Joe Homs explains how the NAR lawsuit changed buyer-agent commissions. Agents now must verify compensation directly with listing agents before submitting offers, and should market themselves as a valuable 3% service. He recommends building a support team of lender, escrow, title officer, and transaction coordinator, and points to free training resources like CAR's tutorial and getrealestatetrained.com.
Chapters
Hello agents. I'm here to speak to you about the NAR lawsuit and what that means to you. The sky is not falling. In fact, this is the biggest realtor opportunity in years. The biggest change is that now you put all your buyers under contract. What now? Nothing has changed, but everything has changed. All buyer agents' commissions will go away. Some MLSs will implement a seller's concession box, but for the most part, you will need to call the listing agent each time. The first rule you must follow is to make sure you are going to get paid. You will need to contact the listing agent to see if any compensation is being offered and then send them the BRBC or SPBB form to sign and confirm before sending them an offer. Yes, there's more forms. Sorry, but that's the new system that we have. Once you get that back, you can send the offer. Learn how to market yourself and be able to explain to sellers and buyers why you are worth 3%. If you want to go on to the NAR website, they have 179 reasons why you are worth 3%. Google it. It's time that you become the professional you are. Agents should put systems and team members in place at the minimum, you will need a go-to lender, escrow company, title officer, and a transaction coordinator. CAR has put together a tutorial on BRBC form. The training starts out at $96, but if you log into CAR and use the promo code, it's free. Single property showing, exclusive or not, for no more than 3 months. Go to getrealestatetrained.com for more training on how to fill out these forms. Your Pelico transaction fees remain at $850 and it's your business. If you want to charge less for your services, that is totally up to you. Pelico is working to keep your fees as low as possible. We're looking into a white-labeled escrow company to offer those services. We are looking also to partner up with possibly one of the largest lenders in California to help you and your buyers. As always, if you have any questions or concerns, please contact me directly.
