First Federal Lakewood’s Post

#Fee4Savings: Any buyer agent who is not ready to compete on price in the future is going to put homebuyer clients at a competitive disadvantage. See simple math in the example below. BONUS: Any resourceful DIY / DSIY buyer who wants to pay their real estate consultant "a la carte", as RealEstateCafe has operated for nearly 30 years, can enjoy a double victory for being self-reliant: Save money off the original asking price & Save money on a buyer agency fee you can propose! Hypothetical offer $496,500 offer $0 concession from seller (b/c buyer agent paid hourly or modest flat fee) ---------- $496,500 NET PROFIT to seller $495,001 would theoretically prevail over either offer in Doug's original scenario below but showing $496,500 offer to make the decision easier for the seller

Realtors don't want you to see this. Below is an example of how a free market will impact buyers and sellers in the future. It benefits both buyers and sellers. Buyers who negotiate with their agent will win bidding wars and sellers will keep more of their hard-earned equity. Consumers should RUN if their Realtor suggests that they should continue to offer money to buyer agents off the MLS.

The real estate industry is set for some big changes in how buyer's agent commissions are handled - but a lot of the headlines are misleading. 🗞️ A recent proposed settlement between the National Association of Realtors and several real estate companies will bring more transparency, but it doesn't set or reduce any commission rates. The key changes starting in July 2024: 💰 Sellers can no longer publish the commission offered to buyer's agents in the MLS listing, though they can still negotiate paying it. 📝 Buyers will have to sign written agreements disclosing compensation details before viewing homes with an agent. While seemingly small, these changes could have important implications for both buyers and sellers. For sellers 👷♀️ - It will likely still benefit sellers to offer commissions to buyers’ agents to get the most exposure for their home and the best offers possible. - If you’re selling to a buyer who doesn’t have an agent representing them, they’ll likely expect you to drop your price. For buyers 👨👩👧👦 - Agents must clearly disclose fees upfront, prior to showings. - If buying without agent representation, know that the listing agent is working in the best interest of the seller. - More often than not, you will be able to have sellers pay the commission so that your nest egg can go toward the down payment of your home. The changes don't forbid any commission structures - they just require more transparency around them. As a real estate professional, I believe this openness will ultimately build more trust with clients. Full blog post in the comments. ⬇️ Of course, there are pros and cons to consider. What's your take on these upcoming rules❓ I'm happy discuss how they may impact your real estate goals as a buyer or seller. #realestate #realestatecommissions #realestatenews #liveindenver #homebuyertips #homesellertips

With new realtor commission laws in place, commissions will no longer be advertised on Multiple Listing Services (MLS). While sellers can very unlikely offer to pay a buyer’s agent’s commission, that information must be privately offered rather than on the MLS or familiar sites such as Realtor.com and Zillow. The amount of the buyer’s agent commission will be negotiated between the buyer and their agent rather than with the seller. Second, buyers must sign a written buyer agency contract with their agent that clearly spells out how much the buyer’s agent will be paid for their services. This means that buyers will now have to pay their realtor out of pocket and negotiate the amount before even touring a home.

Misleading Media Statement #2: “US National Association of Realtors agrees to settlement ending 6% commission on buying or selling home.” Source: CNN headline (3/18/2024) What’s false about this? This statement promotes a false idea by implying that there is a standard or set commission rate sellers have been paying, which is not true. What are the facts? Commissions have always been negotiable. While there are "typical rates" I have seen over the past seven years that I am ethically not permitted to discuss in a public forum at this time, the fact is that different Realtors charge different rates. The rate the Realtor will charge is something that is discussed at a listing appointment. If the seller doesn't see the value in the Realtor's service for the proposed fee and the parties are at an impasse, the seller will most likely shop around for another Realtor or decide to sell "for sale by owner." What will happen if the settlement passes? If the settlement as proposed by NAR passes, commissions will still be negotiable, as they always have been. The difference is that the portion of the commission that has, for the past three decades, been offered as an incentive and compensation for buyer agents (an amount also discussed and agreed upon at a listing appointment) will not be permitted to be entered into the MLS as a detail for buyer agents to see there.  A signed buyer/Broker agreement will also become mandatory before a Realtor may show real estate property. This agreement will state the Realtor’s fee and exactly what the Realtor will do for that fee. ***** I hope this mini-series helps you understand how the real estate profession works and what changes you may see in the future. I remain a hardworking and dedicated real estate professional who is happy to help with your real estate needs. #NAR #realestate #realtors

