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
Mastering Marketing Fundamentals with Michael Rivero
Building Beyond Boundaries with Andrew Perrie
Working with First Time Home Buyers
Real Estate Team Models in 2024 with Dan Lesniak
How to Negotiate Low Offers with Dan Lesniak
The Right Way to Do a Broker Open with Dan Lesniak
Setting the Right Buyer Expectations with Dan Lesniak
10 Ways to Find Off Market Deals with Dan Lesniak
Reviving Stagnant Listings with Dan Lesniak
Million Dollar Tactical Lessons with Keri Shull
Mastering the Art of Social Media with Jeff Pftitzer
Mastering the Market: Strategies from Top Real Estate Leaders
Rising Star in Real Estate: Kacie Anderson’s Journey to Success
Unlocking Financial Freedom with Brian Carruthers
Jamie Bascom: One Hire Away
Freddie Sahar: Unlocking More Deals from Your Database
Keri Shull’s Blueprint for Real Estate Success: The Power of Precise Goal Setting
Beyond the Commission Check: How Matt Plumer Helps Agents Build Wealth
From Slopes to Sales: Athena Brownson’s Journey
Beyond Posting: The Art of Social Prospecting with Dan Lesniak and Michelle Berman
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