Thank you Mr. Travis....without your videos i would have never made it through my exams. I appreciate you making this video. The buzz sentence put in all educational realtor updates seem to be buyer concessions. I have always prided myself in explaining to a seller how their commission payment to my firm will be shared if a different agent brings a buyer. I like transparency. As daddy always said..'time will tell' how it all shakes out. Thank you again for all you do!
Thank you Travis. I am the Broker for a RE/MAX office at Snowshoe Resort in West Virginia, and one of my agents sent your TravTalks to me. You explained this current NAR lawsuit so well and made what has been 'clear as mud' into something much more understandable, relatable and not as horrific as some agents are feeling. All of my agents will watch this, and we will discuss over a lunch meeting this week. I greatly appreciate you. Thanks again. Marty Giddings
You’re an awesome teacher!!!!! If everyone takes your class they will understand Contract Laws, Antitrust Laws, Fiduciary Relationship etc. To those thinking of being a Broker please please please take his course. You won’t regret it at all. Tell my Baby Daddy I said hello uncle Trav.
My biggest issue is having to have a buyer agency agreement signed before we can even unlock a door. Kinda like declaring you’re going steady before a first date for some potential buyers. 😂
I love Travis Everette! You got me thru my licensing classes years ago with your youtube video and I will be forever grateful. This morning we had our sales meeting and guess what? Part of this video was played (math part) and it was SO helpful. I just watched the whole thing and you position on this is very reassuring. Thank you very much and if you are ever in Wilmington and need anything, let me know!
Thank you Travis! The side by side explanation was such a big helper. It's much better than all the articles on CNN or the other business outlets driving somebody into franzy that just start out like me, and worrys if this is the right profession after all now. Wish I had found you earlier, your lesson videos are great!
This is the best of the best right now. Thank you so much for laying it out as it truly is. There is definitely going to be an adjustment period, and there definitely will be winners and losers, but in the end buyers will still buy, and sellers will still sell, and I will still be here to help them accomplish their goals in the most efficient and cost-effective way.
Hi Travis 👋 Hope you're doing well. We were having this same discussion last night at dinner, and we were saying the same thing! If anything, agents/ realtors are now forced to negotiate how everyone in the transaction will be compensated. I embrace this because it allows ME to communicate to my Buyers and Sellers the value that I bring to the table and if this is communicated early from day ONE, it becomes a non-issue. Great talk Travis, see you in early April for the Gen-Up CE class ❤ -Lisa Your #1 biggest fan!
Thank you for addressing this situation, Travis. I'm a Realtor in Georgia. We already practice having the buyer sign a BBA. The huge concern/discussion is who is responsible for the buyers agent commission now? Since I've entered RE(21) I've heard brokerages tell buyers "we work for free" or " Our services won't cost them anything" and because of that sales pitch a lot of buyers agents bad/good made a lot of easy money. After this class-action agents now feel like that guaranteed commission from the seller will now have to be negotiated between the BA and their clients who might already be struggling with other transactional cost.
Doesnt matter what tbe practice was. The compensation needs to be defined in the agreement before hand. Its seems your point was defend tbe industry in ga. Im sure ga is one of the worst states fixing commisions.
Thanks for responding but Actually I don't agree at all with GA,s practices. Which is why I'm going back to HR lol. You have no idea how many brokers i had to debate about that sales pitch they used and the fact that here in GA buyers feel entitled to having sellers helping them purchase the house. So absolutely not, I DO NOT agree. Which is why i stated the question the way i did. I agree with you whole heartedly "everything" should be discussed up front especially compensation with both sides of the transaction not just the seller. The stories i could tell you, i wouldn't be surprised if GA RE practices are one of the many reasons this lawsuit took place@rocar38
Thank you for speaking out about this topic! As a fellow Realtor in the Charlotte area, we have to subscribe to NAR for MLS access. This provided a very good context in the mist of the chaos circulating.
Travis I recently got licensed through you, and after hearing about this settlement I was feeling a little disappointed by what others have been saying about it. It seemed like I might not have the same opportunities as new brokers before me because no one will pay buyers agents anymore. Thank you for clearing the air. You are the man!
