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Brooklee Han on how agents and brokers are preparing for Aug. 17
Aug 7, 2024
Brooklee Han, a dedicated real estate reporter, discusses the looming August 17th compliance deadline for agents and brokers regarding the NAR commission lawsuits. She sheds light on how brokerages, like EXP Realty, are adapting to evolving regulations by standardizing practices. The conversation touches on the challenges of broker compensation amidst legal changes and the need for transparency in negotiations. Additionally, Han highlights Zillow's new touring agreement initiative, aimed at helping agents navigate local compliance issues.
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Quick takeaways
- Agents and brokers are intensely preparing for the August 17th deadline by engaging in training and role-playing exercises to address client concerns.
- The new regulations on buyer broker compensation introduce significant complexity and confusion, necessitating clear communication strategies amid varying state laws.
Deep dives
Preparing for Regulatory Changes
Agents and brokers are actively preparing for the significant changes mandated by the National Association of Realtors (NAR) Commission Lawsuit settlement, which takes effect on August 17th. Key changes include the requirement for mandatory buyer representation agreements and the prohibition of offers of buyer-broker compensation on Multiple Listing Services (MLS). As a result, many in the real estate industry are engaging in role-playing activities to anticipate potential questions and concerns from clients affected by these changes. Training sessions focused on understanding new forms are also widespread, ensuring that agents can confidently explain the updated processes to their clients.
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