Ask Tim and Julie Anything: Is This The END Of Buyer Agents?

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Ladies and gentlemen, welcome to this week's: Ask Tim and Julie Harris anything! Many of the questions submitted this week were regarding buyer agency, the commission sharing settlement and the fear that NAR sold members out. Get ready, today, we're diving deep into the wild world of the National Association of REALTORS® (NAR) proposed settlement.

Question 1: "Does The Settlement Leave REALTORS® Hanging, Did NAR Leave Agents Out To Dry?"

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Answer: NO, Matter of fact nearly every member of NAR (REALTOR®s) are covered by this propsed settlement. Yep, you heard that right! Over 1 million NAR members, state associations, local MLSs, and brokerages with a residential transaction volume of $2 billion or less in 2022 are off the hook for any terrifying liability claims related to broker commissions.

Question 2: "My (Big Name Broker) Isn't Part Of The Settlement, Rumors Are Swirling We Might Have To Close Shop..Did NAR Sacrifice My Broker Just Because We Closed Over 2 Billion In 2022? What Happened?"

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Answer: The reality is that the proposed settlement DOES exclude brokers who did more than 2 billion in volume. And the unfortunate fact is that not all of these 'big brokers' will survive. Most real estate brokerages (big and small) operate on low to NO margin. They make no or virtually no profit from the actual real estate transactions. Their profit comes from mortgage and title. Now, let's set the record straight. NAR fought tooth and nail to include as many folks as possible in this release. While some big dogs didn't make the cut, they're not exactly crying in their coffee. In fact, many are sitting pretty, with thousands of their independent contractor agents getting a get-out-of-jail-free card.

Partial list of excluded brokerages: Home Services of America, World Properties, LLC; Douglas Elliman, Inc.; Douglas Elliman Realty, LLC; eXp Realty, LLC; eXp World Holdings, Inc.; Hanna Holdings, Inc.; HomeSmart International, LLC; Howard Hanna Real Estate Services; Realty ONE Group, Inc.; Redfin Corporation; United Real Estate; and Weichert, REALTORS®.

Question 3: " Why Did President Biden and Major Media State That NAR Dictates the Commission Rates....Why Did They Say That Commissions Are Set at 6% When Everyone Knows That Isn't True?"