I don't think it will impact Real Estate agents if they are practicing by the laws that are set by the RE commission in NC at least. In my opinion it enforces the rules about monopolizing the fee amounts put forth by the NC RE commission...
You did an excellent job explaining this, looking forward to seeing how this will all settle. I think more transparency will only improve real-estate on both the buyers and sellers side.
You can speculate all you want but out here in the real world I just had this happen. Two weeks ago I had a listing appointment with some sellers. They agreed to a commission amount that would be a split equally. As result of the shit show in the national media, they called me up this morning wanting to cut both sides of the commission in half. Do you see what I’m saying? This has real world implications!
And you can continue to whine and howl at the moon or accept that as a professional you're always going to need to be a problem solver and learn how to have real and tough discussions with your clients. The arrogance of assuming I'm not in "the real world" is staggering. How about having a mature conversation with those clients and explaining to them why your fees are what they are. If they don't want to pay them, then you aren't a good fit to represent them. That's not different than it was a week ago or a year ago. It is incumbent upon us all to step back and be the professionals here. Explain what part of the new rule affect them and what parts don't. Explain your fee structure and why it is what it is. That's all any of us can do.
Here’s my question. How are VA buyers and low middle income buyers who cannot afford to pay an agent going to be represented if a seller won’t pay for that buyer agent??? That’s the BIG Question
Those are very legitimate questions that will have to be answered. I say as much in the video. Lots will need to change about underwriting guidelines to address those issues.
Thanks, Travis! Helpful, as always. I’ve heard this could impact home prices. That doesn’t make sense to me. Thoughts? And it seems the max seller contribution might have to have a higher cap for certain loans? Thoughts on that? Thank you!
I dont think pricing will be impacted. People who see that are taking some simplistic approach that somehow commissions will drop and therefore sellers will drop pricing. I just don't see that. You are 100% correct about underwriting guidelines needing to be adjusted...and I'm quite sure they will be.
@traviseverette I’d like to know your thoughts on the local Realtor associations having ownership and control of the MLS systems we all rely on so heavily. Doctors and dentists don’t HAVE to join their associations, but it’s nearly impossible to conduct real estate business without MLS access. The fees are ridiculous. I SO wish the two would be decoupled. 😠
Thank you for a great talk! What/how do you feel unrepresented buyers looking to gain access to homes listed by seller agents will look in the future?!
I think there will be an increase in the number of buyer who attempt transactions unrepresented. Notice I said "attempt". I think many will rapidly find that dealing directly with a dozen different listing agents to schedule appointments to view will be unwieldy and a pain in the butt. This also doesn't begin to address those unrepresented buyers having virtually no resources for guidance and advice. Ultimately, I think the lion's share of buyers will return to buyers agents.
Hi Travis, Sellers will tell the buyers that they pay their own real estate fees. That's what this lawsuit is all about. Sellers paying the commission of the buyers. Time will tell how this comes out in the wash.
You can sign a buyer broker agreement all day long explain your worth all day long. Here’s the bottom line the vast majority of buyers cannot pay for an agent. They barely have the money for closing costs. How are you going to handle that?
Aren’t there limits on the amount that can be credited back to the buyer? That could limit whether that number can go to buyer’s agent vs. loan origination. Your explanation is the best I’ve seen so far! Go Heels!
@@traviseverette I think that is inevitable. VA loans have created a way to even work competitively here. FHA could also be a challenge. I personally then there were already so many conflicts of interest in the process. Also, there are efficiencies we can gain. For example, open houses seem to be attended by neighbors wanting to see the house. They’ve become a marketing tool for listing agents to find future sellers. This is being paid for by the current seller, which is absurd.
It is time to start requiring a retainer to show buyers property. If they don't have $2000 in cash for my broker to hold then we don't go look at homes. If no purchase happens in the first 6 month, I charge $75 each house $25 an hour for researching and remove that from the refund. And done!
It's really not going to change anything for us realtors with integrity. But, we all know those realtors out there for themselves and they will offer sellers 3% to list just to get the listing, not explaining the importance of offering the buyer's side commission.
