://www.nar.realtor/magazine/real-estate-news/law-and-ethics/the-truth-about-the-nar-settlement-agreement

Not much will change, agents will just need to get creative.

You gloss over the fact that this settlement will prohibit a requirement that sellers offer compensation to the buyers agent. In a sellers market, there will be no need to make this offer, even off MLS. You say "agents will just need to be creative" - do you really mean, they will just need to apply a heavy pressure campaign to sellers in order to get them to offer compensation off-MLS? If so, this would be regarded an illegal collusive tactic that will land you back in court, or at the very least, make you famous on Youtube when someone records you trying it. Good luck. I, for one, will never pay buyers agent commissions in a sellers market again.

+1

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Here is the Chat GPT summary of the settlement.

The National Association of REALTORS® (NAR) has agreed to implement several changes as part of a settlement agreement. These changes include:

1. **Compensation Requirements**: NAR will eliminate the requirement that listing brokers or sellers must make offers of compensation to buyer brokers. It will also prohibit the disclosure of listing broker compensation or total broker compensation on the MLS.

2. **Participation Conditions**: NAR will eliminate any requirements conditioning participation or membership in a REALTOR® MLS on offering or accepting offers of compensation to buyer brokers.

3. **Non-MLS Mechanisms**: NAR agrees not to create or support any non-MLS mechanism for listing brokers or sellers to make offers of compensation to buyer brokers.

4. **Written Agreement Requirement**: NAR will require that all REALTOR® MLS Participants working with a buyer enter into a written agreement specifying the compensation they will receive.

5. **Representation of Brokerage Services**: NAR will prohibit REALTORS® from representing to a client that their brokerage services are free unless they will receive no financial compensation.

6. **Disclosure to Sellers**: NAR will require disclosure to sellers and obtain their approval for any payment to another broker acting for buyers.

7. **Negotiability of Commissions**: NAR will require disclosure to prospective sellers and buyers that broker commissions are not set by law and are fully negotiable.

8. **Filtering of Listings**: NAR will require that REALTORS® must not filter out or restrict MLS listings based on the compensation offered to the buyer broker.

9. **Educational Materials**: NAR will develop materials consistent with these practice changes.

These practice changes are to be implemented as soon as practicable, no later than the date of class notice, and are intended to last for 7 years after the class notice date.

This is not quite accurate. The settlement allows for offers of compensation to continue off of the MLS. This means that while such offers cannot be communicated via MLS platforms, they can still be part of negotiations and consultations conducted OFF the MLS.

https://www.nar.realtor/magazine/real-estate-news/law-and-ethics/the-truth-about-the-nar-settlement-agreement

Not much will change, agents will just need to get creative.

You gloss over the fact that this settlement will prohibit a requirement that sellers offer compensation to the buyers agent. In a sellers market, there will be no need to make this offer, even off MLS. You say "agents will just need to be creative" - do you really mean, they will just need to apply a heavy pressure campaign to sellers in order to get them to offer compensation off-MLS? If so, this would be regarded an illegal collusive tactic that will land you back in court, or at the very least, make you famous on Youtube when someone records you trying it. Good luck. I, for one, will never pay buyers agent commissions in a sellers market again.

+1

Listing agent: My fee will be xx percent to list your house. How much are you willing to compensate a buyer's agent
Seller: Nothing
Listing agent: ok, so did you want to take 2-3 percent off the list price? (Both laugh hard)
Seller: hahaha no.
Listing agent: Ok, so we will be working with an unrepresented buyer, or the buyer will have to pay a fee to their agent, in addition to the unprecedented prices, high rates, and escalations they are already dealing with. Or I'll try to rep both of you but it's not ideal bc of the natural conflict of interests.
Seller: Yes

This is a win for buyers how exactly?

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Here is the Chat GPT summary of the settlement.

The National Association of REALTORS® (NAR) has agreed to implement several changes as part of a settlement agreement. These changes include:

1. **Compensation Requirements**: NAR will eliminate the requirement that listing brokers or sellers must make offers of compensation to buyer brokers. It will also prohibit the disclosure of listing broker compensation or total broker compensation on the MLS.

2. **Participation Conditions**: NAR will eliminate any requirements conditioning participation or membership in a REALTOR® MLS on offering or accepting offers of compensation to buyer brokers.

