08/17/2024

The unrepresented buyer may receive limited attention from a listing agent unless both parties consent to dual agency. Listing agents typically avoid the complexities involved in managing an unrepresented buyer who may lack familiarity with necessary forms, protocols, and industry standards. Therefore, most buyers find it essential to be represented by a qualified professional to navigate the transaction effectively.

This answer assumes there will always be a percentage of jackasses going against the grain.

Given that I no longer work with buyers, and represent sellers with the understanding that I will not represent a buyer I see no issues for me. 

If a buyer comes to me directly as the listing agent, they are referred to a buyer agent. 

Compensation offered will be made available on my website and other locations. 

I don't really expect much to change.

My thought is it's nice to be retired Richie Alan Naggar .

Rules are made to be circumvented when they are silly rules. Savvy sellers will understand and will remain concerned for the bottom line. Savvy buyers will be concerned with cash out of pocket, For the others, you can't fix stupid.

The MLS can offer compensation to the buying agents... however they can no longer ADVERTISE that compensation ON the MLS.  I realize that I'm splitting hairs, but it's an important distinction.

We will figure this out, and by the time we do... very little will have changed.

What if . . .

agents just start leaving NAR?

Home buyers and home sellers need to follow the advice of their trusted local real estate professional.

A listing agent needs to know how to explain the dangers that arise working with an unrepresented buyer. Also, the inherent conflict of interest of working with a personal dual agent.

Bob Dylan sang: "The times, they are a changin'."

It will certainly shake some things up, but I think the cream will still rise to the top.  The buyers who don't listen to wise advice and try to save money will end up worse off for it.  Smart buyers will know how important it is to have representation and be willing to pay for it.

I suspect that agents and brokerages seeking ways to get around the spirit of the settlements will be at the top of the defendants list when the next round of lawsuits hits the industry.

If you read the DOJ's written statement from February on the Nosalek case and listened to their attorney's statements since then, they are VERY much opposed to sellers and/or listing agents offering anything to the buyer's broker. Comp to buyer's broker will disappear from the MLS AND I believe we will be forbidden to offer it elsewhere. They want the seller to negotiate with the listing agent for services and commission. And they want the buyer to do the same with their agent. Then a buyer can ask the seller to pay their broker's fee through the contract so they can finance it. But it needs to be in THAT order. This is called "de-coupling" and DOJ appears to be VERY serious about it. 

Third and Fourth Quarter are going to be very interesting. Brian Sharp is right the DOJ is and has for some time been trying to change the process. They are very serious about wanting the seller to negotiate with the listing agent for services and commission. And they want the buyer to do the same with their agent. Then a buyer can ask the seller to pay their broker's fee through the contract so they can finance it. But it needs to be in THAT order. I personally feel with everyone trying to circumvent the new process there will more lawsuits.

In Florida we have had buyer broker agreement for years.  Only difference is now it will be mandatory.  Should buyers go directly to listing agent they will have no representation, period.   Just like a list presentation, agents should have a buyer presentation to show the value you bring to the transaction😎

Richie Alan Naggar 

In my opinion, more than ever, we agents need to support and respect each other. Katina

I think we are going back to 'buyer beware" times. 

Yes.  At the end of the day, you may find your buyer the perfect home, but it doesn't pay a "concession" and the buyer can't afford to buy it and pay you.  CAR's advice, release them from the BRA and take the loss.  Oh, and they recommend you hire your own attorney to draft up that form!

You should reword your question.  Realtors have to have an agreement.  Buyer's agents may or may not have to have one depending on if they are a realtor or not.

1) We've had a buyer's agent agreement since well before I got my license in 2007. It's not a big deal to get them signed. Afterall, sellers sign a listing agreement. The difference for us is we cannot show even 1 house without it whereas previously, we had to have it signed before going under contract. 

2) We'll figure out how to inform buyer's agents of seller paid compensation.

3) The biggest issue I see is people going straight to the listing agent. I think it will force dual agency or listing agents will charge more if there's a non-represented buyer. There are also safety concerns. There will be agents who meet with unrepresented buyers in order to get their listings sold. This is a huge concern to me.