Allie, sellers won't be making blanket offers of compensation any longer in most cases. I think the appropriate conversations will be much more along the lines of "this is what we charge for our services to list your home. This does not include any compensation for the agents who bring a buyer to your home. That might be asked for and negotiated as part of an individual buyer's offer"
Problem is that they are putting a firewall against the seller by not letting buyer agents know if they are getting paid by the seller, and this is basically where the agents look for information on (MLS) so this is a big issue. This will impact commission because a buyer will ask his agent ok how much money will this cost and you will say for the $1,000,000 house i want 3% and he will say no way i only have 200k to put down i am not going to pay 230k and you will say ok how much can you pay and he will say $1,000 and that buyer will go bankrupt because he wont sell 2 homes per week, lol, now the seller, will have a smaller pool of people pushing his home.....this is another issue, then if buyers go by themself they will get steam rolled by their selling agent. the owner will say now you work for me i hired you. we can go on and on why there are issues....
Since the proposed rule changes all are targeted at buyers, I dont think it necessarily will. I wouldn't be surprised, however, if cobrokerage compensation for rentals was also removed from the MLS.
Hello I have a registered LLC and working as a real estate marketing wholesale specialize I am a foreigner not living in USA So can you share details or any stuff related to me How i can get license as an agent?
Thank you Mr. Travis....without your videos i would have never made it through my exams. I appreciate you making this video. The buzz sentence put in all educational realtor updates seem to be buyer concessions. I have always prided myself in explaining to a seller how their commission payment to my firm will be shared if a different agent brings a buyer. I like transparency. As daddy always said..'time will tell' how it all shakes out. Thank you again for all you do!
Thank you Travis. I am the Broker for a RE/MAX office at Snowshoe Resort in West Virginia, and one of my agents sent your TravTalks to me. You explained this current NAR lawsuit so well and made what has been 'clear as mud' into something much more understandable, relatable and not as horrific as some agents are feeling. All of my agents will watch this, and we will discuss over a lunch meeting this week. I greatly appreciate you. Thanks again. Marty Giddings
So glad it was helpful Marty!
TRAVIS! I PASSED MY EXAM TODAY! literally all thanks to you ❤
You’re an awesome teacher!!!!! If everyone takes your class they will understand Contract Laws, Antitrust Laws, Fiduciary Relationship etc. To those thinking of being a Broker please please please take his course. You won’t regret it at all. Tell my Baby Daddy I said hello uncle Trav.
My biggest issue is having to have a buyer agency agreement signed before we can even unlock a door. Kinda like declaring you’re going steady before a first date for some potential buyers. 😂
I love Travis Everette! You got me thru my licensing classes years ago with your youtube video and I will be forever grateful. This morning we had our sales meeting and guess what? Part of this video was played (math part) and it was SO helpful. I just watched the whole thing and you position on this is very reassuring. Thank you very much and if you are ever in Wilmington and need anything, let me know!
Thank you Travis! The side by side explanation was such a big helper. It's much better than all the articles on CNN or the other business outlets driving somebody into franzy that just start out like me, and worrys if this is the right profession after all now. Wish I had found you earlier, your lesson videos are great!
Glad it helped you with a different perspective.
This is the best of the best right now. Thank you so much for laying it out as it truly is. There is definitely going to be an adjustment period, and there definitely will be winners and losers, but in the end buyers will still buy, and sellers will still sell, and I will still be here to help them accomplish their goals in the most efficient and cost-effective way.
Hi Travis 👋 Hope you're doing well. We were having this same discussion last night at dinner, and we were saying the same thing! If anything, agents/ realtors are now forced to negotiate how everyone in the transaction will be compensated. I embrace this because it allows ME to communicate to my Buyers and Sellers the value that I bring to the table and if this is communicated early from day ONE, it becomes a non-issue. Great talk Travis, see you in early April for the Gen-Up CE class ❤
-Lisa
Your #1 biggest fan!
Love it Lisa!
