Agents need immediate. accurate and truthful information to plan their future career scope, retirement, or even a career change, all of which are in short supply (allegedly) in the era of these lawsuits.
Remember, NAR will always do what’s best for their leadership,
first and always (allegedly).
12 Probing Settlements Questions to Ask Your Managers!
1. If such a thing exists, how exactly will buyer agency “2.0” be monitored and enforced? How will consistency of protocols and procedures be ensured across local marketplaces?
2. What are the protocols for those who refuse to sign any buyer agency agreement, whether exclusive, non-exclusive, or even limited to one property or one day?
Will they be denied the ability to tour a home? What happens when a buyer dodges the “system” and signs multiple one-day and/or one-property buyer representation agreements?
Or if they go from house to house refusing to commit to any agent and have multiple agreements signed that they don’t know one from the other, can’t keep track of them, can’t conveniently “find” them, etc. — then what?
What happens if this buyer writes offers for a home with which they have signed more than one buyer agency agreement?
3. How will open houses be handled so buyers won’t feel pressured due to explanations and potential disclosures that must be provided? How will all of this flow in real life?
4). How will referral fees be handled post-settlement? Because of the settlement, little discussion about referral fees and their handling has been held.
Referral fees are (were) big business for brokerages.
How does the new way of doing business impact referral fees if lesser compensation is paid to the buyer’s brokerage in a transaction that results in the inability to pay a referral fee?
5) What about those situations where the buyer must pay for all, or part of their agent’s compensation and the buyer cannot afford to pay it (and seller will not).
6). What about the many variables and unknowns in the process for confirming compensation with listing agents other than by phone, email, and text at this point, in addition to forms to solidify compensation and the process for them?
There are many what-ifs whether compensation agreed to by a seller depends on the buyer’s offer, and similar issues.
7) Will agents be forced to negotiate compensation based on their buyer’s offer? This is a big anxiety point with agents working with buyers.
Many agents will fall on both sides of the buyer-seller aisle as
as sellers become buyers, and buyers become sellers.
8). What is the connection between the DOJ and all the civil attorneys involved in these class action lawsuits?
9) What does NAR know they are NOT saying?
Three New Lawsuits Allege
Anti-Trust “Rent-Fixing” by Real Page’s Algorithm
10) What happens after seven years OR because of staff changes at the DOJ from an election? Will the settlement be dissolved, amended, or extended after seven years?
11) Will a different administration or staff change result in different priorities for the DOJ besides the real estate industry?
12) Will the forms used in buyer and seller representation and associated with the real estate purchase be subject to DOJ approval each time changes are made?
