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Here's what you need to know about the recent NAR settlement: → Going forward (from mid-July 2024) buyer broker compensation can’t be listed on the MLS. → Sellers and their agents could still make offers of buyer broker compensation via off-MLS negotiations and consults (meaning seller-paid buyer agent commissions are still an option). → NAR also agreed to a new rule that would require MLS participants—specifically those working with buyers—to enter into written representation agreements with their buyers. What this means if you're a buyer: Buyers would benefit from buyer broker agreements, increased clarity regarding the services their agent provides, and more variable commission structures. What this means if you're a seller: Sellers may enjoy more control over commission negotiations, potentially leading to cost savings and more personalized service agreements. What this means if you're a real estate agent: Agents have an opportunity to showcase their value more transparently, potentially leading to stronger client relationships and a more tailored service approach. Have questions? Comment below or send me a message – I’m here to help! 𝐁𝐮𝐲 𝐰𝐢𝐭𝐡 𝐁𝐫𝐢 • 𝐋𝐢𝐬𝐭 𝐰/ 𝐋𝐨𝐦𝐛𝐚𝐫𝐝𝐨 914.907.9173 bri.lombardo@korman-realty.com LET'S PLAN YOUR NEXT MOVE®

🏡 Here's what you need to know about the recent NAR settlement: → Going forward (from mid-July 2024) buyer broker compensation can’t be listed on the MLS. → Sellers and their agents could still make offers of buyer broker compensation via off-MLS negotiations and consults (meaning seller-paid buyer agent commissions are still an option). → NAR also agreed to a new rule that would require MLS participants—specifically those working with buyers—to enter into written representation agreements with their buyers. What this means if you're a buyer: Buyers would benefit from buyer broker agreements, increased clarity regarding the services their agent provides, and more variable commission structures. What this means if you're a seller: Sellers may enjoy more control over commission negotiations, potentially leading to cost savings and more personalized service agreements. What this means if you're a real estate agent: Agents have an opportunity to showcase their value more transparently, potentially leading to stronger client relationships and a more tailored service approach. Have questions? Comment below or send me a message – I’m here to help!

Here’s what you need to know about the recent NAR settlement: Please note: This is a proposed settlement. The settlement is subject to court approval. If it is approved, the following is an outline of what it may mean to you. → Going forward (from mid-July 2024) buyer broker compensation can’t be listed on the MLS. → Sellers and their agents could still make offers of buyer broker compensation via off-MLS negotiations and consults (meaning seller-paid buyer agent commissions are still an option). → NAR also agreed to a new rule that would require MLS participants—specifically those working with buyers—to enter into written representation agreements with their buyers. What this means if you’re a buyer: Buyers would benefit from buyer broker agreements, increased clarity regarding the services their agent provides, and more variable commission structures. Who will pay the buyer agent: • seller. • buyer  • both What this means if you’re a seller: Commissions are and always have been negotiable. Sellers may now have more control over commission negotiations on the buy side What this means if you’re a real estate agent: Agents have an opportunity to showcase their value more transparently, potentially leading to stronger client relationships and a more tailored service approach. Have questions? Comment below or send me a message – I’m here to help!

Negotiating Commission and Closing Costs with the Seller Hey, Rockstar Realtors! 🌟 Ready to tackle real-life commission challenges like a pro? Join me in this session as we break down a recent scenario with Rhonda and dive deep into handling commission shortages and closing deals smoothly. 💼💸 💬 In our VIP buyer presentation, I discussed the 4% commission, but the listing agent's offer is only 2%. What now? Learn how to navigate this gap, ask for funds strategically, and close the deal without breaking a sweat! 💪💼 🚀 This isn't just a story—it's a lesson in the importance of the VIP buyer presentation. Learn the art of securing the deal, maximizing your commission, and creating satisfied clients! 🎓💰 🔥 Ready to level up your negotiation game? Hit that thumbs up, subscribe for more exclusive insights, and let's turn every deal into a success story! 🚀🤩 📌 Connect with Me: 📺 YouTube: @AnthonyThorntonSpeaks 💻 Facebook: @AnthonyThorntonSpeaks 🎵 TikTok: @AnthonyThorntonSpeaks 💼 LinkedIn: @AnthonyThorntonSpeaks 📲 Contact Information: 📞 Office: 470-210-6480 📩 Email: Info@AnthonyThorntonSpeaks.com 🌐Website: AnthonyThorntonSpeaks.com 🔔 SUBSCRIBE, LIKE, SHARE and hit the notification bell for more game-changing real estate tips and insights. Anthony Thornton Speaks LLC #NegotiatingCommission #ClosingCosts #RealtorNegotiation #ClosingDeals #CommissionShortage #RealEstateSuccess #VIPBuyerPresentation #NegotiationStrategies #RealtorTips #RealEstateMastery #DealClosingSecrets #MasterTheGame #RealEstateAgent #Commission #ListingAgent #AdditionalFunds #AnthonyThornton #CEOMogulMerch