Thank you for addressing this situation, Travis. I'm a Realtor in Georgia. We already practice having the buyer sign a BBA. The huge concern/discussion is who is responsible for the buyers agent commission now? Since I've entered RE(21) I've heard brokerages tell buyers "we work for free" or " Our services won't cost them anything" and because of that sales pitch a lot of buyers agents bad/good made a lot of easy money. After this class-action agents now feel like that guaranteed commission from the seller will now have to be negotiated between the BA and their clients who might already be struggling with other transactional cost.
Doesnt matter what tbe practice was. The compensation needs to be defined in the agreement before hand. Its seems your point was defend tbe industry in ga. Im sure ga is one of the worst states fixing commisions.
Thanks for responding but Actually I don't agree at all with GA,s practices. Which is why I'm going back to HR lol. You have no idea how many brokers i had to debate about that sales pitch they used and the fact that here in GA buyers feel entitled to having sellers helping them purchase the house. So absolutely not, I DO NOT agree. Which is why i stated the question the way i did. I agree with you whole heartedly "everything" should be discussed up front especially compensation with both sides of the transaction not just the seller. The stories i could tell you, i wouldn't be surprised if GA RE practices are one of the many reasons this lawsuit took place@rocar38
Incredibly helpful. Thank you very sincerely for taking the time !!
Travis, You always have such words of wisdom, thank you.
Thanks Travis, you have a fantastic/really down to earth way of explaining things. You are a great teacher and speaker!!!!!
Thank you for speaking out about this topic! As a fellow Realtor in the Charlotte area, we have to subscribe to NAR for MLS access. This provided a very good context in the mist of the chaos circulating.
Thank you Travis! Always super helpful to hear your perspective!
Glad it was helpful!
Travis I recently got licensed through you, and after hearing about this settlement I was feeling a little disappointed by what others have been saying about it. It seemed like I might not have the same opportunities as new brokers before me because no one will pay buyers agents anymore. Thank you for clearing the air. You are the man!
I don't think it will impact Real Estate agents if they are practicing by the laws that are set by the RE commission in NC at least. In my opinion it enforces the rules about monopolizing the fee amounts put forth by the NC RE commission...
Super awesome and in depth - thank you for taking your time to dive into this .
Simple-Thank you Travis!
The goat 🐐 !
Thank you, Travis.
Thank Travis for a great explanation and demonstration! You are still the best!!!
Travisssssssss! Glad to see your face. Miss the regular video updates from you. 😊
You are an amazing teacher!!!
You did an excellent job explaining this, looking forward to seeing how this will all settle. I think more transparency will only improve real-estate on both the buyers and sellers side.
You can speculate all you want but out here in the real world I just had this happen. Two weeks ago I had a listing appointment with some sellers. They agreed to a commission amount that would be a split equally. As result of the shit show in the national media, they called me up this morning wanting to cut both sides of the commission in half. Do you see what I’m saying? This has real world implications!
And you can continue to whine and howl at the moon or accept that as a professional you're always going to need to be a problem solver and learn how to have real and tough discussions with your clients. The arrogance of assuming I'm not in "the real world" is staggering.
How about having a mature conversation with those clients and explaining to them why your fees are what they are. If they don't want to pay them, then you aren't a good fit to represent them. That's not different than it was a week ago or a year ago.
It is incumbent upon us all to step back and be the professionals here. Explain what part of the new rule affect them and what parts don't. Explain your fee structure and why it is what it is. That's all any of us can do.
You are the best I came to your page hoping you would speak on this!!!😫
Thank you, I gave a much better understanding now.
Thank you for simplifying the 108 pages.
Glad it was helpful!
Most real estate transactions do not warrant a 6 percent commission. The gig is up middlemen
Thanks Travis! How do you foresee builders pay commission to the BA?
Here’s my question. How are VA buyers and low middle income buyers who cannot afford to pay an agent going to be represented if a seller won’t pay for that buyer agent??? That’s the BIG Question
Those are very legitimate questions that will have to be answered. I say as much in the video. Lots will need to change about underwriting guidelines to address those issues.
Thanks, Travis! Helpful, as always. I’ve heard this could impact home prices. That doesn’t make sense to me. Thoughts? And it seems the max seller contribution might have to have a higher cap for certain loans? Thoughts on that? Thank you!
