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Originally Posted by BrianL99
Seeing as the TOTV is full of such experts on the NAR settlement and how it's going to impact real estate commissions, how about this?
What's to prevent Sally Love Real Estate (one of the larger brokers in TV), from adopting a policy of offering a minimum of a 2.5% "Buyer's Broker Commission" upon the sale of any home they List? I think that's how I'd do it, if I still owned a real estate office.
As long as they don't post that information on the MLS they are in compliance. [for those of you who are going to disagree that approach is compliant, I've attached a screen shot from the NAR site.]
BTW, one thing that everyone is forgetting about this settlement, is it won't be approved by the Court until November, 2024. Until November, we're in a sort of "trial run".
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Here is the issue I believe many sellers would have under the new ruling with hiring a broker that offers a buyer’s commission. The seller would be required to sign a contract with such a broker that would demand a 5-6% commission in order to pay the buyer’s agent. This is the way it has been done for decades and is what got the FTC involved.
I would never hire such a brokerage firm. I would never agree to a transactional agreement as I want my agent to work solely in my best interests. I believe that there will be an abundance of selling agents that will agree to a 2 1/2% commission. The buyers can choose for themselves if they want an agent, and pay for it. Again, time will tell.
I have attached an article that explains why the realtors are unhappy about the new ruling, yet suggests an upside. As you might have guessed, it all comes down to money. Imagine how unhappy the Pony Express was when the railroads started delivering mail. As a business owner (now retired), I learned very quickly that you either adapt to a changing environment or you perish.
Real estate agents are fleeing the field. Is that good for homebuyers? - The Washington Post