3. **Non-MLS Mechanisms**: NAR agrees not to create or support any non-MLS mechanism for listing brokers or sellers to make offers of compensation to buyer brokers.

4. **Written Agreement Requirement**: NAR will require that all REALTOR® MLS Participants working with a buyer enter into a written agreement specifying the compensation they will receive.

5. **Representation of Brokerage Services**: NAR will prohibit REALTORS® from representing to a client that their brokerage services are free unless they will receive no financial compensation.

6. **Disclosure to Sellers**: NAR will require disclosure to sellers and obtain their approval for any payment to another broker acting for buyers.

7. **Negotiability of Commissions**: NAR will require disclosure to prospective sellers and buyers that broker commissions are not set by law and are fully negotiable.

8. **Filtering of Listings**: NAR will require that REALTORS® must not filter out or restrict MLS listings based on the compensation offered to the buyer broker.

9. **Educational Materials**: NAR will develop materials consistent with these practice changes.

These practice changes are to be implemented as soon as practicable, no later than the date of class notice, and are intended to last for 7 years after the class notice date.

This is not quite accurate. The settlement allows for offers of compensation to continue off of the MLS. This means that while such offers cannot be communicated via MLS platforms, they can still be part of negotiations and consultations conducted OFF the MLS.

https://www.nar.realtor/magazine/real-estate-news/law-and-ethics/the-truth-about-the-nar-settlement-agreement

Not much will change, agents will just need to get creative.

You gloss over the fact that this settlement will prohibit a requirement that sellers offer compensation to the buyers agent. In a sellers market, there will be no need to make this offer, even off MLS. You say "agents will just need to be creative" - do you really mean, they will just need to apply a heavy pressure campaign to sellers in order to get them to offer compensation off-MLS? If so, this would be regarded an illegal collusive tactic that will land you back in court, or at the very least, make you famous on Youtube when someone records you trying it. Good luck. I, for one, will never pay buyers agent commissions in a sellers market again.

+1

Listing agent: My fee will be xx percent to list your house. How much are you willing to compensate a buyer's agent
Seller: Nothing
Listing agent: ok, so did you want to take 2-3 percent off the list price? (Both laugh hard)
Seller: hahaha no.
Listing agent: Ok, so we will be working with an unrepresented buyer, or the buyer will have to pay a fee to their agent, in addition to the unprecedented prices, high rates, and escalations they are already dealing with. Or I'll try to rep both of you but it's not ideal bc of the natural conflict of interests.
Seller: Yes

This is a win for buyers how exactly?

It's not. It is a win for sellers. In the long run, when fee for service buyers agents become common it will be a win for buyers.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Here is the Chat GPT summary of the settlement.

The National Association of REALTORS® (NAR) has agreed to implement several changes as part of a settlement agreement. These changes include:

1. **Compensation Requirements**: NAR will eliminate the requirement that listing brokers or sellers must make offers of compensation to buyer brokers. It will also prohibit the disclosure of listing broker compensation or total broker compensation on the MLS.

2. **Participation Conditions**: NAR will eliminate any requirements conditioning participation or membership in a REALTOR® MLS on offering or accepting offers of compensation to buyer brokers.

3. **Non-MLS Mechanisms**: NAR agrees not to create or support any non-MLS mechanism for listing brokers or sellers to make offers of compensation to buyer brokers.

4. **Written Agreement Requirement**: NAR will require that all REALTOR® MLS Participants working with a buyer enter into a written agreement specifying the compensation they will receive.

5. **Representation of Brokerage Services**: NAR will prohibit REALTORS® from representing to a client that their brokerage services are free unless they will receive no financial compensation.

6. **Disclosure to Sellers**: NAR will require disclosure to sellers and obtain their approval for any payment to another broker acting for buyers.

7. **Negotiability of Commissions**: NAR will require disclosure to prospective sellers and buyers that broker commissions are not set by law and are fully negotiable.

8. **Filtering of Listings**: NAR will require that REALTORS® must not filter out or restrict MLS listings based on the compensation offered to the buyer broker.

9. **Educational Materials**: NAR will develop materials consistent with these practice changes.

These practice changes are to be implemented as soon as practicable, no later than the date of class notice, and are intended to last for 7 years after the class notice date.

