“Procuring cause” has been removed.

If a buyer signs multiple contracts with several agents, who shows the home first no longer matters. Iys whose offer the seller accepts, and that the dirty little secret management has avoided telling you!

 

“But, Dan, they signed an exclusive with me”. You will have go to court mediation/arbitration to collect, as the MLS will not mediate.

I guarantee you (this has come up several times in 40+ years); your broker will not allow you to do that! 

Many of your colleagues expressed relief at CAR’s creation of the 3-page buyer-broker agreement (16 have emailed me in 48 hours).

Property Showing and Representation Agreement – CAR Form PSRA – 

“The Lite Representation Agreement”

The three-page buyer agreement can be a good tool as every buyer broker commission “NOW” is a “jump ball.”

 Eleven have 11 reported that their “sales trainers” and management are still preaching the 5-page agreement, which is really 12 pages (with addendums). 

Why? Ask them! Insist upon a straight answer!  Just don’t settle for their half-answers!

Reportedly, the corporate attitude towards agents has been, “Just get over it; (the BBCA) this is how it’s being done now.” 

These so-called “trainers” are just shilling  for their management higher-ups. expect that to continue! “Those who can sell, DO! –Those who CAN’T. manage!

“What we have is a Failure to Communicate.” 

(Unlike you), managers /trainers are NOT on the front lines, going out late on weeknights or giving up weekend family time. In sales, those who can sell- DO!

Agents bring in comms to the brokerage, not trainers, not managers! You can replace trainers/brokers more easily than both can replace you!

The new settlement rules will change how agents interact with their buyers.

Buyer agents should discuss with every listing agent whether (and “iF”) any buyer broker commission is being paid before showing a home. Why roll out of bed— JUST to get low-balled on a commission?

And your MLO is your first protection against being hooked into a No/ Low commission deal!

Buyers Only Have a 4-minute Attention Span for an MLO’s Pre-Qual Questions and Explanations.

“How much are you paying for rent”?

Based on my 40+ years in the biz, it’s the one question I ask “First,” so I’ll know “how to proceed” by explaining the qualifying process.

Because it’s much more (currently) expensive to buy than rent, the amount of rent they currently pay tells me the “payment shock” the buyers will indicate how much of a sacrifice the buyers will incur “IF” they buy.

The report below illustrates that only 17% (nationally) of the public thinks it’s a “good time to buy.” Why work with the other 83% AND without guaranteeing getting paid? You shouldn’t.

Your MLO is more important than ever to sort through which buyers you may want to work with, as your gas, family time, and ancillary expenses are at risk!