NEW RULES: Buyer Agency, What You Must Know NOW (Part 2)

PART TWO:

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

6.  You DO have to be transparent and very specific about the compensation part of your agreement!  

As per the proposed settlement, any compensation received by an agent or broker must be clearly specified in the written agreement with the buyer.

The agreement must outline the exact amount or rate of compensation to be received or provide a method for determining this amount. However, the compensation must be "objectively ascertainable" and cannot be left open-ended.

For instance, stating "buyer broker compensation shall be whatever amount the seller is offering to the buyer" is not permissible under the settlement terms. (Don't be lazy and try to use this as a catch-all phrase). It won't fly.

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/

Furthermore, the settlement stipulates that the compensation received by an agent or broker for brokerage services cannot exceed the agreed-upon amount or rate outlined in the buyer agreement. This means that if your agreement specifies that you're charging $1500 flat fee, but the listing your buyer wants has a 3% buyer commission included, you still make just the $1500.

REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris's favorite PROBATE LEAD PROVIDER? Simple, alltheleads.com/harris

It's important to note that brokerages are not restricted to having only one agreement with a buyer.

The Frequently Asked Questions (FAQ) section clarifies that NAR policy does not dictate the components of a contract. The FAQ emphasizes that compensation remains negotiable and should be discussed and agreed upon between MLS participants and the buyers they represent.

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/

6.  How long do agents have to make these changes?

-Until August 17th

7.  Who will be enforcing the changes?

-Individual MLSs are responsible for enforcing these rules.

8.  What about buyer clients and seller clients and our existing agreements through the transition?

-Local MLSs will require either new contracts or amendments by August 17th. Pay attention to what's being required and make sure you're compliant.

8.  What should you do NOW in anticipation of these requirements?

-Join Premier Coaching so you can have (and use) a BUYER PRESENTATION which results in a signed agreement with your buyer clients.

-Be able to articulate your value with confidence, showing specific unique selling propositions and offer much more than a buyer can find on their own using online resources.

-Remember that knowledge = confidence and ignorance = fear, so stay informed, stay motivated, and get into action!