This is not quite accurate. The settlement allows for offers of compensation to continue off of the MLS. This means that while such offers cannot be communicated via MLS platforms, they can still be part of negotiations and consultations conducted OFF the MLS.

https://www.nar.realtor/magazine/real-estate-news/law-and-ethics/the-truth-about-the-nar-settlement-agreement

Not much will change, agents will just need to get creative.

You gloss over the fact that this settlement will prohibit a requirement that sellers offer compensation to the buyers agent. In a sellers market, there will be no need to make this offer, even off MLS. You say "agents will just need to be creative" - do you really mean, they will just need to apply a heavy pressure campaign to sellers in order to get them to offer compensation off-MLS? If so, this would be regarded an illegal collusive tactic that will land you back in court, or at the very least, make you famous on Youtube when someone records you trying it. Good luck. I, for one, will never pay buyers agent commissions in a sellers market again.

+1

Listing agent: My fee will be xx percent to list your house. How much are you willing to compensate a buyer's agent
Seller: Nothing
Listing agent: ok, so did you want to take 2-3 percent off the list price? (Both laugh hard)
Seller: hahaha no.
Listing agent: Ok, so we will be working with an unrepresented buyer, or the buyer will have to pay a fee to their agent, in addition to the unprecedented prices, high rates, and escalations they are already dealing with. Or I'll try to rep both of you but it's not ideal bc of the natural conflict of interests.
Seller: Yes

This is a win for buyers how exactly?

It's not. It is a win for sellers. In the long run, when fee for service buyers agents become common it will be a win for buyers.

+100.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Here is the Chat GPT summary of the settlement.

The National Association of REALTORS® (NAR) has agreed to implement several changes as part of a settlement agreement. These changes include:

1. **Compensation Requirements**: NAR will eliminate the requirement that listing brokers or sellers must make offers of compensation to buyer brokers. It will also prohibit the disclosure of listing broker compensation or total broker compensation on the MLS.

2. **Participation Conditions**: NAR will eliminate any requirements conditioning participation or membership in a REALTOR® MLS on offering or accepting offers of compensation to buyer brokers.

3. **Non-MLS Mechanisms**: NAR agrees not to create or support any non-MLS mechanism for listing brokers or sellers to make offers of compensation to buyer brokers.

4. **Written Agreement Requirement**: NAR will require that all REALTOR® MLS Participants working with a buyer enter into a written agreement specifying the compensation they will receive.

5. **Representation of Brokerage Services**: NAR will prohibit REALTORS® from representing to a client that their brokerage services are free unless they will receive no financial compensation.

6. **Disclosure to Sellers**: NAR will require disclosure to sellers and obtain their approval for any payment to another broker acting for buyers.

7. **Negotiability of Commissions**: NAR will require disclosure to prospective sellers and buyers that broker commissions are not set by law and are fully negotiable.

8. **Filtering of Listings**: NAR will require that REALTORS® must not filter out or restrict MLS listings based on the compensation offered to the buyer broker.

9. **Educational Materials**: NAR will develop materials consistent with these practice changes.

These practice changes are to be implemented as soon as practicable, no later than the date of class notice, and are intended to last for 7 years after the class notice date.

This is not quite accurate. The settlement allows for offers of compensation to continue off of the MLS. This means that while such offers cannot be communicated via MLS platforms, they can still be part of negotiations and consultations conducted OFF the MLS.

https://www.nar.realtor/magazine/real-estate-news/law-and-ethics/the-truth-about-the-nar-settlement-agreement

Not much will change, agents will just need to get creative.

You gloss over the fact that this settlement will prohibit a requirement that sellers offer compensation to the buyers agent. In a sellers market, there will be no need to make this offer, even off MLS. You say "agents will just need to be creative" - do you really mean, they will just need to apply a heavy pressure campaign to sellers in order to get them to offer compensation off-MLS? If so, this would be regarded an illegal collusive tactic that will land you back in court, or at the very least, make you famous on Youtube when someone records you trying it. Good luck. I, for one, will never pay buyers agent commissions in a sellers market again.

+1

Listing agent: My fee will be xx percent to list your house. How much are you willing to compensate a buyer's agent
Seller: Nothing
Listing agent: ok, so did you want to take 2-3 percent off the list price? (Both laugh hard)
Seller: hahaha no.
Listing agent: Ok, so we will be working with an unrepresented buyer, or the buyer will have to pay a fee to their agent, in addition to the unprecedented prices, high rates, and escalations they are already dealing with. Or I'll try to rep both of you but it's not ideal bc of the natural conflict of interests.
Seller: Yes

This is a win for buyers how exactly?

