Everyone thinks that commissions will be negotiated with the offer. On the surface, it seems like a reasonable solution, but it will depend on whether the listing agent will stand up for their fellow agents getting paid, or wimp out and hide behind the seller. The...
A new $3,000,000+ listing hit the MLS this week that was offering a 1/2% commission to the buyer's agent. They also noted that to show the property, buyer-agents needed to submit proof of funds (bank statement) and pre-approval letter plus a 24-hour notice was...
I keep getting the question. 'What are you going to do about these buyer-broker agreements?' I told Donna yesterday that I'm probably not going to do them, at least not much. Oh, but you have to do them! Yeah, I know, but it probably means that I won't work with...
Test drive an agent free for seven days! Now that NAR’s proposed settlement of the Sitzer/Burnett lawsuit has received preliminary approval, the industry is receiving numerous updates about the future of real estate practices. One change, set to take place in July, is...
The undated FAQs were released today. Buyers don't have to sign a written buyer-agent agreement just to tour an open house! The clarifications from NAR: The practice change requiring written agreements with buyers is triggered by two conditions: it only applies to MLS...
Think of the monumental change needed in the listing agent's psyche to get them to stop scolding the buyer-agents and give some respect - but instead they are shorting the commissions too. If you blow off the buyer-agents, then you're on your own - and the vast...
They are only three months into their mega-launch of Homes.com, and CoStar founder and president Andy Florance is already taking victory laps. He is also the #1 cheerleader for buyers going directly to the listing agent, which will be the end result of all the changes...
Yesterday, it was announced that CoStar is buying Matterport. Excerpts: I look forward to welcoming Matterport to the CoStar Group family and believe that we will be stronger together, in pursuit of our common mission," said Andy Florance, Founder and CEO of CoStar...
On Friday, the Plaintiffs’ counsel filed a Motion for Preliminary Approval of the commission-lawsuit settlement agreement with the federal court, so the two new rules will go into effect in late July, apparently. The plaintiffs have requested a hearing on final...
While the benefits of buyer-agents may be obvious, will anyone stop their demise? Probably not. Will it become easier or harder to buy a home? The answer is unclear amid widespread confusion over what’s happening to real-estate agent commissions. On April 5, a federal...
