In this episode of the Hyperfast show, Dan Lesniak discusses the recent antitrust settlement involving the National Association of Realtors (NAR) and its potential ramifications for real estate agents and the buyer agency model. The settlement, which proposes NAR to pay out $418 million over four years, aims to alter how real estate transactions are conducted, particularly in terms of buyer agent commissions and the visibility of these commissions within MLS listings. Dan emphasizes the importance of having a signed buyer broker agreement, a practice his team has always endorsed, which is now mandated by the proposed settlement rules. He details the changes in how buyer agent fees are to be disclosed and negotiated, moving away from MLS listings as a means to communicate offers of compensation from sellers to buyer's agents. This shift necessitates a more direct negotiation between buyer's agents and sellers or their representatives, potentially affecting how commissions are structured and disclosed. Dan advises agents to focus on enhancing their skills, reputation, and relationships within the industry to navigate these changes effectively. He concludes by encouraging agents to adapt to these new practices proactively, suggesting that those who excel in presenting their value to all clients and focusing on listings will continue to thrive in the evolving real estate landscape.
If you are ready to join eXp realty and would like Dan Lesniak and Keri Shull to personally sponsor you so you have access to two nationally recognized coaching programs text 703-638-4393.
Join Dan as he discusses:
- The National Association of Realtors (NAR) antitrust settlement and proposed rule changes for buyer agent compensation.
- The mandate requiring the use of signed buyer broker agreements, outlining the responsibilities of both parties and how the buyer agent is compensated, marking a shift towards more transparency in agent-client relationships.
- Changes in MLS listing practices that will prevent the universal disclosure of buyer agent commission offers, requiring direct negotiation for compensation between buyer's agents and sellers or listing agents, thus emphasizing the importance of agents' negotiation skills, reputation, and relationships.
WANT TO GET ACCESS TO ALL OUR HYPERFAST AGENT COURSES FOR A $1 TRIAL?
Click here for a trial membership in the Our Inner Circle.
KEEP UP WITH US HERE
Website: https://hyperfastagent.com
Instagram: https://www.instagram.com/HyperFastAgent/
Facebook: https://www.facebook.com/HyperFastAgent/
Twitter: https://www.twitter.com/hyperfastagent
LinkedIn: https://www.linkedin.com/company/hyperlocal-hyperfast/
OUR OTHER EXCLUSIVE YOUTUBE CHANNELS
The Keri Shull Team: https://youtube.com/kerishullteam
Dan Lesniak - https://www.youtube.com/danlesniak
THE BOOK THAT HELPED 10K+ REALTORS
https://amzn.to/2Mkm9Jp
GET DAN'S BEST SELLING BOOK FREE
https://bit.ly/3dbiH3q
INTERESTED IN TAKING YOUR REAL ESTATE BUSINESS TO THE NEXT LEVEL?
https://bit.ly/3eLG97Z
Making 40 Grand in 40 Days through Real Estate Wholesaling – With Zack Boothe
Be Clear and Consistent with your Personal Brand – with Elizabeth Averyanova
There is No Ceiling on Your Life and Career – With Sam Primm
Lotus Update with Tom Burns, Christian Mack, and Scott Ryan
Build Confidence with Experience and Knowledge – With Charlie Peavley
Be a Therapist for Your Customer – With Matt Easton
Build Higher Revenue through PadSplit – With Fernando Corona
Helping Leaders Build Confidence, Clarity, and Create Community – With Ken Joslin
Creating Captivating Videos to Get More Eyeballs on Luxury Homes – With Dylan Tent
Engage Your Investors Throughout the Process – With Marcin Drozdz
Finding the Silver Lining in any Market – With Maria Quattrone
Flipping on Steroids: Multifamily Investments – With Sunil Chillar
Finding Support from Your Real Estate Teammates – With Drew Wadsworth
Navigating a Shifting Real Estate Investment Market – With Jason Lee
The Time to Perfect Your Craft is Here – With Susan & Paul Kadilak
Curating Deals and Leveraging Your Network – With Matthew Baltzell
It’s Back to Basics in a Transitioning Market – With Tim Harris
Your Way to a 7-Figure Profit– With Jess Lenouvel
Tactics & Habits of an Elite Closer – With Cole Gordon
People-First Wholesale Investing — With Lauren Hardy
Create your
podcast in
minutes
It is Free
The Commercial Edge: Unleash the Power of People
The emPOWERed Half Hour
Aligned Money Show
Gorse Culture PODcast : The H.R. Detective Agency!
HCI Leadership Revolution
The Ramsey Show
Planet Money