Lance asked how the new realtor rules were affecting agents - here are responses from around the country that I clipped from two different email threads. Thanks Lance!
Agents’ Comments on New Rules
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Commission Lawsuit
NSDCC Under List
During the frenzy there were months where 70% to 80% of the sales were closing over their list price. Recently it's been down to around 25% of the buyers paid over the list price. How many paid under? We're in an affluent area so let's get our money's worth. How many...
None of Their Business
Will listing agents demand to see the buyer-broker agreement just to show a house? Agents are known to have their own interpretations of the rules - one listing agent already said that it is against the rules to ask her if her seller is paying concessions - so it is...
Defecting From The MLS
In the week BEFORE the new rules went into effect, there were 29 NSDCC listings that were marked pending. In the first week AFTER the new rules went into effect, there were 38 new pendings. Homes keep selling. Buyers and sellers keep moving, and Realtors keep helping....
9% In Commissions
This is a real possibility now: Bill Colson, who is preparing to sell his Maryland home next year and purchase a retirement home outside Blue Ridge, Georgia, believes the changes will create more costs. Colson, who is 57 years old and retired from the Navy, said a...
Another Story From the Field
Whenever I have a buyer who loses out on a bidding war, I try to get them right back on the horse. Thankfully, there are several houses sitting around that aren't not selling in the $3 million range, so we made another offer yesterday. First, I went to the open house...
Newer Agents
It's going to be tough on the newer agents going forward. The commission lawsuit stuff isn't the big concern. Sales are likely to keep dropping, and at the same time the better agents are picking up market share. There aren't enough sales to go around for every...
The Rest of 2024
Here's why home buyers should be optimistic - as demand falls off, it will probably be a wide-open playing field for the rest of 2024! No seller is going to be dumping on price though, especially the sellers of the better homes that you want to buy. You gotta be able...
Hope For Buyer-Agents
We were on a call yesterday with our referral network of Compass agents around the country, and Gregg in the DMV (D.C., Maryland, and Virginia) said they have been required to use the buyer-broker agreements for the last twenty years. Great - a test case. How has it...
Realtor Lawsuit Questions
The mainstream media outlets (WSJ and CNN) are highlighting the changes in realtor compensation one more time this week. They're not offering anything new because they can't find anyone who can predict what will happen, good or bad. A summary of my thoughts on the...