No more one-size-fits-all commissions? The new settlement allows for negotiated rates between you & your realtor. New rules for buying and selling homes in 2024. Learn how this can benefit you! Read my latest blog here! https://lnkd.in/gf9BwJQW #Negotiate #realestateagents

   ** IMPORTANT READ ** Happy Monday all, here's what's changing which is now effective, and how changes can impact your deal, when buying or selling a home! As of August 17, 2024, home shoppers must agree on services and payment with the real estate agent who represents them before touring homes. If you're planning to buy or sell a home, here's what you need to know: If you're a buyer and your agent is using an MLS (Multiple Listing Service), you will sign a written agreement with your agent. The agreement will specify what services the agent will provide and how much you will pay. The agreement must be signed before you tour homes with your agent, either in-person or online. No written agreement is required to speak to an agent at an open house. Agent compensation for both buyers and sellers remains fully negotiable, as it has always been. Concerned about paying your buyer's agent? Your agent should be able to offer strategies. We expect sellers to pay the buyer’s agent commission in many cases, as was typical before the change. If you'd like to learn more about the real estate transaction process, please reach out to me at: 630.632.0671 and I'll be happy to help.

Attention Realtors and Buyers: BUYER'S MARKET IS HERE NOW...! Negotiating Real Estate agent’s commission fees could bring home prices down considerably. Critics say commissions were inflating home prices sometimes by tens of thousands of dollars. ...! JOIN ME ON THIS CLASS COMMING UP IN SPANISH IN OUR HIALEAH BRANCH. There WAS a cooperative compensation model rule where the MLS was allowing the seller to essentially set the buyer's commission side, but starting on August 17t, 2024, now buyers will be able to contract and negotiate those realtors' fees, they may very well be the same rate.” In a $418 million settlement, the National Realtors Association agreed to prohibit compensation offers on the MLS, allow consumers to negotiate compensation offer off the MLS and let sellers offer buyer concessions on the MLS, something like closing costs. BIG CHANGES COMING SOON IN REAL ESTATE.

Using a realtor when selling a home offers numerous benefits, such as higher sale prices, expert guidance, and peace of mind. Here’s why: ✨ Increased Sale Price: Homes sold by realtors often sell for more. According to the National Association of Realtors (NAR), the median selling price for realtor-assisted homes was 16% higher than those sold by owners. ✨ Market Expertise: Realtors have access to detailed market data, helping price homes competitively to attract serious buyers, optimizing sale prices. ✨ Marketing and Exposure: Realtors utilize extensive networks and resources, including Multiple Listing Services (MLS), professional listings, and various advertising channels, increasing potential buyers. ✨ Negotiation Skills: Skilled negotiators, realtors handle offers and counteroffers professionally, ensuring sellers get the best possible deal and navigating complex contracts. ✨ Staging and Presentation: Realtors advise on staging homes to appeal to buyers, recommending small improvements to enhance value and attractiveness. ✨ Handling Paperwork: Realtors efficiently manage paperwork, including contracts and legal documents, reducing the risk of legal issues. ✨ Time Management: Realtors coordinate showings, open houses, and appointments, saving sellers time. They handle inquiries and screen potential buyers for seriousness and qualification. ✨ Problem Solving: Realtors adeptly resolve issues like inspection problems or financing delays, preventing delays and keeping sales on track. Needing more proof? A 2020 NAR report found homes listed with realtors sell 9 days faster than those sold by owners. A 2018 study by Collateral Analytics showed homes sold through realtors netted sellers 6-7% more, even after agent commissions. Ready to sell? Contact us to connect with a great realtor! #cherrywoodre #okcrealestate #oklahomarealtor

Check out my latest Blog as I discuss some upcoming changes for Realtors who work with buyers.