New nar rules for agents. will alternative models destroy the ease of appraiser getting that info.

[J Grant]

NAR agreed to create a new MLS rule prohibiting offers of compensation on the MLS. This would mean that offers of compensation could not be communicated via an MLS, but they could continue to be an option consumers could pursue off-MLS through negotiation and consultation with real estate professionals.Mar 22, 2024

I don't see where a buyer is forced to sign a buyer's representative form. I believe the agent has a buyer signing a form recognizing who is paying the agent's commission.,.

 

[Fernando]

Agents prefer not to be dual agency. How can you have fiduciary duty to two opposing parties? Just asking for trouble.
When things go wrong with one party, dual agent will blame.

 

[J Grant]

1. NAR also agreed to create a new rule requiring MLS participants working with buyers to enter into written agreements with their buyers before the buyer tours a home. NAR has long encouraged its members to use written agreements to help consumers understand exactly what services and value they provide, and for how much.

NAR continues to deny any wrongdoing and maintains that cooperative compensation is in the best interest of consumers. NAR members can use these changes as an opportunity to explain their clients’ options. Both changes would go into effect in mid-July under the terms of the proposed settlement.

It does not say the written agreement means the buyer must pay the agent's commission for their service to the buyer. Most agents had a buyer sign an agreement anyway.

 

[Fernando]

NAR agreed to create a new MLS rule prohibiting offers of compensation on the MLS. This would mean that offers of compensation could not be communicated via an MLS, but they could continue to be an option consumers could pursue off-MLS through negotiation and consultation with real estate professionals.Mar 22, 2024

I don't see where a buyer is forced to sign a buyer's representative form. I believe the agent has a buyer signing a form recognizing who is paying the agent's commission.,.

Buyer agents don't want to spend time with a buyer without a buyers representation form.
In CA, if there's not signed form, there is no commission.
One time an agent dealing with me who didn't know I had a license later demanded I pay his commission.
I said no, knowing the law that payment has to be made in writing ahead of time.

 

[David S]

dual agent is a problem in some states. it's a conflict of interest. like 1 attorney representing the defense and prosecutor also. but is there a rule now that the buyer has to have a dedicated, me paid you, real estate agent.
maybe nothing will change except for higher priced properties not paying 6% commission. it's like AMC appraisers, how low will you go to get paid. house prices went up 10% a year, nice pay raise for doing nothing more than normal realtor stuff. nar got into commission price fixing trouble.

For many years CA government want to pass a law to crack down dual agent. But bar association lobbied to block that since more dual agent, more law sue. If prohibit the dual agent, they will be out of business.

 

[Fernando]

For many years CA government want to pass a law to crack down dual agent. But bar association lobbied to block that since more dual agent, more law sue. If prohibit the dual agent, they will be out of business.

Many US laws help attorneys' pocketbooks.
Starting today, CA fast foods have to pay $20/hr minimum wage. I can see potential lawsuits for attorneys.

 

[David S]

Most agents had a buyer sign an agreement anyway.

In my local market, most buyer won't sign that agreement since they feel they are locked to a realtor and no freedom any more. Like right now, they are working 10 agents to view the house now. Once they sign the form, they only have one agent now.

 

[Fernando]

Before when I didn't go to a listing with my buyer, seller agent could "claim" that buyer was his/hers and wouldn't pay my commission.
Listing agent think there's an unwritten rule that if buyer talks to them without the buyer agent letting them know (like when buyers go to open houses themselves), Listing agents believe they were the procuring cause of buyer's interest.
Fine, I tell my buyer some excuse not to buy that property and move on to next one.

 

[Dublin ohio]

Like right now, they are working 10 agents to view the house now. Once they sign the form, they only have one agent now.

Why would a buyer have 10 agents looking at the same house. You make less sense with every post

 

[Fernando]

Why would a buyer have 10 agents looking at the same house. You make less sense with every post

A buyer can work with 10 different agents to represent them for different properties. There's no loyalty to one agent. Buyers will realize that no loyalty mean not many agents want to work with them.
Before some buyers think if they deal directly with the listing agent, buyers can get a good deal with less commission intake from the buying agent side.
Buyers will want to deal directly with listing agent bypassing buyer agent.