New Rules For Buyer Agents | Facts vs Fiction You Must Know

Last Friday, March 15th, The National Association of Realtors announced they had reached a proposed settlement for the commissions' lawsuits. Let's examine what happened and what it means versus what the media and social media tell you. 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 It's also worth noting that some agents are exacerbating the issue by plastering TikTok and YouTube with drama and speculation. Today's podcast will help you navigate the wilds of real estate, armed with FACTs, not FICTION. Let's start with the fiction, courtesy of the major media, delivered promptly to your inboxes and social media: 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/ From the New York Times: “Powerful group agrees to slash commissions to settle lawsuits.” CNN Wrote: "The 6% Commission on buying or selling a home is GONE after Realtors' Association agrees to seismic settlement." MSNBC weighed in with this headline: "The NAR real estate settlement could make your next home more affordable." And CBS News: "National Association of Realtors to cut commissions to settle lawsuits." 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/ Can you explain what's wrong with these headlines? All four of them are wrong. Why? Let's straighten out some Fact-based talking points for you, so your weekend conversations with prospects, clients, open house attendees, and media posts can be positive and productive. REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris's favorite PROBATE LEAD PROVIDER? Simple, alltheleads.com/harris Facts About The Settlement: Fact #1: The National Association of Realtors agreed to pay $418 million to the plaintiffs. The settlement allows for 4 years to pay the amount. Yes, NAR can afford this. No, this is not 'cutting out of commissions' as the headline implies. Fact #2: NAR will prohibit offering/publishing buyer's agent commission rates on the MLSs. This is big news because commissions were previously required to be listed, even if the amount was only $1. The change is supposed to take effect sometime in July. Just because commissions can't be advertised in the MLS does not mean they are 'going away'. Fact #3: Sellers still have the option to pay all or some of the buyer's side commission; it just has to be advertised, offered, and negotiated outside of the MLS. The headlines will have you believe that the commission is universally eliminated. Fact #4: We've focused on this one this week because it affects you the most: Buyer's Agents will be required to have a signed Buyer Representation Agreement before they can show their clients anything listed on the MLS. Before, it was highly recommended (and coached by us forever), but now it's going to be a requirement. Fact #5: You will no longer be required to be an MLS member to collect real estate commissions.