Propellent Real Estate Data’s Post

#PropertyNews 𝐓𝐫𝐚𝐝𝐢𝐧𝐠 𝐒𝐭𝐚𝐧𝐝𝐚𝐫𝐝𝐬 𝐝𝐞𝐟𝐞𝐧𝐝𝐬 𝐧𝐞𝐰 𝐩𝐫𝐨𝐩𝐞𝐫𝐭𝐲 𝐬𝐚𝐥𝐞𝐬 𝐩𝐫𝐨𝐜𝐞𝐬𝐬. 𝑴𝒐𝒓𝒆 𝒓𝒆𝒅 𝒕𝒂𝒑𝒆 𝒏𝒆𝒗𝒆𝒓 𝒉𝒆𝒍𝒑𝒆𝒅 𝒂𝒏𝒚𝒐𝒏𝒆. 𝑾𝒆 𝒏𝒆𝒆𝒅 𝒕𝒐 𝒆𝒏𝒄𝒐𝒖𝒓𝒂𝒈𝒆 𝒎𝒐𝒗𝒆𝒎𝒆𝒏𝒕, 𝒏𝒐𝒕 𝒑𝒖𝒕 𝒃𝒂𝒓𝒓𝒊𝒆𝒓𝒔 𝒊𝒏 𝒕𝒉𝒆 𝒘𝒂𝒚. ➡ The National Trading Standards Estate and Letting Agents Team has defended the introduction of ‘material information’ requirements on details of properties for sale, after a conveyancer warned landlords that the new measure may add to costs when selling up. James Munro, Senior Manager of the NTSELAT, has told Landlord Today: “Of all the decisions we take in our lives, deciding where we live is undeniably one of the most important. It can have a profound impact on our health, happiness and wellbeing – and buying or renting a home is one of the biggest purchasing decisions we will ever make. “That’s why it’s important to work towards a future where more material information about a property is available earlier in the buying, selling and renting process. “The recent guidance will prompt all players in the property market to do things a bit differently, and sellers may find that bringing conveyancers on board at the outset helps ensure all information is available for marketing, and issues with things like restrictive covenants or boundaries can be addressed earlier. For buyers, a better understanding of why certain information such as a property’s tenure is important will enable them to make informed decisions when they embark on a property search. “Efforts to improve the provision of material information have been worked on for some time and change has been long overdue. The progress that’s been made in recent months has been widely welcomed and I’ve been encouraged by the overwhelming positive response the new guidance has received.” Via LandlordToday.

Have you heard the news? 📰 National Association of REALTORS® Reaches Agreement to Resolve Nationwide Claims Brought by Home Sellers. What this means for buyers... Buyer Representation and Broker Compensation Agreement: Buyers will need to sign this agreement, which formalizes their relationship with their real estate agent and outlines the agreed-upon compensation for the buyer’s agent. If the seller offers the same or higher compensation to the buyer’s agent as agreed upon in the contract, the buyer is no longer responsible for payment. Negotiation of Compensation: Buyers’ agents have the opportunity to negotiate their compensation directly with the seller before submitting an offer. This allows for potential adjustments to compensation terms based on the specific circumstances of the transaction. Buyer Responsibility for Commissions: In cases where the seller does not offer compensation to the buyer’s agent and refuses to negotiate, buyers may become solely responsible for paying their agent’s commission as outlined in the Buyer Representation and Broker Compensation Agreement. It’s important to note that while these changes are anticipated to be implemented in July 2024, several steps need to occur before they take effect. The real estate landscape is continually evolving, and we’re all adapting to new processes together. While the information provided is deemed reliable, it’s essential to verify independently. If you have any questions or concerns about these changes, please feel free to reach out. I am here to guide you through the evolving home buying experience. ☎ 714.612.5373 📬 sylvia@sylviaharsin.com 🖥 sylviaharsinhomes.com Sylvia Harsin | DRE# 01117662 | Coldwell Banker Realty #buyersagent #compensation #nar #2024 #localbar #localagent #huntingtonbeach #oc #la #coldwellbankerrealty #luxurylifestyle #buy #sell #invest 

Does the National Association of Realtors need better attorneys or has their time come? Basically in addition to $418M settlement (after the $1.8B), now going forward, the amount (if any) a Buyer's Agent is going to get paid cannot be posted in the Multiple Listing Service. The argument is by posting it, it can steer agents to get their clients to buy specific homes. They aren't wrong. I've seen homes that offer less than the typical 2.5% range and those homes sit on the market. Is it because agents are steering? Probably. If there are two identical homes at the same price and one is offering more commission, of course the agent is going to convince their client to buy it. This also may encourage buyers paying their agents on their own, which will only hurt first time home buyers who may not have the cash to do so. But if a home sits on the market, then did that Seller offering lower commissions really win? If they have to reduce their price, then it could be a wash. The article also sites the opportunity for other brokerage models such as discount commissions. In theory that is great for a Seller, but we see time and time again that you get what you pay for. I've done some of my best negotiating with agents when the opposite side is working at a discount. It becomes a volume game so they can't provide the highest level of customer service unless they have so much market share that they can afford the staff. Over the next 6-12 months is going to get interesting. We will see what the guidance comes in from legal departments on how to address all of this. Click the link in this caption to read more about it. https://lnkd.in/gpTGUUGU #nationalassociationofrealtors #realtors #realestateagent #commissions #buyinghomes #sellinghomes #realestateexpert

