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NAR Settlement Debunking Myths For Buyers + Sellers

Gina Madeya | Real Estate Agent in Kirkland WA
29 subscribers
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34 views 1 year ago GINA MADEYA | REAL ESTATE AGENT IN KIRKLAND WA
Hey folks, you’ve seen a lot of headlines recently regarding the proposed settlement by the National Association of REALTORS ® and I appreciate the many of you who’ve reached out to ask if I'm OK. Yes, I am OK. And I’d like to clarify and elaborate on how this will affect consumers going forward, presuming the DOJ signs off on what is now a PROPOSED settlement agreement. First and foremost, real estate agent compensation is and will continue to be negotiable. Flat free brokerages, those that offer buyer rebates, a-la-carte seller services and for sale by owner models have long existed. Indeed, real estate compensation is not ‘standard’ and consumers will continue to have a choice. In our state, it’s important to recognize our Northwest Multiple Listing Service is BROKER owned, not REALTOR® owned and as such, is not held to the terms of this settlement unless it chooses to opt-in. Still, the NWMLS had the foresight to enact several changes  …...more
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NAR Settlement Debunking Myths For Buyers + Sellers
Hey folks, you’ve seen a lot of headlines recently regarding the proposed settlement by the National Association of REALTORS ® and I appreciate the many of you who’ve reached out to ask if I'm OK. Yes, I am OK. And I’d like to clarify and elaborate on how this will affect consumers going forward, presuming the DOJ signs off on what is now a PROPOSED settlement agreement. First and foremost, real estate agent compensation is and will continue to be negotiable. Flat free brokerages, those that offer buyer rebates, a-la-carte seller services and for sale by owner models have long existed. Indeed, real estate compensation is not ‘standard’ and consumers will continue to have a choice. In our state, it’s important to recognize our Northwest Multiple Listing Service is BROKER owned, not REALTOR® owned and as such, is not held to the terms of this settlement unless it chooses to opt-in. Still, the NWMLS had the foresight to enact several changes to improve transparency and further support competition and choice in the marketplace long before this proposed settlement. These included ‘de-coupling’ listing agent and buyer agent compensation, ensuring a seller had clarity about what they were paying their listing agent as well as visibility and choice into how much or even WHETHER to compensate the broker who brings the buyer. A new law has also been enacted that now requires a buyer to have a signed agency agreement with their broker before receiving substantive real estate services. In addition to clarifying the fiduciary duties an agent owes to their client, this agreement states the agent’s fee for those services and how they will be paid if the seller chooses NOT to offer compensation OR, if what is being offered is less than what the parties have agreed to. One of the other changes our local MLS made several years ago was to make visible the seller offer of compensation to the consumer; in this way they would know if compensation to their buyer broker was covered or whether and how much they would need to bring to the closing table. Going forward the NWMLS will determine rules regarding compensation on the MLS. I feel strongly that both parties - the buyer AND the seller EACH deserve their OWN representation; real estate transactions are complex and nuanced and having a skilled REALTOR by your side is critical to protecting your individual advocacy. The potential challenge will for those buyers who cannot afford to pay their broker or for the VA buyer who is prohibited by law from paying the broker. In such cases, sellers may be asked to provide compensation as part of the offer terms submitted by these buyers. So at the end of the day, this PROPOSED settlement doesn’t affect our ability to do business, just changes some of the ways in which we conduct our business. As someone committed to the highest bar of ethical standards and business practices, I will continue to represent my clients to the best of my ability and help both buyers and sellers understand what these proposed changes mean to them. I have and will continue to be a strong proponent of choice in the marketplace and will continue to serve my clients with the caliber of care and experience they’ve come to expect and deserve. If you have any additional questions or would like to talk further, I’m always happy to connect. 𝙄𝙛 𝙮𝙤𝙪’𝙙 𝙡𝙞𝙠𝙚 𝙩𝙤 𝙡𝙚𝙖𝙧𝙣 𝙢𝙤𝙧𝙚 𝙖𝙗𝙤𝙪𝙩 𝙩𝙝𝙞𝙨 𝙤𝙧 𝙤𝙩𝙝𝙚𝙧 𝙬𝙖𝙮𝙨 𝙩𝙤 𝙗𝙚 𝙨𝙪𝙘𝙘𝙚𝙨𝙨𝙛𝙪𝙡 𝙞𝙣 𝙤𝙪𝙧 𝙨𝙝𝙞𝙛𝙩𝙞𝙣𝙜 𝙢𝙖𝙧𝙠𝙚𝙩, 𝙥𝙡𝙚𝙖𝙨𝙚 𝙧𝙚𝙖𝙘𝙝 𝙤𝙪𝙩 𝙖𝙣𝙮𝙩𝙞𝙢𝙚. 𝙄’𝙢 𝙝𝙚𝙧𝙚 𝙩𝙤 𝙝𝙚𝙡𝙥! 425-495-0926 View all Real Estate Market Minutes - https://www.ginamadeya.com/market-minute #ginamadeya #realestate #realtor #windermere #eastsiderealestate #seattlerealestate #windermere #yarrowbay #eastside #kirkland #bellevue #seattle #homebuyer #seller #firsttimehomebuyer #marketupdate #homeownership #homeowner #luxuryrealestate #homesweethome #thisistheone #pacificnorthwestrealestate #selleragent #buyeragent #realestatemarketminute #GinaMadeya #RealEstate #REALTOR #Windermere #kirklandrealestateagent

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Gina Madeya | Real Estate Agent in Kirkland WA

29 subscribers
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