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The NAR Settlement and Future of Buyer Agency with Dan Lesniak
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In this episode of the Hyperfast show, Dan Lesniak discusses the recent antitrust settlement involving the National Association of Realtors (NAR) and its potential ramifications for real estate agents and the buyer agency model. The settlement, which proposes NAR to pay out $418 million over four years, aims to alter how real estate transactions are conducted, particularly in terms of buyer agent commissions and the visibility of these commissions within MLS listings. Dan emphasizes the importance of having a signed buyer broker agreement, a practice his team has always endorsed, which is now mandated by the proposed settlement rules. He details the changes in how buyer agent fees are to be disclosed and negotiated, moving away from MLS listings as a means to communicate offers of compensation from sellers to buyer's agents. This shift necessitates a more direct negotiation between buyer's agents and sellers or their representatives, potentially affecting how commissions are structured and disclosed. Dan advises agents to focus on enhancing their skills, reputation, and relationships within the industry to navigate these changes effectively. He concludes by encouraging agents to adapt to these new practices proactively, suggesting that those who excel in presenting their value to all clients and focusing on listings will continue to thrive in the evolving real estate landscape.
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Join Dan as he discusses:
- The National Association of Realtors (NAR) antitrust settlement and proposed rule changes for buyer agent compensation.
- The mandate requiring the use of signed buyer broker agreements, outlining the responsibilities of both parties and how the buyer agent is compensated, marking a shift towards more transparency in agent-client relationships.
- Changes in MLS listing practices that will prevent the universal disclosure of buyer agent commission offers, requiring direct negotiation for compensation between buyer's agents and sellers or listing agents, thus emphasizing the importance of agents' negotiation skills, reputation, and relationships.
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