Agent Apocalypse: NAR Lawsuit Threatens Buyers' Agents Existence

Real Estate Training & Coaching School

The National Association of Realtors agreed late last week to pay $418 million in damages, to settle the commission lawsuits. Additionally, NAR agreed to abolish the 'Participation Rule', which required listing agents to make an offer of compensation to buyer's agents.

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The settlement and rule changes will potentially change how future sellers and buyers transact with each other, and how agents will be compensated.

Today we'll discuss how these changes could change standard practices, and we'll talk about how to have effective conversations with your buyer and seller clients in this new environment. By the end of this podcast, you'll understand the facts of the settlement agreement and become immune to the dramatic (and incorrect) headlines flashing across your screens this week.

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1. What are the terms of the lawsuit settlement? Let's get the facts down. NAR's attorneys approved the settlement agreement a few days ago. It will get filed in court and will be subject to court approval in the next couple of weeks.

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2. Seriously, $418 million? The $418 doesn't get paid all at once. It will be paid over four years, and deposited into a trust account that the courts control.

3. What rules change for real estate agents and brokers as a result of this settlement agreement?

The settlement calls for NAR to be banned from creating or enforcing any rules that allow a listing agent to set the compensation for a buyer's agent. All fields that you're used to seeing list the broker compensation will be eliminated.

As a coaching organization, we have always, for years and years, over thousands of podcasts, and tens of thousands of coaching sessions, and our real estate career advocated for, coached, and taught agents and brokers to use a buyer-broker agreement.

In Premier and Elite Coaching, our coaching members have a turn-key, buyer presentation which results in a signed exclusive buyer representation agreement. Together with your state-promulgated legal forms, you have honest, ethical, and transparent agreements with the buyer clients you represent.

4. How do you comply with the new rules and still receive compensation for your hard work on the buyer side of the transaction? NAR states that buyer brokers have several ways of receiving compensation: a fixed-fee commission paid directly by the buyer, -home seller concessions, -or part of the listing broker's commission.