NAR Commission Disclosure Settlement

NAR Commission Disclosure Settlement

Full Video Transcript Below

NAR Commission Disclosure

Alice Lema: [00:00:00] Well, Hey, real estate fans, welcome back to the weekly podcast. I'm Alice Lema, John L. Scott real estate. And today we had to talk about the NAR commission disclosure changes and some other changes that are coming out of all the hoopla. And I'm sure you saw all this news cast as did I, but a lot of what they were saying was incorrect.

There's really Three or four things that you need to know coming out of this. And the first is that the disclosure of what the buyer's agent is being paid, which is currently on MLS and through an IDX feed goes out to all the other websites like my website, Zillow, John L. Scott, et cetera. The amount of money that the buyer's agent is getting paid from a transaction is fully disclosed to the public.

I think that's a great thing, but [00:01:00] It is not going to be the case. And this is all going to happen early summer. We'll talk about that in a minute. So the buyers, the disclosure of the buyer's agents commission is no longer going to be posted on MLS. And that is going to be a national rule. So in the coming weeks, talk more about implications of that.

The second that you need to know here, especially in Southern Oregon, is that you now have to sign a agreement with your Buyers agent. Now, there's many other states that have had this rule for quite a while, maybe as many as 18 or so, but this is again a national rule that's going to come into effect in early summer.

And now when you have a buyer's agent, you're going to be signing a document that says they are your agent. And you need to do that before you see any properties. So we're still waiting to hear is that [00:02:00] a relationship document is it just for one house. You know what are the thin slicing of the. Timelines, but the idea is get ready for that. But you know, I'm actually in favor of this. It's not a bad idea to have a written understanding so that everybody's on the same page. So buyer agreements will be mandatory before any properties are shown.

Number three, all the changes that are negotiated by, and they are in this case still need to be approved by the courts, so they're not written in stone. With any luck, maybe we'll still be able to disclose what the buyer's agent is getting paid. But regardless, the whole. The whole package still has to be approved by the courts. And I did put some links down in the YouTube description. You can go directly to what the press release was from NAR. You can go through and see the text of the current [00:03:00] rules by NAR. So you know, I love data. I love facts. So we put that on there for you. But number three is all these changes still have to be approved. So they're not totally done yet.

Number four, the commissions have always been negotiable. So, they've never been set by NAR. That's just never happened. So, with that in mind, they still are negotiable. These changes are hopefully going to have a positive effect on the consumer and the market. But we'll just wait and see what happens in the meantime.

You can text me, call me. We can talk more about what this means to you buying and selling in Southern Oregon. But those are the facts. So keep that in mind when you're watching the news. In the meantime text me, call me 541-301-7980. I want to be your agent. I'm a great listing agent, great buyers agent. There's a lot [00:04:00] of changes happening. This is my full time gig. Thank you. And I'm very passionate about it. I work, both counties Jackson Josephine County on a regular basis, and occasionally will be worked, working in Klamath, and up in the bend area, but mostly concentrate on Jackson and Josephine County, on a regular basis.

So text me call me. And let me know how I can help you with your real estate needs. We can just have a conversation if you want, no obligation, no pressure. But in the meantime, do click through those links and, and be informed on what NAR does and doesn't do and what the negotiations are as they move forward.

All right. Have a beautiful Southern Oregon weekend. We'll see you next week. Bye now.

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