So, how are you going to communicate your buyer agent commissions now that the MLS policies have changed?

We can’t list them in the MLS anymore, and agents and offices are coming up with different approaches. I want to share one of my favorite ideas that I’ve seen a few offices implement.

One office is using a Google Sheet—a live, online spreadsheet. The Google Sheet lists all their property addresses in one column and the corresponding buyer agent commissions (BACs) in another. It’s simple but effective. Since it’s a live document, you can update it in real time. The sheet generates a URL, so anyone with that link can access it and see the current BACs.

Now, here’s the cool part: With that URL, you can create a QR code using any free online generator. Attach the QR code to your marketing materials, and when someone scans it, they’ll be taken directly to your Google Sheet with all the BACs. As you add or remove listings, the document updates...

Let's pretend a seller says, "Nope, I'm not paying the buyer agent commission."

This can happen, albeit rarely. When it does, it’s your job to educate them on what comes next. Just because they say they don't want to pay it doesn't mean they won't receive offers requesting them to do so.

It's likely most offers will include language requesting the seller pay the buyer agent commission of X dollars. Then, the seller will have to decide to either reject the offer or counter it. We need to educate the seller about this.

You could do this by saying, "Hey, I totally get it. But just so you know, most offers we receive will still ask you to pay the buyer agent commission. At that time, we can look at the overall offer and decide if you want to do that or reject all offers that include that verbiage."

"I wouldn't reject everything out of hand. I'd suggest looking at the whole spectrum—what they're offering versus what your net will be. We can judge it on an offer-by-offer...

Okay, guys, here's an important question regarding this NAR settlement and everything around it:

We are going to have to start having buyer representation agreements. In that agreement, it's going to say how much you're going to get paid, right? You’ve established what you charge sellers a long time ago, but now you've got to do it with buyers.

What's going to be your minimum commission standard with a buyer?

First of all, accept the fact that you have value and that you are worth more than some other agents in your community. So, you're not going to base your number on what another real estate agent is doing. Maybe they're brand new or barely active.

Instead, you need to base your numbers on the services you provide and your experience.

But here's a bad tendency with a lot of agents: They're going to undershoot their value.

They may say, "I don't want to be greedy, so I'll come in lower."

But don't go too low. There's still going to be sellers offering buyer agent...

What's going to be your approach in having conversations with buyers about this idea of writing you a check or potentially writing you a check at closing? It feels scary, doesn't it?

I'm going to give you a script focused around what I call a success fee. Just remember, we're never paid in general. The vast majority of us get paid at closing and only if the buyer's successful.

So my starting point will be:

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“Hey guys, I just want to point out that today we work under a buyer representation agreement… You don't pay me until you found the perfect house, got it at the right price, financing sorted, inspections done, deal closed. That's when I get paid. If I don't help you get to the finish line, I don't get paid a dime. My fee for representation, if you get to the finish line, is X. In many cases, we negotiate with the seller to have all or part of that fee paid on your behalf.

It's going to be super transparent. I’ll give you a net sheet on each transaction,...

We’re facing a dilemma here:

With the impending changes in buyer representation, there's talk about some agents taking zero BAC listings—charging a fee but listing it as zero.

Now, think about it: Buyers looking at these listings may opt to go unrepresented, thinking they can handle it all. So, as a listing agent, taking these listings, the question arises:

What do you do when an unrepresented buyer wants you to facilitate the sale without the BAC?

Considering the surge of unrepresented buyers, it's time to discuss this with sellers. You may still charge your standard listing fee but need to charge a bit more for dealing with an unrepresented buyer.

Why?

Because you're essentially doing double the work for potentially half the pay.

You're handling everything from financing and inspections to appraisals and negotiations.

You've got to communicate this to sellers. Due to changes in the market, unrepresented buyers...

We know that NAR lost the lawsuit, totaling $5 billion. It's actually $1.8 billion, but it was tripled during the court process. Additionally, some major franchises in America are also involved in this lawsuit.

You might think that it doesn't affect us because it will get appealed, but that's wrong. The major news outlets have been covering this story since the trial, and now, after the verdict, they're going to continue. Your clients, both buyers and sellers, will be talking about it.

A situation might arise when you or another agent in your market is taking a listing, and the seller asks, "I read in the newspaper that I don't have to pay a buyer agent commission. Is that true?"

How do you respond to that?

Well, here's how your conversation should go:

“You have the option not to offer a buyer agent commission. It's entirely optional. But let me frame this for you as it's a competitive and...