Introduction
Since 2014, as the ModernDayAgent, I have been at the forefront of change in the real estate industry. Beginning with my innovative "1/2% listing program," I have consistently demonstrated a commitment to challenging the status quo and advocating for the best interests of my clients. Now, with the recent National Association of Realtors' (NAR) lawsuit settlement regarding commission compensation I stand poised to embrace these changes and use them to benefit my clients.
The Implications of the NAR Lawsuit Settlement
The recent NAR lawsuit settlement represents a significant milestone in the ongoing evolution of the real estate industry. Effective immediately the listing agent is no longer required to input a specific amount or percentage to offer a buyers agent in the Multiple Listing Service "MLS". As a matter of fact starting in July 2024 that field will no longer be an option when inputting a listing at all. By no longer mandating the splitting of commissions with buyers' agents, the settlement opens doors to new possibilities for sellers and agents alike. For me and my ModernDayAgent clients, this change aligns seamlessly with my program and further empowers my clients.
How will a buyers agent get paid?
The buyers agent will be required to have a buyer broker agreement with their client. This is a document that spells out how the agent will be paid. It would be awesome if every buyer just paid their agent directly, however, that will likely be a rarity. Instead the buyer will ask the seller to provide a concession toward their closing expenses that will cover the commission. This will make the commission for the buyers agent a part of the negation process.
Benefits for Sellers
Negotiating the buyers agent commission, rather than paying out a set percentage, allows a seller to compensate based on the quality and terms of the offer. In a multiple offer situation the buyers agent compensation may put one buyers offer in a better position than another. Sellers who partner with ModernDayAgent have long enjoyed the benefits of reduced commission rates through my "1/2% listing program". With the NAR settlement, these benefits are further amplified as sellers are no longer obligated to pay a fixed amount of commission to a buyers' agent. The amount is much more negotiable as it can be determined more in line with the value the agent brings. This translates to even greater savings and flexibility for sellers, solidifying ModernDayAgent position as a trailblazer in delivering value-driven solutions.
Embracing a Competitive Marketplace
As the real estate landscape evolves, it is important to recognize the importance of fostering a competitive marketplace where value, service and excellence are paramount. With the elimination of mandatory buyers' agent commissions, agents are incentivized to demonstrate their value proposition more than ever before. This shift not only benefits sellers by ensuring they receive top-tier service but also fosters healthy competition among agents, driving innovation and elevating industry standards.
Conclusion
As a ModernDayAgent I have long been synonymous with innovation, client advocacy, and forward-thinking solutions in the real estate industry. From the introduction of the "1/2% listing program" to embracing the implications of the NAR lawsuit settlement, I will continue to lead the charge towards a more efficient, transparent, and client-centric real estate experience. As ModernDayAgent clients navigate this new landscape, they can rest assured knowing they have a trusted partner dedicated to maximizing their savings, optimizing their outcomes, and championing their best interests every step of the way.
Karyn Nelsen 928-978-3246 ModernDayAgent@gmail.com