With the August 17th deadline approaching, experts dive into the potential shake-up in real estate associations and compensation models. They discuss buyer agent commissions and the need for agents to demonstrate value in a changing landscape. Frustration brews over NAR's communication with local leaders, while new buyer-agent agreements create tension around upfront negotiations. The importance of innovative leadership and community engagement in real estate shines through, alongside reflections on the sustainability of MLS and associations amidst emerging trends.
The impending August 17th deadline has triggered widespread concern among agents regarding the future viability and relevance of MLSs and real estate associations.
A notable shift in buyer agent compensation practices indicates a movement away from traditional MLS frameworks, prompting agents to focus on demonstrating their value to clients.
Deep dives
CoreLogic's Impact on Real Estate Agents
CoreLogic provides essential tools for real estate agents to enhance their value to clients. Their platforms, such as the invitation-only client portal, generate billions of listing views and offer advanced features like photo AI search, translating visual aspirations into actual property searches. The Mobile MLS Touch app allows agents to access vital information on-the-go, making it more manageable to serve clients promptly. CoreLogic’s comprehensive support aims to empower agents to adapt to a rapidly evolving real estate landscape.
Predictions Surrounding MLS Changes
With the August 17th deadline approaching, many agents express concern regarding the future of MLSs amidst significant industry changes. There is a prevailing sentiment that MLSs may be facing obsolescence as more alternatives arise, prompting discussions about the sustainability of local real estate associations. Several MLSs are already making changes ahead of the deadline, which could drastically alter the landscape, leaving many agents in a state of uncertainty. This environment of unpredictability has ignited speculation about potential new models and the role of associations moving forward.
Survey Reveals Agent Sentiment on NAR Membership
A recent webinar revealed that a significant majority of agents questioned the value of remaining members of the National Association of Realtors (NAR). A poll indicated that 80% of participants would not pay for NAR membership if they could have access to MLS services without it. The primary reason cited for continued membership was education and training, raising questions about what associations provide beyond access to MLS. This sentiment suggests a potential decline in association membership as agents reconsider the benefits in light of new industry dynamics.
Shifts in Buyer Agent Compensation
There is a notable shift occurring in how buyer agents approach compensation amid new real estate regulations. A poll from a recent webinar revealed that 44% of agents plan to offer buyer compensation outside the MLS framework, suggesting significant changes in traditional practices. The implications of this change could lead to increased competition among agents, challenging the existing norms around compensation structures. As agents navigate this new landscape, the success of these strategies will ultimately depend on how effectively they can communicate value to clients while adhering to evolving legal guidelines.
The August 17th deadline is almost here, and the industry is abuzz with talk of potential changes to MLSs and associations. Rob and Greg discuss the latest developments in the NAR settlement with the DOJ and its potential impact on compensation models, forms, and client relationships. With disruption looming, they delve into the hot topic of buyer agent commissions and agreements, as well as how to continue demonstrating value to clients in this ever-changing landscape.
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