Worried about Buyer Agent Commissions? Good Agents Don’t Have to Be
Watch my quick video recap!
How did you react to the bombshell news last week that realtors are guilty of collusion and commission inflation? In case you’ve been hiding under a rock, on Halloween (spooky indeed) a jury sided with the plaintiffs in the Sitzer/Burnett v. NAR Commission trial. Not only did this result in $1.78 billion in damages, it resulted in an immediate copycat lawsuit and will absolutely cause sweeping change to the industry.
What does this mean for you? What does this mean for the industry?
Are you scared? I know I was - until I educated and empowered myself to really understand what’s going on. Here's what you need to do next:
**Talk to your broker**. If they don't understand the implications of this lawsuit, find yourself a broker who does. (I'd love to be your broker, visit joinpremierlistings.com to apply.)
**Prepare for the future**. While changes aren't happening today, they are coming. I am going to make a bold statement and say that the realtors who understand who they are and how to articulate their value will end up making more not less.
**Join our conversation on Wednesday, November 8th at 10:30 a.m. EST**. While we do not have all the answers, we'll have an open conversation on how to stay informed and be ready for industry change.
Agents will get better and those that do, will get paid more. I've always hated that the seller's agent was dictating my compensation when I worked with a buyer. This will stop that.
Compensation will go up for good agents that can articulate value. People are willing to pay for a good agent to do a good service for them. Take a look at these stats from a survey conducted on Aug 14, 2023 of 1,000 American homeowners who purchased in the last 3 years (thank you 1000 Way Consulting):
1. 60% of buyers thought the agent got paid either "fairly" or "too little".
2. In addition, most buyers would sign an exclusive agreement and pay for services out of pocket if they had to. Nearly 75% indicated that they would either "be fine with this" or "have reservations, but would probably hire an agent to represent me" when presented with this possible future scenario.
Keep your head down, focus on the relationship, provide amazing service to buyers and sellers, and ignore the haters who want to see our industry burn for their own advantage. Oh, and register for the webinar, then show up on Wednesday at 10:30 a.m. EST to hear more.
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