Should Sellers Pay Buyer's Agents? | Navigating the New Norms After the NAR Settlement

Question:

Let's say you have a seller that says, “Jim, I watched the news this weekend, and I understand that I don't have to pay a buyer's rep.”

What will be your response to that?

Now, if you get that, I would say that they’re right, and they really haven't had to do that for years. The only difference is that the buyer rep fee is not going to show up in the MLS as of July.

But should you choose not to pay a buyer's rep?

Here's my personal thought on this:

When you offer to pay a buyer's rep, what happens is you’re going to attract more showings and thereby get more offers and more exposure for your property because there's not many buyers that have the money to write a check at closing to their buyer's rep.

So when a seller says they’re not going to pay it, a lot of times they're just going to eliminate that house from consideration. They'll just go look at the houses where the buyer's rep is being paid.

Now, if they choose not to pay a buyer's rep—and that's their choice—here's what they need to expect. They need to expect that when you receive an offer, just because we've said we don't want to pay it doesn't mean they're not going to ask for it. So when you receive an offer, it can say it's conditioned or contingent on us agreeing to pay the buyer's rep, which is probably going to be what's going to happen most of the time.

They're going to ask for 2%, 3%. It depends on the agent.

But I want you to prepare for that because that conversation's probably going to happen.

The most likely thing that's going to happen is that regardless of whether the seller's offering it or not, most offers are going to include that compensation conversation.

So that's something you should start doing today. And when it comes up, start using this language to have this conversation with your sellers.

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