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Are Buyer's Agents Going to be Put Out of Business? DOJ says, got to change
Manage episode 326273652 series 3314144
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The Department of Justice is in oral arguments right now attempting to break the offered compensation from listings agents (paid by sellers) to buyer's agents. The DOJ's argument is those business models that charge and promote 6% commission controlled by the listing agent is an anticompetitive business practice. The DOJ points directly to founder of Keller Willians, Gary Keller, as the lead promoter of this sham of the American people. If the DOJ prevails buyer's agents may have to get paid differently. Maybe some combination of the seller, the listing agent: but more likely than not - from the buyer or possibly through buyer incentives or seller concessions. Keith Robert Gordon founder of Altru Realty believes even if the DOJ prevails the buyer's agent role will remain, and the thinking should be "my fee" will get paid at "closing": meaning that buyer's agents must learn how to offer their services for a "fee" just the way listing agents have to overcome at times explaining 6%. Keith explains the logic and what to be prepared for.
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