Real Estate Commission Sharing Lawsuit | What Happens Next?

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? https://whylibertas.com/harris or text Tim directly 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://members.timandjulieharris.com 1. Don't panic. The judge has not yet ruled on what changes will be made to how Buyer Agency works. This case, as well as several more, will take months to be finalized. For most agents and brokers, there are no immediate changes to be made. Check with your broker and your own MLS to see if any modifications have been made. 2. Do the brokerages and NAR have the money to pay? The actual amounts will likely be smaller, due to the fact that not everyone in the class action will participate in the settlement. Additionally, there will be appeals that could change the ultimate outcome of these cases as well as settlement figures. REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris's favorite PROBATE LEAD PROVIDER? Simple, https://alltheleads.com/harris 3. What will happen as a result of these lawsuits and settlements? The most likely outcome : The listing contract will change to be more transparent. The seller will have a choice of what to pay the listing agent and what to pay the buyer's agent. There will be two different places to fill out on the contract. Some listing agreements are already like this. Hopefully, everyone (buyers, sellers, buyer's agents, and listing agents) will still agree that Buyer Agents have value. Because everyone is used to splitting commissions and sellers paying for both sides, there may not be any appreciable change to how things are done. Note: In July of 2022, The NorthWest MLS (NW as in 26 counties in the Seattle area) did exactly what we just mentioned: It made it very clear that sellers had flexibility in how much commission they would offer to buyer's agents. They made it more obvious in the contract, and in the MLS, and gave agents the ability to create their own custom commission agreements depending on the situation. It also prohibited the ability to search listings based on commission. 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/?aff_code=670699 What happened with that? Elite Coaching Client Brian Side (Seattle) explains it this way: "In most cases, sellers continue to pay the lion's share of the buyer's broker's compensation, however, that will be tested. Buyer brokers must be able to articulate a clear value proposition or their compensation will be grossly and immediately devalued. Some sellers have already offered zero compensation to buyers brokers in luxury properties based upon the attitude that if a buyer can afford an expensive property, then they can afford to compensate their broker, as well. Frankly, being prepared for all discussion points without fear, but rather facts, will win the day. Brokers must have multiple variations of the Seller Net Proceeds, and have actual evidence via the published MLS closed sales, failed sales, and time-on-market, that demonstrate the risk of low or no offered compensation. There is so much to know and do..."