It's not. It is a win for sellers. In the long run, when fee for service buyers agents become common it will be a win for buyers.

+1.

However, understanding this requires considering the long term, a grasp of macroeconomics, and critical thinking.... all of which "This is a win for buyers how exactly?" lacks or they would never have asked what they asked.

[Anonymous]

Real estate agents are a tough, crafty bunch. They are also incredibly good at selling themselves.

The NAR and the big brokerage firms have plans to circumvent this. I watched a webinar put on by eXP Realty and there are so many ingenious ways that they can still extract 6% of the purchase price. Reddit also have plenty of ideas. And this is just what is available with a quick Google search.

Also do not underestimate how much many people respond to fear and pressure. We’ve been conditioned for a long time to defer to Realtors and this is not going to change.

The settlement is also effective for a maximum of 7 years. Realtors just need to be crafty for a while, wait out any litigation and then they can go back to business as usual.

I think the DOJ was duped by the NAR in this settlement.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Here is the Chat GPT summary of the settlement.

The National Association of REALTORS® (NAR) has agreed to implement several changes as part of a settlement agreement. These changes include:

1. **Compensation Requirements**: NAR will eliminate the requirement that listing brokers or sellers must make offers of compensation to buyer brokers. It will also prohibit the disclosure of listing broker compensation or total broker compensation on the MLS.

2. **Participation Conditions**: NAR will eliminate any requirements conditioning participation or membership in a REALTOR® MLS on offering or accepting offers of compensation to buyer brokers.

3. **Non-MLS Mechanisms**: NAR agrees not to create or support any non-MLS mechanism for listing brokers or sellers to make offers of compensation to buyer brokers.

4. **Written Agreement Requirement**: NAR will require that all REALTOR® MLS Participants working with a buyer enter into a written agreement specifying the compensation they will receive.

5. **Representation of Brokerage Services**: NAR will prohibit REALTORS® from representing to a client that their brokerage services are free unless they will receive no financial compensation.

6. **Disclosure to Sellers**: NAR will require disclosure to sellers and obtain their approval for any payment to another broker acting for buyers.

7. **Negotiability of Commissions**: NAR will require disclosure to prospective sellers and buyers that broker commissions are not set by law and are fully negotiable.

8. **Filtering of Listings**: NAR will require that REALTORS® must not filter out or restrict MLS listings based on the compensation offered to the buyer broker.

9. **Educational Materials**: NAR will develop materials consistent with these practice changes.

These practice changes are to be implemented as soon as practicable, no later than the date of class notice, and are intended to last for 7 years after the class notice date.

This is not quite accurate. The settlement allows for offers of compensation to continue off of the MLS. This means that while such offers cannot be communicated via MLS platforms, they can still be part of negotiations and consultations conducted OFF the MLS.

https://www.nar.realtor/magazine/real-estate-news/law-and-ethics/the-truth-about-the-nar-settlement-agreement

Not much will change, agents will just need to get creative.

You gloss over the fact that this settlement will prohibit a requirement that sellers offer compensation to the buyers agent. In a sellers market, there will be no need to make this offer, even off MLS. You say "agents will just need to be creative" - do you really mean, they will just need to apply a heavy pressure campaign to sellers in order to get them to offer compensation off-MLS? If so, this would be regarded an illegal collusive tactic that will land you back in court, or at the very least, make you famous on Youtube when someone records you trying it. Good luck. I, for one, will never pay buyers agent commissions in a sellers market again.

+1

Listing agent: My fee will be xx percent to list your house. How much are you willing to compensate a buyer's agent
Seller: Nothing
Listing agent: ok, so did you want to take 2-3 percent off the list price? (Both laugh hard)
Seller: hahaha no.
Listing agent: Ok, so we will be working with an unrepresented buyer, or the buyer will have to pay a fee to their agent, in addition to the unprecedented prices, high rates, and escalations they are already dealing with. Or I'll try to rep both of you but it's not ideal bc of the natural conflict of interests.
Seller: Yes

This is a win for buyers how exactly?

It's not. It is a win for sellers. In the long run, when fee for service buyers agents become common it will be a win for buyers.

+1.

