Aloha! In this discussion, we cover a major shift in the industry that has an expected implementation deadline of July and what it means for consumers.
Discover what the National Association of Realtors (NAR) settlement means for homebuyers and agents alike. We'll break down the buyer representation agreement / buyer representation contract and explain how compensation for buy-side real estate agents is currently and how it might look. We also discuss some current foreseen issues with this change and how it could affect VA loans in particular.
When engaging with any professional, it pays to make sure they're as good as they say they are. Real estate is no different. The average homeowner buys a new home once every seven years. Homebuyers that self-represent have a much higher failure rate than those paired with a realtor - there are just so many things that can go wrong.
Having someone with experience on your side that is up to date and knows the process in and out can be the difference between spending too much on a house that you hate and finding your forever home.
Stay informed and make smarter real estate decisions by understanding these critical changes. Don't forget to like, comment, and subscribe!
00:00 Intro
00:30 What is the NAR Lawsuit?
04:08 The Buyer Rep Contract - What Is It?
09:50 Hawaii RE Agent To Transaction Ratio
11:40 Why New Agents Start On Buy Side
13:00 Lawsuit Effects On Real Estate Industry
16:05 How Does The Buyer Rep Agreement Work?
17:48 What Should Consumers Expect?
20:56 How Does Sell-Side Compensation Work?
27:00 How Do Buyer's Agents Get Paid?
28:15 How Will It Change In July?
32:50 The Industry Shifts
34:56 VA Loan Limitations Example
36:11 The Coming Months
38:10 Buyers Self-Representing - And Potential Issues
43:41 The Value Of Professionals
46:45 Listing Agent Perspective Of Self-Representing Buyers
48:18 The Value Of Realtor Relationships
49:30 Art Of Conversation
51:15 Will Commissions Go Down?
56:49 In Summary
58:50 Going Forward
1:00:25 Outro
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Scott Startsman | RS 62384
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