Buyer Agent Commission Lawsuit Questions Answered

Listen now as Tim and Julie Harris discuss exactly what agents should be doing now as a result of the commission sharing lawsuits.  Welcome back to America's #1 Daily Podcast, featuring America's #1 Real Estate Coaches and Top EXP Realty Sponsors in the World, Tim and Julie Harris. Ready to become an EXP Realty Agent and join Tim and Julie Harris? https://whylibertas.com/harris or text Tim directly 512-758-0206 IMPORTANT: Join #1 Real Estate Coaches Tim and Julie Harris's Premier Coaching now for FREE. Included is a DAILY Coaching Session with a HARRIS Certified Coach. Proven and tested lead generation, systems, and scripts designed for this market. Instant FREE Access Now: YES, Enroll Me NOW In Premier Coaching https://members.timandjulieharris.com 1.   Commit to using a Buyer Presentation to 100% of your buyer prospects, 100% of the time.  In your presentation, you will discuss what the buying process is, what your buyer client can expect from you, what you expect from them, how Agency works, and how you'll be paid.  2.   Always state the fact that commissions are now and have always been negotiable. The fees or percentages are set by the broker and their client.  REAL ESTATE LEADS, LEADS and more LEADS: Question: What is Tim and Julie Harris's favorite PROBATE LEAD PROVIDER? Simple, https://alltheleads.com/harris 3.   Have your Buyer Presentation as early as possible in the relationship and practice maximal transparency regarding both their choices and your terms.  4.   When presenting to your Seller prospects, be very clear in discussing how offers of compensation are made from a listing broker to a buyer's broker. Be clear about terms and amounts and always present a Seller's Net Sheet. Ready to become an EXPIRED Listing Agent? As promised, here is the discount link for the EXPIRED LISTING LEADS: https://www.redx.com/affiliate/tim-and-julie-harris/?aff_code=670699 5.   Know how to present several different scenarios to your buyer clients regarding how you will be compensated:  -Through offers of compensation via the listing broker of the home they wish to purchase, asking for seller's concessions if that offer for your compensation isn't present, a combination of both, or simply paying out of pocket if you're not otherwise covered.  When and How Should You Discuss The Lawsuits and Verdicts With Your Prospects and Clients?   Talking Points. Note: Don't bring up the lawsuits as a talking point with prospects, clients, or customers unless they ask you to. (Don't create an objection where there isn't one!) It's a fluid situation that we will keep you updated on. If you do get questions about the lawsuits, try to keep your conversations short and factual.  Here are some talking points to help: 1. The National Association of Realtors (NAR), has stated they believe the jury in the Sitzer Burnett case reached an outcome that is '"neither supported by the law nor the facts presented in the case". NAR plans to appeal. The appeal process could take months to get resolution. Currently, nothing has changed.   2.   The trial was concerning a rule, which is already quite consumer-friendly. That rule applies to local MLSs where listing brokers offer compensation to buyer brokers who have introduced a buyer client who wishes to purchase a listed home.   3.   Remind the person you're speaking to that agents and brokers are paid $0 until a closing occurs, and that closing is based on the written agreement between the buyer and seller.  4.   The way commissions are paid has created an efficient, market-tested, transparent sales environment where sellers often receive more showings and more offers, and sell their homes in less time at a higher price than had they not offered buyer broker compensation.  5.   Communication and transparency is key.  If and when commission practices change, we will keep you updated with new presentations and scripts through Premier Coaching, as we always have!