Видео

The most beautiful part of this whole charade. The attorneys who represented the buyers in the lawsuit, took 30%. All this is going to accomplish. Sellers who think they're smart won't offer buyers agent comission. Buyers won't be able to pay out of pocket. Blackrock will buy more single family homes and rent them to the buyers who can't afford to pay commission on their first home.

Lol

Why though?

"Its the fall market...duh" Great podcast Matt!

Trump2024 🇺🇸

The camera work makes this almost impossible to watch.

We have bought and sold houses over the last 35 years and NOT ONE ever mentioned that we could negotiate any of the %. Either Seller or Buyer!!! It's about time that the Buyers pay their own Agent.

In Florida, if a real estate agent tells you you have to sign any agreement before you can look at the property, especially an Open House, get that agents name and info and then contact the Florida Real Estate Commission (FREC) and file a complaint! They will investigate and if found guilty that agent will have their license revoked and the Broker will be sanctioned! There is absolutely NO law or requirement in Florida that says you must sigh any agreement to look at a property for sale or if you want to sell your property as a FSBO!!! Don’t let any real estate agent scam you!!!

Realtors must tell the actual truth! You are not being honest. Sellers are now going to negotiate and buyer agents have to learn fast. You are just trying to confuse everyone!

Check with your own brokerage rules and guidelines regarding this matter.

Yea I send my buyers representation before showing property’s

Listening to a “Realtor” talk about the NAR settlement is like listening to a dog explain what a Vet does. This “LIVE” discussion is filled-and I mean FILLED-with inaccuracies. Three key points: (1) buyers absolutely and 100% do not need a buyer’s agreement to see property; (2) buyers only need a buyer’s agreement to see property if they are using an NAR “Realtor” to see the property; (3) buyers do not need a buyer’s agreement if they are shopping themselves or they are using a real estate agent who is not an NAR member. Finally, buyers are fools for agreeing to pay any commissions out of pocket. If the buyer’s agent is not competent enough to negotiate a commensurate commission, they are not competent enough or represent me and negotiate the best deal for me. As as buyer, what I bring to my buyer’s agent is the ability for them to sell a property and obtain a commission. “Realtors” without listings are about to be out of business OR become really, really versed at negotiating their own commission.

Laricy, great video. The settlement service process has been upended... and it is unfortunate full disclosure never occurred before the NAR lawsuit. Good agents are worth every penny they make, and IMO, bad agents are not. The areas you have to be careful about is steering, and amending the original agreements. They're ways to avoid or at least mitigate the potential coming lawsuits, but a reduction in commissions are inevitable. Suggestions: 1) Max listing agreements (Buyer and Seller Agreements) should be between 2.5% to 3% (can't explain here), but must be finite and not a range. 2) Sellers Agent should not list any offer to Buyers agent in their Listing agreement or let them know the Seller will agree, if one exists. 3) Let the agents, (including buyer and seller) begin negotiating, after the initial offer is submitted to Sellers Agent, and then and only then, should an open and fair compromise for Buyer's agent compensation be discussed (if necessary). 4) Another suggestion to Buyer agents: charge no more than 1-2% in their agreement and only amend if buyer and seller agree to do so after the initial offer. 5) Negotiating a higher sales price to seller to pay for any changes should be clearly, honestly and carefully considered. Such changes could be one of the most contentious part of any litigation, if one ensues. 6) Most importantly, absolutely make sure these changes are in your clients best interest, to avoid such potential disputes. Giving lip service to this one issue, without an actual $$$ value, will not be looked upon as a viable defense. Buyer's agents, asking for more than 2% in their original agreement, when it's explained to buyer's they are responsible to such commissions if seller refuses to pay, is naive at best. This particular area will be more complex than what's discussed in your video. (As a side note: Dual Agency Agreements need to given the greatest consideration when deciding what the compensation should be. It's my personal opinion that 6% OR even 5% is DOA). As you know, any offer must be submitted to Sellers agent, prior to agreed changes to any compensation structure discussed between Sellers agent and Buyers agent. The Seller and Buyer have to voluntarily authorize any modification of the original agreement, which is now more complex prior to August 17, 2024. (Buyers offer can include payment for Buyers agent compensation, but changes to Sellers listing agreement between the Seller and Sellers agent has to be amended to accommodate these changes). Any changes in the offer to pay for Broker agents compensation (regardless if it's in the price of the home) is where the "rub," is. Seller does not have to pay Buyer's compensation and cannot be forced to do so. They can simply accept the purchase price offer from the Buyer without accepting any payment to Buyer's agent. The Buyer is now stuck with paying the Buyer's agent commission. Sorry, but that is the rule. Seller can counter with a higher sales price and pay for Buyers agent commission, but if the sales price offer is acceptable to Seller, they can simply agree to such the original offer and deny payment to Buyer's Broker commission in a counter. Remember, the Buyer has already agreed to pay for Broker Agent commission, unless of course the Buyer Agent agrees to $0 compensation. (Not likely) IMO, I would initially make a lower offer to the Seller's Agent (one that the buyer could live with regarding Buyers Broker compensation if the Buyer ends of paying, which is a sticky wicket if they can't) then, if the initial offer is rejected, make a counter offer to pay more (or less depending upon the situation) to offset the Broker Agents compensation within the amended offer. Make sure the Seller's Agent has a properly Amended Listing Agreement "in hand" prior to any changes to these agreements, which should occur amongst all the parties, prior to offering an amended/counter offer. Each agent has to work in best interest of their client, which is already in the ethical rules for agents, but now will be looked at more critically by certain government agencies that oversee the entire Settlement Service Process. ANY changes must be beneficial to the buyer and seller. IMO, new Builder home solicitations to Agents, to pay more for bringing in a buyer is DOA, unless the extra compensation paid to agents for bringing buyers is given directly to the Buyer for closing costs, sales price, or agents compensation stipulated in the Buyers Broker agreement. Amending the buyer's agreement to capture this fee for the benefit of the Buyer Broker is an absolute risk to the Builders listing agent, the Builder and the Buyer Broker, if not given to the buyer's bottom line. Tread carefully here. All these opinions are my own and must not be considered legal advice or representation of any agency or government entities opinion or rule. Do not rely on any of these suggestions as how you should conduct your business or how your attorney has advised.