However, understanding this requires considering the long term, a grasp of macroeconomics, and critical thinking.... all of which "This is a win for buyers how exactly?" lacks or they would never have asked what they asked.

Economics as a disciple is pretty poor at accounting for emotion. Realtors are masterful at creating trust and compliance from home buyers/sellers.

This is especially the case when you have one Realtor who dominates a particular neighborhood. You saw all of your neighbors work with her, she lives in the neighborhood, seems so nice and has given back by sponsoring events and donating her time. If you live somewhere where 50%+ of the listings are from one agent, change will take a LONG time.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Here is the Chat GPT summary of the settlement.

The National Association of REALTORS® (NAR) has agreed to implement several changes as part of a settlement agreement. These changes include:

1. **Compensation Requirements**: NAR will eliminate the requirement that listing brokers or sellers must make offers of compensation to buyer brokers. It will also prohibit the disclosure of listing broker compensation or total broker compensation on the MLS.

2. **Participation Conditions**: NAR will eliminate any requirements conditioning participation or membership in a REALTOR® MLS on offering or accepting offers of compensation to buyer brokers.

3. **Non-MLS Mechanisms**: NAR agrees not to create or support any non-MLS mechanism for listing brokers or sellers to make offers of compensation to buyer brokers.

4. **Written Agreement Requirement**: NAR will require that all REALTOR® MLS Participants working with a buyer enter into a written agreement specifying the compensation they will receive.

5. **Representation of Brokerage Services**: NAR will prohibit REALTORS® from representing to a client that their brokerage services are free unless they will receive no financial compensation.

6. **Disclosure to Sellers**: NAR will require disclosure to sellers and obtain their approval for any payment to another broker acting for buyers.

7. **Negotiability of Commissions**: NAR will require disclosure to prospective sellers and buyers that broker commissions are not set by law and are fully negotiable.

8. **Filtering of Listings**: NAR will require that REALTORS® must not filter out or restrict MLS listings based on the compensation offered to the buyer broker.

9. **Educational Materials**: NAR will develop materials consistent with these practice changes.

These practice changes are to be implemented as soon as practicable, no later than the date of class notice, and are intended to last for 7 years after the class notice date.

This is not quite accurate. The settlement allows for offers of compensation to continue off of the MLS. This means that while such offers cannot be communicated via MLS platforms, they can still be part of negotiations and consultations conducted OFF the MLS.

https://www.nar.realtor/magazine/real-estate-news/law-and-ethics/the-truth-about-the-nar-settlement-agreement

Not much will change, agents will just need to get creative.

You gloss over the fact that this settlement will prohibit a requirement that sellers offer compensation to the buyers agent. In a sellers market, there will be no need to make this offer, even off MLS. You say "agents will just need to be creative" - do you really mean, they will just need to apply a heavy pressure campaign to sellers in order to get them to offer compensation off-MLS? If so, this would be regarded an illegal collusive tactic that will land you back in court, or at the very least, make you famous on Youtube when someone records you trying it. Good luck. I, for one, will never pay buyers agent commissions in a sellers market again.

+1

Listing agent: My fee will be xx percent to list your house. How much are you willing to compensate a buyer's agent
Seller: Nothing
Listing agent: ok, so did you want to take 2-3 percent off the list price? (Both laugh hard)
Seller: hahaha no.
Listing agent: Ok, so we will be working with an unrepresented buyer, or the buyer will have to pay a fee to their agent, in addition to the unprecedented prices, high rates, and escalations they are already dealing with. Or I'll try to rep both of you but it's not ideal bc of the natural conflict of interests.
Seller: Yes

This is a win for buyers how exactly?

Oh realtor, you think you are so clever don't you? In the soon to be old system, the seller would pay the buyer's agent so in fact there is already a conflict of interest. The buyer's agent is acting on behalf of the seller, not the buyer. You will know how the new system will benefit buyers? The seller will be willing to consider a lower offer price. This is how it would benefit buyers (I benefited this way when we bought in DC). And even if the buyer pays the full price, it is the seller that gets to keep the profit not the agent!! Sellers should keep the fruits of their labor not some stupid agent coming for the ride.

[Anonymous]

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

Anonymous wrote:

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Anonymous wrote:

Anonymous wrote:

Anonymous wrote:Here is the Chat GPT summary of the settlement.

