Buyer Representation: What You Need to Know, with Patti Ketcham
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- Опубліковано 16 вер 2024
- Patti Ketcham, one of the most sought-after instructors for real estate continuing education, discusses upcoming changes to the real estate business after the NAR settlement. In this webinar you will learn:
• How we got to where we are and why
• What's required as of 8/17
• To understand Florida “agency relationships” and Buyer Representation
Forms: Buyer Broker Agreements, New Compensation Agreements, Showing Agreements
➡️ FORMS, RESOURCES, WEBINARS AND MORE from Florida Realtors at floridarealtor...
Ocala FL, Patti you covered so many of the points and questions I had!! After your presentation I feel so much better and educated about all this. THANK YOU!
You were Made to teach! LOVE your style. And you are soooo competent!
So helpful and normal. Thank you Patti!
Your truly amazing Patti-Thanks very much for going over this for ALL of us thats very detailed and easy to understand -Great Job !
Patti, I appreciate everything you taught here/ I now feel that I can move forward with my business.
I really enjoyed this Patti. Thank you
Great video and explanation. Thank you for taking the time to explain all that you did.
Patti, thank you so much. Excellent recommendations.
Started real estate when books were the source of finding listings and appointments LOL. I lot changes since then, lots of adjustments and still kicking. Thank you Patti
“Buyer instructs realtor to only show properties where buyers representative compensation is paid through the listing office or the seller”
Great video! Did you figure out how to insert that one sentence into the pre-showing agreement? Cause that was MY favorite form as well. And for me, its always been about talking and explaining ALL these things. Ill bet if more Realtors explained compensation, commissions etc to their seller's before they sign a listing agreement AND if more Realtors explained the entire transaction process to their clients in general, a lawsuit and "New Rules" would not have happened. Communicate!
Watching from West Palm Beach, Lea Taylor, LPT Realty, LLC
I thought we could take less as a buyers agent than is on our agreement but we couldn’t modify to take more. I need clarification 😮
Isn't the Compensation Agreements the same thing in the compensation section of a Listing Agreement?
Please get in touch with the Florida Realtors FREE Legal Hotline: floridarealtors.org/legal-hotline
NAR just turned their back on their own Realtors by agreeing to this stupid settlement. What a mess
Question... Can we add an addendum to the buyer's agreement stating that "All offers submitted to sellers will have a contingency in the additional notes section of the offer contract of: " __% commission is to be paid to the buyer's agent out of seller proceeds at closing"??? That might take the fear out of signing the buyer's agreement. I don't believe offer contingencies can be governed by NAR or the DOJ. Am I wrong? But would the addendum or separate agreement be allowed?
Please get in touch with the Florida Realtors FREE Legal Hotline: floridarealtors.org/legal-hotline
@@FloridaRealtorsTube I am a Non-NAR member Thompson broker, so I don't believe I have access to the hotline. Can someone else here ask the hotline? It seems like a good solution for apprehensive buyers.
@@FloridaLivingFun That is an excellent question! I should have thought of it myself! Next time Im talking to the hot line I will ask.
Smart buyers will go directly to a listing agent. Why pay 2 or 3% to a buyer broker when you can save it and go directly. Have a lawyer review contract for a few hundred. The listing agent can be a transaction broker and represent both as per law. Buyer brokers will be out of business in 6 months
So many reasons. #1 is that listing agents aren’t going to double their workloads for free and they are not going to represent the buyer.
You do realize this is something you could have always done, there’s nothing about this agreement that changes that. Buyers could always go to the listing broker, they don’t do so, because buyer brokers act as a fiduciary for the buyer. In addition, in my experience, it’s pretty rare for the buyer just to like the first house that they see. And just give you an idea of some of the value that buyer brokers can bring, in my last transaction we were able to negotiate the list price down $22,000 in addition, I picked the buyer up from the airport took them to lunch, showed them several properties talked in depth about each area ran comparative market analysis on each home gave advice under negotiation for homes. They were interested in. Talk them through financing, talk through. Their emotions, was a sounding board in addition to setting up all the maintenance work and actually going to the properties since the buyer is out of town while we were getting estimates, talking through estimates and repairs that might have needed to be done. All I probably spent over 120 hours on it. And also let me tell you listing agents can be difficult to get a hold of, in addition they ain’t gonna do any of that work for free either and since they represent the seller, they are going to be less than willing to negotiate with a buyer. They’re not even sure is qualified..
You thought the process of looking for a home was difficult now? Go ahead and use your theory and see how much more impossible it becomes.
While going directly to a listing agent may not happen often, it could happen. For instance, when a seller refuses to pay any type of compensation or the amount of the compensation being considered is way below what that Buyer's Agent is willing to accept for her services and the buyer cannot pay it, it is my understanding that the Buyer's Agent can withdraw from the transaction. In this case, the buyer could potentially ask the Listing Agent to represent him agreeing to pay a minimal fee, which the LA may accept since she is already getting paid her full compensation from the seller. Yes, she'd have more responsibility and more work, but also more compensation and a sale! Can you see this happening?