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

[J Grant]

Because of how listings maybe handled, such as MLS, Redfin, Loopnet, pocket listings, etc. I believe the potential for the buyer’s agent who really knows their market and stays on top of what is going on is tremendous. The days of an agent sitting at their desk and entering some perimeters into the MLS then printing or emailing copies of the available listings to the potential buyer will be limited.

Wjhy? would this make it any different?

Most REdfin, loopnet, and Zillow are duplicates of data that is on MLS , so yes, an agent would print out listings and then show the buyer those listings ( whether they email them to the buyer or not). What creative cartwheels is an agent supposed to do?
Buyers use an agent to get access into properties and shown groups of properties at once and then to negotiate an offer ( if they put an offer in ) , as well as sometimes being driven around, informed about an area etc. Idk what else an agent is supposed to do for a buyer, what new range those new IMO, toothless rules will make happen-

 

[J Grant]

Again, how are appraisers going to find this information easily without a centralized MLS and the suit means brokers do not have to join the MLS. The role of the MLS will be diminished and scattered among competing sources...and what it is going to cost you? I recall with NWA had no less than 5 boards and you had to by 3 separate Solds books. New appraisers don't even know what a sold book was. But we paid dues to the first MLS on line here at $5 a month.

I don't see alarm bells going off about MLS being dismantled or not used. All the change says is the MLS will not induce the commission amount on the listings.

 

[KHS445]

I remember the 80’s and 90’s maintaining listing and sold books when new flyers were distributed, maintaining comp photos and information in sandwich bags which were filed by sale price in a file drawer, using forms & worms, taking multiple comp pictures and then waiting until double print day to get them developed, double sided tape/glue sticks, etc. We managed and those who accept change will do just fine going forward.

 

[Mark K]

We managed and those who accept change will do just fine going forward.

Agree. Some will adapt and continue business mostly as it exists today. Others will fight it and go extinct.

Darwin at work. Its not the strongest that survive; its the ones that adapt.

 

[gotnoworrys]

Maybe buyers could turn to appraisers for a flat rate. Being a member of the local reality association we are Realtors.

 

[OSU Beavers]

Maybe buyers could turn to appraisers for a flat rate. Being a member of the local reality association we are Realtors.

Yes, but actually no. We have to pay Realtor dues to access the MLS, but we cannot list or sell unless we are under a supervising broker or have a designated broker license.

 

[Fernando]

Sellers always had the choice to tell Listing agents either to list in MLS or not. If not, won't be exposed to the market.
As a buyer agent knowing I will get paid from seller, buyer agent knew they would get paid for all the listings in MLS.

I don't know how it will work out for buyer agents now that they have to consider charging buyers.
Some buyers are high maintenance and should be charged more.

 

[Terrel L. Shields]

This topic reminds me of a question on the Realtors exam which I took in the early 1990's:

A Realtor's fiduciary duty is always to

1) The seller

2) The buyer

3) Both

And the real answer is "the deal". No matter how good or bad the terms are, the Realtor always wants the deal to close so everyone get paid.

My take away from the ethics class was
your duty was to the client first, then your broker, then your buyers broker, then your fellow agents, and lastly the appraiser, whom you are free to lie about, lie to, and ignore if nothing else.

 

[Terrel L. Shields]

REdfin, loopnet, and Zillow are duplicates of data that is on MLS

Then why do we even need the MLS? We can search Zillow for sales. We can google up the addresses and find all those website listings? And our states brilliant lawyers told Realtors not to disclose financial terms - which is the only thing missing. It was supposedly personal financial information yet I can pull up the mortgage and see the term, the amount borrowed, who lent it (FNMA, FHA, VA rider, etc.) and compare to the listing amount which is also found on those website listings.

I don't see alarm bells going off about MLS being dismantled or not used.

The suit purportedly allows brokers to opt out of the boards yet still under an open listing system, allow them to post to the MLS. I took it that perhaps even private sellers could be allowed to list and bypass the agents entirely, although that does not make sense. And NAR members are on the hook for nearly half a billion. Meanwhile, a co-defendant fights one and Keller-Wm (If I recall correctly) settled in a separate agreement for $70 million. Who pays that if not the agents working with them? And this is one of a dozen such suits.

The DOJ was part of the negotiations during Trump's administration. Biden's DOJ withdrew from the suit and now are wanting back in - guess they want to participate on this cash cow - probably under the idea that it is all white patriarchy and racism at work. So far the courts have balked at letting the DOJ in through the back door.

NAR fires back at the DOJ in reply brief

NAR isn't going down without a fight. In its latest brief it claims that allowing the DOJ to resume its probe would “destabilize the law."

www.housingwire.com

In June the Department of Justice filed a doozy of a first brief in its appeal of Judge Timothy J. Kelly’s late January ruling in favor of the National Association of Realtors (NAR). In turn, the trade group’s reply brief, filed last Friday, did not pull any punches.​

​

In the recent court documents, NAR claims that the government’s arguments for resuming the probe into the trade group’s Participation Rule and Clear Cooperation Rule were “alarming” and would “destabilize the law” if accepted.​

​

“The government settles vast numbers of enforcement actions against civil and criminal defendants,” NAR’s brief states. “Those defendants rely on the government to keep its word. A holding that an agency can escape its commitments as easily as DOJ claims it can here would call into question countless negotiated resolutions.”​

​

 

[J Grant]

Nothing is free and discount commissions gets discount service

Now, we can no longer see the commissions on listings, but I noted whenever it was a lower commission, the agents were cranky and uncooperative, I had to call the owner for an appointment, etc.