The National Association of REALTORS® (NAR) has agreed to implement several changes as part of a settlement agreement. These changes include:

1. **Compensation Requirements**: NAR will eliminate the requirement that listing brokers or sellers must make offers of compensation to buyer brokers. It will also prohibit the disclosure of listing broker compensation or total broker compensation on the MLS.

2. **Participation Conditions**: NAR will eliminate any requirements conditioning participation or membership in a REALTOR® MLS on offering or accepting offers of compensation to buyer brokers.

3. **Non-MLS Mechanisms**: NAR agrees not to create or support any non-MLS mechanism for listing brokers or sellers to make offers of compensation to buyer brokers.

4. **Written Agreement Requirement**: NAR will require that all REALTOR® MLS Participants working with a buyer enter into a written agreement specifying the compensation they will receive.

5. **Representation of Brokerage Services**: NAR will prohibit REALTORS® from representing to a client that their brokerage services are free unless they will receive no financial compensation.

6. **Disclosure to Sellers**: NAR will require disclosure to sellers and obtain their approval for any payment to another broker acting for buyers.

7. **Negotiability of Commissions**: NAR will require disclosure to prospective sellers and buyers that broker commissions are not set by law and are fully negotiable.

8. **Filtering of Listings**: NAR will require that REALTORS® must not filter out or restrict MLS listings based on the compensation offered to the buyer broker.

9. **Educational Materials**: NAR will develop materials consistent with these practice changes.

These practice changes are to be implemented as soon as practicable, no later than the date of class notice, and are intended to last for 7 years after the class notice date.

This is not quite accurate. The settlement allows for offers of compensation to continue off of the MLS. This means that while such offers cannot be communicated via MLS platforms, they can still be part of negotiations and consultations conducted OFF the MLS.

https://www.nar.realtor/magazine/real-estate-news/law-and-ethics/the-truth-about-the-nar-settlement-agreement

Not much will change, agents will just need to get creative.

You gloss over the fact that this settlement will prohibit a requirement that sellers offer compensation to the buyers agent. In a sellers market, there will be no need to make this offer, even off MLS. You say "agents will just need to be creative" - do you really mean, they will just need to apply a heavy pressure campaign to sellers in order to get them to offer compensation off-MLS? If so, this would be regarded an illegal collusive tactic that will land you back in court, or at the very least, make you famous on Youtube when someone records you trying it. Good luck. I, for one, will never pay buyers agent commissions in a sellers market again.

+1

Listing agent: My fee will be xx percent to list your house. How much are you willing to compensate a buyer's agent
Seller: Nothing
Listing agent: ok, so did you want to take 2-3 percent off the list price? (Both laugh hard)
Seller: hahaha no.
Listing agent: Ok, so we will be working with an unrepresented buyer, or the buyer will have to pay a fee to their agent, in addition to the unprecedented prices, high rates, and escalations they are already dealing with. Or I'll try to rep both of you but it's not ideal bc of the natural conflict of interests.
Seller: Yes

This is a win for buyers how exactly?

It's not. It is a win for sellers. In the long run, when fee for service buyers agents become common it will be a win for buyers.

+1.

However, understanding this requires considering the long term, a grasp of macroeconomics, and critical thinking.... all of which "This is a win for buyers how exactly?" lacks or they would never have asked what they asked.

Economics as a disciple is pretty poor at accounting for emotion. Realtors are masterful at creating trust and compliance from home buyers/sellers.

This is especially the case when you have one Realtor who dominates a particular neighborhood. You saw all of your neighbors work with her, she lives in the neighborhood, seems so nice and has given back by sponsoring events and donating her time. If you live somewhere where 50%+ of the listings are from one agent, change will take a LONG time.

That one realitor thing works right up until someone uses a redfin agent and gets the same price as someone using the full service agent

[Anonymous]

Anonymous wrote:Economics as a disciple is pretty poor at accounting for emotion.

Price is a more powerful influence than the emotions a consumer feels for an agent "sponsoring events and donating her time". The numbers we're talking here are tens of thousands of dollars.

Are you even serious?

Realtors are masterful at creating trust and compliance from home buyers/sellers.

In a competitive market, real estate service providers would be more masterful at creating value for consumers, not getting them to "comply" based on the "trust" they've created through "donating time".

You comments speak to how dysfunctional the industry is.

change will take a LONG time.

That change may take a long time is evidence of how badly the market has been manipulated.