Karina Demurchyan’s Post

Don't believe the wild claims about "the end of 6% commission" in real estate. Unreliable Internet sources misled the public when they claimed that the cost of representation for real estate transactions was mandated to drop due to the NAR class-action lawsuit settlement. In fact, the settlement does not relate at all to the cost of representation, just the method used in communicating cooperation and deciding who's paying buyer broker compensation. Learn more: https://lnkd.in/ewTZ7ji8 #brokercompensation #narsettlement #dcrealestate #dcrealestatecosts #payingyourdcagent #cooperativeompensation #buyerbrokercommission

Can you survive the squeeze from 2% commissions? The Download #Agent #Brokerage #Columns #MarketsEconomy #NewAgent

Brokerage Execs in real estate are speaking up. Why should anyone work for free in any industry? The Real Deal #realestatebrokerage #realestate #realestatedreams

Which brokerages will thrive in a post-NAR settlement world? Industry experts and analysts weigh in on how the terms of NAR’s settlement agreement will impact different brokerage models

Commissions, objections, spring: Inman’s Top 5 stories of the week #Agent #Brokerage #Columns #Service #Teams

From Redfin's CEO, Glenn Kelman: What’s Good for Consumers is Good for Redfin As a brokerage that was founded to offer consumers a better deal, Redfin believes any change that gives customers more clarity and lower fees will benefit not only those customers but also our business: Alone among brokerages, we’ve built our business to be able to thrive on low fees. Redfin charges customers a listing fee as low as 1%. For years, when we couldn’t directly set the fee we earned as a buyer’s agent, we still refunded part of that commission to our home-buying clients. Today, Redfin’s commission refund is now paired with a buyer’s agency agreement, and offered everywhere that commission refunds are legal. And we’re confident in the value our buyers’ agents offer: we have the highest proportion of top producers of any major brokerage. Settlement or no, other brokers are just beginning to compete on a front where Redfin has spent its whole life fighting. The most efficient competitor always wants a price war. No one is better prepared to market our customers’ listings directly to buyers. We run America’s largest brokerage site, with nearly 50 million monthly visitors. We’ve developed Redfin Direct, technology for capturing offers from unrepresented buyers. Now more than ever, every listing agent should want to work for us. Other brokers will have to adapt to a change that Redfin has fought to bring about: Rather than preparing for a decline in cooperation, traditional brokers have tried to say it will never come. In times of great change, the most agile, forward-thinking competitor wins. #NARSettlement #Redfin https://lnkd.in/gTj2mMuJ

NEW BLOG POST: Brokers Are Worth What They Get Paid Brokers are on edge following the National Association of Realtors’ settlement 🏡 which can dramatically impact the way people buy and sell homes and the commission structure for buyer brokers. Real estate brokers work on a commission basis, meaning they only earn their fee upon the successful closing of a transaction. This contingency-based pay structure underscores the significant risk brokers take on, as they could potentially invest hours of work without any guarantee of payment. 💼 ⬇️ Click below to read the rest, and feel free to share. #RealEstateBrokers #CommissionStructure #NARSettlement #BuyerAgents #RealEstateAttorney #IllinoisRealEstateAttorney #EricaMinchella #MinchellaandAssociates

Starting today, August 17, 2024, new practice changes related to broker commissions will be implemented nationwide to comply with NAR’s Proposed Settlement Agreement. The NAR’s new rules are set to transform how we handle compensation and buyer agreements. Key changes include: -No more offers of compensation on MLS platforms. -Buyer agreements are now mandatory for certain services. These changes aim to bring more transparency and fairness to the real estate market. Are you ready to adapt? For more details, read the full announcement:  https://lnkd.in/gSTeVzpv #RealEstateNews #NARUpdates #StayCompliant #CoBrokeIt

Which offer should a seller accept? The cash or mortgaged offer? Cash is King right? Generally, yes. There are fewer hurdles and cash typically transacts faster. Two thirds of my sales this year or currently under offer are in cash. However, not all mortgaged deals are slower, as a recent sale demonstrated. It took 10 weeks from agreement of Heads of Terms to completion with an incompetent finance broker replaced inbetween. This compares to a cash deal running concurrently that took 12 weeks. How was this possible? ➡ The buyer was motivated and credible. ➡ Both seller and buyer had a sense of urgency. ➡ The finance broker, lender, valuer and conveyancer on both sides executed their parts in a timely manner. ➡ All parties communicated when needed throughout. Reach out if you want to discuss a sale. ☎️: 07887 583 993 📧: chueli@whozoo.co.uk #property #propertyinvestment #commercialproperty #landlord #realestate #commercialpropertyinvestor #propertydeveloper

This definitely warranted a post. Over the recent few months I have had a few interactions with BDMs of Bridging companies and there is a vast difference between BDM and business approaches to new business deals. The easiest part of a transaction these days is sourcing the terms through the BDMs but post that there is a vast difference in service levels and outcomes. I had a recent auction purchase done with Mint Property Finance. I must admit just the name suggests they were definitely a breath of fresh air. Bit of a background - my client had to complete on an auction purchase 6 weeks from auction date and the previous Bridging lender was dragging thier heels around some enforcement issues of the council which were 30 years old. We had council and the planners confirm in writing there will be no action taken but still the lender was not interested and kept on putting it on legals. I kind of pleaded to them that this was a 30 year old issue and since then property has been sold and remortgaged multiple times with indemnities etc and that thier lack of common sense could lose the client £33,000 in deposit and auction fees but they just weren't interested. I decided after a lot of back and forth with the previous lender and our pleas falling on deaf ears to ditch them and jump ship at the 11th hour and try to salvage our client's heard earned monies and our relationship. I then got in touch with Paul Wertheim whom I had the pleasure to meet at the expo at NEC last month and explained the case to him. He asked me to send the case to him and his colleague Rubie Downes and she came back after speaking to her MD Andrew and she said they would look at it and express this case to completion. I must admit they were thorough professionals in handling this case which was pretty much a 48 hour bridge case as we had a 5 working day deadline. Fast forward 1 week and we completed on Thursday. This is a classic case of when lenders exercise common sense and actually put the client first and deliver on thier promise of positive outcomes for the client and that too in record speed. Great result for my client who could have easily lost £33000 but that's what we all focused on. This is how lenders create advocates wether they are end users or Intermediaries like us. Thank you everyone at Mint Finance. #gratitude #positivecustomeroutcomes #advocates #professionalandcommonsenselending #teamwork #acesinplacesatMintPropertyFinance