That first provision could lead to a lot of confusion and opportunities for negotiation that could lead to much higher overall commissions.

The second one is a good idea since far too many agents who work with buyers fail to get this signed right now and making it required will cut the bs of agents treating their customers as clients.

Real Estate, by its very nature of dealing with people in all sorts of situations remains a negotiated business. There are somethings to be worked out outside of rules, regs and procedures. How much to pay someone? That's between the parties. All others, KEEP OUT!

I read the article and I am confused. If the mls cannot include an offer of compensation from the seller, do we really need an mls or is something new needed. What is read is "...offers of broker compensation could not be communicated via the MLS, but they could continue to be an option consumers can pursue off-MLS". What the heck does that mean? I think this is a mistake and, to say the least, totally confusing.

As for Buyer Compensation Agreements, we are already using those. But, if a buyer has no idea of whether of not there will be any compensation from the listing broker, how can a buyer know what to offer for a house and where they are going to get the money to pay their broker. Is this the end of buyer representation?

Yes. 

I'm used to Loopnet/Costar with no offers of compensation at all, I either plug in no number or a low one and if they are writing, attending inspections for their client etc I raise it.

I don't care if MLS compensation becomes a talking point.

I don't care if BBAs are required everywhere (EXCEPT NON NAR BROKERAGES which I suspect will grow in number near future) It was always 'all or none' but now buyers are having THEIR choice taken away. Except to have a non-NAR broker represent them.

What I find SUPER SUS is the statement that our dues will not be increased to pay out the blood money! I was born at night but not last night!

NAR's membership is gonna take a dive, I reckon! 🔮

THIS, combined with markets correcting and agents simply not cutting it in real estate.

Our industry is going the wrong direction, and won't make it easy for buyers in the future.    Maybe this is the wrong move.

Yes... I've read it and just posted about it.  I'll be interested in seeing how this plays out, when compensation is removed from the MLS... and we now are required to have exclusive buyer agreements.

Where will we find buyer's agent compensation... will they now allow it to be included with the offer to purchase?  Will there be a board form developed?

It doesn't give us much time to adjust.

Hi Diane, I believe we'll get through this. Once the final gavel rests on the podium, we will have Plans A, B, C & D to address these concerns. Lots of questions out there and lots of confusion. 

As to having compensation in MLS - we can easily negotiate that as part of the Contract for our buyers. I can't imagine this will change much - except to be an extra step for us. 

We already have BA agreements in place when we begin working with buyers so, that won't be an issue here in NC or SC.

I do believe we'll lose a fair number of agents though - either pushing them into other professions or an early retirement. 

NAR doesn't make the rules for our broker owned MLS

I am retired and off the email list now Diane Christner so I appreciate staying informed through AR even though it doesn't affect me anymore.

I read it this morning. It seems that big changes are coming.  

The sad results of NAR leadership.

Yes.  Times they are a changing!

This is only a proposed settlement, it has not been approved by the courts yet.  There are still many, many questions regarding this that hopefully will get answered if/when the rules come out.

Interestingly, about half the country already uses buyer broker agreements, so for them this may not be a change or only a very minor one.

I suppose agents will have to contact listing agents and ask about compensation. This could turn into all agents going after listings, then buyer agents will have to trust what listing agent tells them. I can see it now. Seller tells their agent they're willing to pay 5% to get their house sold. Then listing agent tells buyer agent we're offering 1% to buyer agent.

In Florida, Transaction Broker IS the State standard, not Seller or Buyer representaion. So, now what coach?

I think this will be confusing to most agents and wonder if NAR should of agree to this.

Yes, I did. I never actually liked that the buyer agent commission depends on a listing agent negotiation skills/that not always that great/. 

I received it and did not read it.  I would rather watch paint dry or have a tooth extraction. When the dust settles  ....

Yes and I think it's a bunch of malarkey.  They have served our real estate community well over the decades.

I suppose agents will have to contact listing agents and ask about compensation. This could turn into all agents going after listings, then buyer agents will have to trust what listing agent tells them. I can see it now. Seller tells their agent they're willing to pay 5% to get their house sold. Then listing agent tells buyer agent we're offering 1% to buyer agent.

I hope I'm wrong but I suspect:

1. The media will [continue to] lie.

2. People's ignorant friends who know everything about real estate will continue mislead the public about "worthless REALTORS."

3. The public will be more confused than ever and convinced we are a a greedy bunch of middle-men who fix commissions and charge exorbitant rates.

For examples of all the above, go read some of the comments to NAR videos on YouTube. It will turn your stomach.

We are now made an employee of the listing agents, period. Everyone should call the hotline at NAR and screen NASTY! This what it is. 

I think it will take time to shake out. We'll just change our processes and discussions with buyers and sellers.

It will be interesting to see what the new forms in July look like. The attorney's who write the forms are going to be busy since we don't always have the new forms at the beginning of July.

IMO NAR let down the entire Realtor community by settling this ridiculous lawsuit.

Just a few issues to hammer this home...

1. AFAIK... Only NAR agents are required to do this within MLS (the buyer agent form) therefor NAR is no longer needed by any agents.

2. They have opened the door for all the major and minor sites to now hire a real estate agent, pay a salary and sell real estate. I warned the community about Zillow and the rest years ago and no one listened. Now, Amazon and the rest will be able to sell real estate which is EXACTLY what they wanted and have been waiting for.

I haven't trusted anyone at NAR ever since they gave away the rights to Realtor.com! Idiots.

It is my belief, they not only sold out the industry, but I would not be surprised if their CYA was bought and paid for with Payola!

IMO This is the beginning of the end of the industry as we know it!

I mean really, think clearly... How much additional effort and time is going to be required to call EVERY listing agent for every property your buyer wants to see just to find out if they are offering a fee/commission. And if they are not, good luck trying to get a buyer to pay your fee!

No this is not good and NAR should be ashamed, but then again they sold us out before so nothing new here.