What the NAR Lawsuit settlement means for you.
As you may have seen, many major media outlets dropped click-bait articles regarding the NAR lawsuit settlement.
You can say it’s been a clusterf*ck since.
At first, I didn’t want to really address it, because majority of the time what I experience isn’t what my clients experience. Majority of my clients aren’t immersed in real estate & don’t hear (or care) what’s happening on the backend. And then it got worse!
Here is what you need to know:
Commissions have always been negotiable and will continue to be. It’s hard to understand where the misunderstanding stems from, but this isn’t a new change.
Buyer Broker commissions can, and will still be offered. They will not be marketed in MLS, but can be LITERALLY anywhere else.
One way I am pivoting is by creating personal websites for every listing. This will allow more control on marketing listings in a way that provides the most exposure, while also providing all information needed easily for buyers and their agents. And easily sharable!
Who you hire will matter more than ever.
And while I’ve spent the past 10 days digesting disturbingly angry opinions about realtors being glorified door openers (lolol), I’ve also done these things -
+ Saved a buyer $35,000 on the purchase of their new home, not including the repairs completed by the sellers.
+ Connected a new buyer to a lender that laid out a full plan to get her ready to buy later in 2024.
+ Strategized a solution on a short appraisal that worked for both the seller and the buyer, keeping the transaction together.
+ Ran two CMAs for two sellers that felt stuck in their current home, but now have options to move by using their home equity and keeping a monthly mortgage payment close to what they’re currently paying. One upsizing, one downsizing.
+ Stepped in for a friend relocating from one state to another, because the original agent assigned to help her…unfortunately wasn’t.
You deserve an extraordinary agent. Hire accordingly.
Real estate has always been an optional service, and will remain so. I have represented buyers purchasing from For Sale By Owner, and I have experienced many sales with an unrepresented buyer.
Majority of them were more stressful, generally because one agent means, one person absorbing the emotion that happens during real estate transactions.
AKA: one punching bag, two fists.
My job as your agent is to make the experience as smooth and enjoyable as possible. Not all moves are for fun reasons. This means my goal is filter most of the crap that happens in the journey so you experience the least amount of stress possible.
As cliche as the saying is, you can represent yourself in court but you probably won’t win.
How your buyer agent is paid could change.
Currently, an agent is not paid until the transaction is closed and funded. This means it does not matter how long you work with someone, you are not paid unless they close.
When working with a buyer, we cover our time aka hourly rate, gas money, wear & tear on our vehicles, and all other expenses. When working with a seller, this means covering photography, marketing materials, signage.
This change opens the door for agents to adjust the structure of how they are paid, including the ability to now charge a retainer to cover some of those losses.
What this won’t do:
1. Make buying a home less expensive for you.
This goes back to simple economics, AKA supply & demand.
Regardless of what is happening as whole in this industry, DFW remains strong, steady and growing. We still are experiencing a lack of supply, and companies keep pouring in.
What matters right now is interest rates. If these come down, as they are expected to, demand will only increase.
2. Get rid of Buyer’s agents. Just trust me, okay?
I am excited because changes like these result in better experiences for everyone, and that is what is most important. No matter what you hear online or on TV, it's business as usual over here.