I dont think pricing will be impacted. People who see that are taking some simplistic approach that somehow commissions will drop and therefore sellers will drop pricing. I just don't see that.
You are 100% correct about underwriting guidelines needing to be adjusted...and I'm quite sure they will be.
@traviseverette I’d like to know your thoughts on the local Realtor associations having ownership and control of the MLS systems we all rely on so heavily. Doctors and dentists don’t HAVE to join their associations, but it’s nearly impossible to conduct real estate business without MLS access. The fees are ridiculous. I SO wish the two would be decoupled. 😠
Thank you for a great talk! What/how do you feel unrepresented buyers looking to gain access to homes listed by seller agents will look in the future?!
I think there will be an increase in the number of buyer who attempt transactions unrepresented. Notice I said "attempt". I think many will rapidly find that dealing directly with a dozen different listing agents to schedule appointments to view will be unwieldy and a pain in the butt. This also doesn't begin to address those unrepresented buyers having virtually no resources for guidance and advice. Ultimately, I think the lion's share of buyers will return to buyers agents.
Hi Travis, Sellers will tell the buyers that they pay their own real estate fees. That's what this lawsuit is all about. Sellers paying the commission of the buyers. Time will tell how this comes out in the wash.
You can sign a buyer broker agreement all day long explain your worth all day long. Here’s the bottom line the vast majority of buyers cannot pay for an agent. They barely have the money for closing costs. How are you going to handle that?
That is right, this is what I have been saying !
Seller concessions
THANK YOU!!!!!
Great Job!!!! Thank you
Thank you!!!
Good stuff.
Aren’t there limits on the amount that can be credited back to the buyer? That could limit whether that number can go to buyer’s agent vs. loan origination.
Your explanation is the best I’ve seen so far! Go Heels!
There are definitely contribution limits but I expect we will see quite a lot of underwriting changes to allow for this sort of thing.
@@traviseverette I think that is inevitable. VA loans have created a way to even work competitively here. FHA could also be a challenge. I personally then there were already so many conflicts of interest in the process. Also, there are efficiencies we can gain. For example, open houses seem to be attended by neighbors wanting to see the house. They’ve become a marketing tool for listing agents to find future sellers. This is being paid for by the current seller, which is absurd.
It is time to start requiring a retainer to show buyers property. If they don't have $2000 in cash for my broker to hold then we don't go look at homes. If no purchase happens in the first 6 month, I charge $75 each house $25 an hour for researching and remove that from the refund. And done!
What the name of ur Class do I can sign up
It's really not going to change anything for us realtors with integrity. But, we all know those realtors out there for themselves and they will offer sellers 3% to list just to get the listing, not explaining the importance of offering the buyer's side commission.
Allie, sellers won't be making blanket offers of compensation any longer in most cases. I think the appropriate conversations will be much more along the lines of "this is what we charge for our services to list your home. This does not include any compensation for the agents who bring a buyer to your home. That might be asked for and negotiated as part of an individual buyer's offer"
@traviseverette but, we cannot reference commission in an offer to purchase.
Problem is that they are putting a firewall against the seller by not letting buyer agents know if they are getting paid by the seller, and this is basically where the agents look for information on (MLS) so this is a big issue. This will impact commission because a buyer will ask his agent ok how much money will this cost and you will say for the $1,000,000 house i want 3% and he will say no way i only have 200k to put down i am not going to pay 230k and you will say ok how much can you pay and he will say $1,000 and that buyer will go bankrupt because he wont sell 2 homes per week, lol, now the seller, will have a smaller pool of people pushing his home.....this is another issue, then if buyers go by themself they will get steam rolled by their selling agent. the owner will say now you work for me i hired you. we can go on and on why there are issues....
Does this affect rentals for realtors?
Since the proposed rule changes all are targeted at buyers, I dont think it necessarily will. I wouldn't be surprised, however, if cobrokerage compensation for rentals was also removed from the MLS.
Hello
I have a registered LLC and working as a real estate marketing wholesale specialize
I am a foreigner not living in USA
So can you share details or any stuff related to me
How i can get license as an agent?
Promo'SM 🤦