Boring.

The camera switches way too much.

It will be interesting to see when/how the downtown market comes back.

The disastrous fallout of a connected society. Laptops and cell phones have enslaved us.

This is more like a glorified 5 star hotel room than a penthouse.

29:28 this clip should be shown to ALL YOUR CLIENTS for the severe lack of respect of other's time. If your 'team member' can't be bothered to listen to someone speak for 30mins, what hope do clients have to be listen to?

Bro is just yapping

Yes, great video :)

This was excellent information regarding all the "ins and outs" of living in a condo, the Board, etc. Truly wish I had this info years ago. I'll know better next time :-) I really appreciate all of your informative podcasts, Matt.

Super helpful for us newer brokers!

Nice video Never been to a Bears game* but I cannot imagine a scenario where they move to the suburbs or out of state and one of the other 31 teams does not take their place. I’m not familiar with their operations, but I do not think Soldier Field is the reason they have been performing poorly for more than a decade now. I’m all for new development and would love it if the city made some agreements to limit the red tape for quicker development but if tax dollars ($2b I read) are involved, it’s a No.

“Get rid of your kid” you had me laughing on the train downtown to our beautiful city. Keep killin’ it!

#Trump2024

Totally agree and great idea regarding the casino

This video is too short.

Rapid fire questions What's the next thing to innovate real estate? Eg. Zillow, virtual walkthrough, etc? Which will get done first? The 78, Lincoln Yards , Bears stadium

I can tell the guest is bored and irritated because he keeps getting interrupted.

Yes I agree with you that in a buyers market with 18+ months of inventory you need to give a buyers commission but when the market shifts to a sellers which will happen eventually that's when things can get a little interesting for buyers agents commissions.

Underrated podcast!!

Not all you drive around will sign an exclusive with you, and some.may go with another agent.

Now all you need is to learn how to predict which three will close.

I understand the whole not wanting the government telling me what to do thing, but what reason would the DOJ have for doing something like this that doesn't involve the broker doing something shady? The DOJ doesn't make laws. They investigate criminal activity. It's like saying the DOJ created a regulation that prevents me from giving money to a drug dealer. That's not how it works

No house is worth more than 30 to 50 k.. that's it. I know I built houses for years. I know what it cost. Never trust what the realtor says there are just scammers

Try a half Windsor knot on your tie it will frame your head better with the suit

Your math makes sense, but maybe you should just get better at closing those six opportunities?

They said same bullshit back in 08 n what happened its going to crash. Like in florida 299 thousand dollars for a 500 sq ft basically a shed.

Thank you for sharing your opinions!

I can say I always am working for my clients interest. I truly am never thinking about what’s in my best interest.

The question is, how will the buyer broker know a listing will pay him or not? The buyer is going to like a property or not before his broker knows if the seller is willing to pay.

Everything makes sense when you explain it!!

LOL! $10 walmart blinds adding $25k! these are GREAT!

I'm a numbers geek, love these podcasts!

Another great podcast.

What neighborhood has the most potential for appreciation (for a buyer) who is looking to buy June/July (2br/2ba)?

Hope the casino tower gets built. I see it as another amenity added to the city, all for it since the day I heard about it. It’s time for Chicago to shine and become a place people like to flock to vs other parts of the country, maybe Chicagoans who become famous actually live here vs becoming famous and never comes back.

No, Matt, real estate agents are NOT the most hated people on the planet; attorneys win that spot hands down. Second in line would be car salespeople, and 3rd MAYBE real estate agents. But honestly, if an agent doesn't do a good job for you (it's all subjective), once the contract ends, the seller can find a new agent without thinking twice about it. Or heck, try and sell on their own (I did so successfully when I wasn't happy with my agent and ended up *creatively* marketing my E. Delaware Place condo (and selling it for $45K more than the agent was able to get.) But selling on your own isn't ideal for most sellers, unless you have the right marketing chops with some courage thrown in, lol.. So I respect a truly great real estate agent! And I certainly want an agent representing me in the buying process, too. But when you're literally standing in a car dealership, ugh, you feel closed in. Just my thoughts. Keep on doing what you do. You are a born entertainer, Matt (in case you ever quit your day job, ha.) Your forthrightness is hard core and why I like you. I choose your company (and you specifically) when I want to buy in downtown Chicago again. And Happy 40th. You're still young, don't sweat it.

I literally laughed out loud so many times watching this! Very entertaining but more important - TRUE!! Matt, keep up the great work and honest delivery.