I'm seeing lots of comments out there on the recent NAR settlement - particularly, agents with ideas about other places outside of the MLS that listing agents/sellers can post commissions. These comments are misguided and are missing the point: The DOJ doesn't want a unilateral offer of commission for the Buyer's Agent. They want Buyer's Agents to have to compete by negotiating directly with their buyer for a commission. Once the rate is agreed upon between the Buyer's Agent and the buyer, 𝘵𝘩𝘦𝘯 the buyer can request the seller cover the cost as part of the contract negotiation. In other words: the practice under attack by this suit and the DOJ isn't the seller 𝘱𝘢𝘺𝘪𝘯𝘨 𝘧𝘰𝘳 the BA commission. The practice under attack is when anyone but the buyer 𝘥𝘦𝘵𝘦𝘳𝘮𝘪𝘯es the BA commission and 𝘰𝘧𝘧𝘦𝘳s 𝘪𝘵 𝘶𝘯𝘪𝘭𝘢𝘵𝘦𝘳𝘢𝘭𝘭𝘺 to all BAs. What does this mean to you as an agent? Well, breathe a sigh of relief. Things can still operate largely as they always have. The difference will be: you talk to your buyer upfront and agree 𝘣𝘦𝘵𝘸𝘦𝘦𝘯 𝘵𝘩𝘦 𝘵𝘸𝘰 𝘰𝘧 𝘺𝘰𝘶 what your rate is. Then, you'll negotiate a seller concession/credit in the offer (I'm sure you've done this before already anyway) and some portion (or all) of that concession will go towards your agreed-upon commission. This will actually be a win for the experienced and highly professional agents who are good at conveying their value to their clients.

📝 New NAR settlement policy is in effect as of the 19th. Don’t panic—just keep these three points in mind: 1️⃣ You need an agreement with your buyer agent, but it doesn’t have to be exclusive or long-term. Negotiate the terms and shop for an agent you trust *before* shopping for a home. You may have to interview a few before you find the right fit. This is worth the time and effort. 2️⃣ Commission is negotiable, and now it’s written into the forms. Even though MLS doesn’t disclose the buyer agency compensation, it can still be negotiated in your sales contract. This is true even if the seller isn't proactively offering compensation. 3️⃣ Don’t forgo representation just to avoid fees—it could cost you in the long run. Skillful buyer agents know your market and can not only negotiate a deal for you that makes sense, vut also help with due diligence tasks that may keep you from making costly errors in your transaction

📝 New NAR settlement policy is now in effect, likely already in your market. Don’t panic—just keep these three points in mind: 1️⃣ You need an agreement with your buyer agent, but it doesn’t have to be exclusive or long-term. Negotiate the terms and shop for an agent you trust *before* shopping for a home. You may have to interview a few before you find the right fit. This is worth the time and effort. 2️⃣ Commission is negotiable, and now it’s written into the forms. Even though MLS doesn’t disclose the buyer agency compensation, it can still be negotiated in your sales contract. This is true even if the seller isn't proactively offering compensation. 3️⃣ Don’t forgo representation just to avoid fees—it could cost you in the long run. Skillful buyer agents know your market and can not only negotiate a deal for you that makes sense, but also help with due diligence tasks that may keep you from making costly errors in your transaction

A great link straight from the source. As mentioned, NAR has never set commissions. It is up to the real estate professionals and buyers/sellers to negotiate and agree upon a set amount. There have always been some that charge less for their services, and there are some that charge even more. The most important thing to remember is to protect your equity and choose someone who will go above and beyond for you. As a seller, you want someone who will get you the most amount of money in the shortest amount of time and walk you through the process. It also is a benefit to you as a seller if you have a buyer who is properly represented and keeping track of their financing. Buying and selling is a full time job, and we go above and beyond for our clients to ensure they have a smooth transaction with the least amount of stress. Contact Megan Lyons and I if you have any questions, and we will continue to update our network on the real facts as they continue to come out.

We want to update you on the recent changes announced by the National Association of REALTORS® (NAR) regarding broker commissions and MLS practices, effective August 17, 2024. Key Changes: 🔹 𝗘𝗹𝗶𝗺𝗶𝗻𝗮𝘁𝗶𝗼𝗻 𝗼𝗳 𝗖𝗼𝗺𝗽𝗲𝗻𝘀𝗮𝘁𝗶𝗼𝗻 𝗥𝗲𝗾𝘂𝗶𝗿𝗲𝗺𝗲𝗻𝘁𝘀: Offers of compensation between listing brokers, sellers, and buyer representatives will be eliminated from MLS. 🔹 𝗖𝗼𝗺𝗽𝗲𝗻𝘀𝗮𝘁𝗶𝗼𝗻 𝗗𝗶𝘀𝗰𝗹𝗼𝘀𝘂𝗿𝗲: Brokers must disclose compensation details to sellers, prospective sellers, and buyers. 🔹 𝗪𝗿𝗶𝘁𝘁𝗲𝗻 𝗔𝗴𝗿𝗲𝗲𝗺𝗲𝗻𝘁𝘀: Agents working with buyers must enter into written agreements before property tours. NAR members and MLSs have until August 17, 2024, to implement these changes. MLSs that opt into the settlement agreement must comply by September 16, 2024, to be considered released parties. For more detailed information, please visit NAR’s Settlement FAQs. (https://lnkd.in/eTbEdivy)

The agent's role includes communicating settlement agreement changes to the consumer population in the market area being served. It is the family and the agent's activity of collecting, organizing, and documenting information on the property that enables the operation of the Multiple Listing Service. The Multiple Listing Service packages and facilitates distribution of the information through a regulated online marketplace. The Multiple Listing Service needs a consistent supply of the agent collected information to have an online data product capable of attracting a large population of viewers. Through litigation the settlement agreement forces a policy that changes the way the Multiple Listing Service has operated up till now. The policy change: -Eliminates any requirement of offers of compensation on the Multiple Listing Service -Eliminates all compensation fields on the Multiple Listing Service -Prohibits the use of Multiple Listing Service data to provide a consumer facing online website to distribute offers of compensation. It is beneficial for the population in the community a real estate agent serves to have access to information describing this rapid change as an essential means to support future compliance. As a State of Wisconsin licensed real estate agent with Weichert, Realtors- Great Day Group I guide sellers through the varied steps of the real estate sales cycle. Call Louis Kutzke real estate agent at 608-432-4286 for assistance with selling property- serving Wisconsin Dells, Baraboo, Reedsburg, and Portage areas.