Episode 38 - New Agent Compensation Rules and Guidelines
Manage episode 432997410 series 3527008
HERE IS THE LINK TO THE DOCUMENTS AND VIDEOS I REFENCE IN THE PODCAST https://exptoolkit.com/sellers
- Welcome message
- Explanation of today's call being open to all real estate agents, not just Real Estate Asset Advisor and Home Boss members
**Overview:**
- Importance of real estate agents working together due to upcoming changes on August 17th
- Mention of the call's purpose: clarity on buyer's agent compensation and listing agreements
**Key Points:**
1. **State and MLS Differences:**
- Importance of checking with brokers and MLS as guidelines vary
- Different MLSs within states have varying guidelines, fines, and penalties
2. **EXP Forms and Guidelines:**
- EXP's detailed forms as a model recommended by the Consumer Federation of America
- Importance of following EXP's guidelines and forms to protect against liability
3. **Buyer's Agent Compensation:**
- Discussion on how buyer's agent compensation works and the necessity of having a conversation with the seller
- The concept of seller concessions and how it affects buyer's agent compensation
4. **Legal and Compliance Issues:**
- Legal requirements and compliance issues across different states and MLSs
- Examples of how different states handle these regulations
5. **New Processes and Paperwork:**
- Introduction of more paperwork and processes to ensure compliance
- Importance of having a buyer broker agreement signed before showing properties
6. **MLS Fines and Penalties:**
- Potential fines for non-compliance and the impact on brokers and agents
- Importance of following guidelines to avoid penalties
7. **Opportunities in the Market:**
- Emphasis on finding opportunities in chaos and change
- Examples of recent market opportunities and the importance of staying informed
8. **Home Boss Program:**
- Home Boss members' specific guidelines and benefits
- Importance of familiarizing with Home Boss forms and processes
9. **Open Houses and Buyer Broker Agreements:**
- Exemptions for open houses and the need for buyer broker agreements for subsequent showings
**Additional Tips and Advice:**
- Importance of thoroughness and getting everything in writing
- Recommendations for educating oneself and staying updated with MLS and broker guidelines
- Encouragement to attend relevant classes and seminars for further understanding
**Closing Remarks:**
- Summary of key points discussed
- Encouragement to review documents and guidelines
- Final words on the importance of adapting to changes and finding opportunities in the new market conditions
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