08/10/2024
the new NAR law from the lawsuit is preditory in nature and hurts sellers and buyers while protecting realtors comms and preditory practices. basically if the seller doesnt pay the commisions the buyer will have to and its compleatly stopping people from buying houses because. As a real estate marketer I was asked by a NAR Member "how would you get around the law (loophole)" and honestly i dont really see one as of right now.
The things I can do for realtors is turn thier new buyers contract into a digital contract, set up appoint booking right from the MLS website followed by a zoom call and turn the whole process digital. That way you dont even need to leave your office, and they dont need to leave thier home, they can see the the contract you send them all in the comfort of thier home as well as get a conversation with you via Zoom or google meets.
You cannot force buyers to pay the comms as well as you cant force the seller to pay comms, but working for a brokerage? they should pay your comms if seller says no or the buyer. that way they can still move forward with the listing or purchase of the parcel in question and still get paid for thier work. write that into law.
these brokerages have too much money and infact can pay the commisions out to the realtor or sellers/buyers agents. honestly in my opinion real estate and morgage loans are preditory in practice. Realtors commisions cant be more than 6%, 3 from buyer and 3 from the seller, IF they are repping both buyer and seller. Real Estate, NAR, and real estate commision laws need to change. reading up on these laws is crazy informative and maybe there will be a work around, like wholesaling real estate. which some if not most reators feel like wholesailing is "taking " thier business when its not, wholesale practices are not preditory, its fair private dealing off market houses. no realtor commisions unless your state has a law where you need to be repped by an agent to wholesale, and in my opinion that law was made becasue of some upset realtor "lost business" to a wholesaler.
kind of a cry baby move.. but the only thing we can do about it as a community is join the NREWA. the National Real Estate Wholesale Association to keep wholesale alive and a fair practice. Wholesale is not preditory, no commisions, the seller doesnt need to pay a wholesaler any commision. the buyer does but its not a commision, its a fee, wholesaling is middleman house selling from seller to buyer and is 100% legal (with a few regulations.)
Let me know your opinions on the NAR law, your thoughts on Wholesaling Real Estate. and wether or not brokerages should be paying these commisions to their agents or if its a seller/buyer respocibility only. i truely think these brokerages need to hold more responcibility in paying their agents a livable wage while they aquire and sell real estate.