If you're considering buying or selling property at some point, it would be wise to seek out a licensed professional to help faciliate the transaction. Utilizing a real estate agent has proven to not only net clients more money ($46,603 on average, in one study), but also drastically reduces clients stress compared to those that chose to proceed without an agent. -> The proof is in the pudding: https://lnkd.in/ekn349u3 ... Now, let's take it a step further-- Say you decided to work with an agent. What then? Well, to narrow down your search, I'd look for an agent who has the designation "REALTOR®". Agents who have this title adhere to a strict Code of Ethics and high standards of conduct, as members of the National Association of REALTORS®. This means, you're in the hands of an individual with integrity-- Agents that are REALTORS® pledge themselves to protect and promote the interests of their clients, follow 16 Standards of Practice, and treat ALL parties in a transaction honestly. -> Check out this link: https://lnkd.in/eqtzVmsU for a more in depth explanation! ... If you have any residential real estate inquiries (or know anyone who might), please reach out to me-- I'd be more than happy to assist you (or them!).

Selling your home on your own, also known as "for sale by owner" (FSBO), can be an appealing option for some homeowners due to potential cost savings on real estate agent commissions. However, it also comes with its own set of challenges: 👉 Limited Marketing Exposure Real estate agents have access to multiple listing services (MLS) and extensive marketing networks that increase a property's visibility. When selling on your own, you may struggle to reach as many potential buyers. Limited exposure can result in a longer time on the market and potentially lower offers. 👉 Negotiation and Legal Complexities Real estate transactions involve complex negotiations and legal processes. Without a professional real estate agent to navigate these complexities, sellers may find it challenging to secure the best deal and ensure that all legal requirements are met. Understanding the intricacies of contracts, disclosures, and negotiations is crucial to protect your interests and avoid legal complications. 👉 Valuation and Pricing Challenges Determining the right asking price for your home requires a careful analysis of market trends, comparable sales, and various factors that affect property value. Real estate agents have the expertise to provide accurate property valuations based on their knowledge of the local market. Without this guidance, sellers may risk overpricing or underpricing their homes, potentially leading to a prolonged sale or leaving money on the table. Overall, while selling your home without a real estate agent can potentially save money on commissions, it often requires a significant investment of time, effort, and expertise. Working with a real estate agent is advisable as they provide expertise in pricing, marketing, negotiation, and legal compliance, maximizing the likelihood of selling your home quickly and at the best possible price while alleviating the burden of the selling process on your own. #realestatelife #realestateprocess #fortheloveofhome #homeselling #tricitiesrealestate #realtorlife #realestateexpert #realestateagent

🔥 Unlocking the Secret to Mastering Deals and Negotiations: The Power of Differentiation 🔥 🤔 Ever wondered what my number one tip is for excelling in deals and negotiations? It always catches people off guard: Differentiation. This skill is vital, and I apply it universally, from business dealings to personal milestones like selling my home or negotiating a better salary. 🏠 Let's delve into a familiar scenario to illustrate this—buying and selling homes, a core aspect of the American Dream. Growing up, I was the kid helping my mom set up homes for Century 21 Real Estate. Fast forward, and the landscape has evolved dramatically. 📈 Since Zillow's emergence in 2006, buyers and sellers have gained unprecedented power to evaluate property values independently. Coupled with low interest rates and a sparse inventory, the competition among realtors has intensified. 🔄 In March 2024, a major shift occurred with the National Association of Realtors (NAR) settlement, allowing buyers to negotiate commission rates directly. This is a game-changer for the industry, presenting both challenges and opportunities. 🛠️ So, what should realtors do? Focus on two key strategies: Differentiation: Clearly define what sets you apart from competitors. This isn't just about being different; it's about creating an offer so compelling that it stands out in any market condition. Multiple Offers: Leverage your unique selling points across various proposals, demonstrating to clients the potential risks and losses of opting for lower rates. 🧠 I liken differentiation to the concept of Type 1 vs. Type 2 errors in statistics. I'd rather risk a false positive—working intensively on distinguishing my offerings, ready for shifts like market consolidation or fluctuating commission rates. Even if the market remains stable, I'm better positioned. If it changes, I'm already ahead of the curve. https://lnkd.in/gps_He7N

Many in the real estate industry are still reeling from the changes to the new guidelines for paying agent commissions set forth by the National Association of Realtors (NAR). A recent settlement has forced the NAR to completely restructure how agent commissions are paid as well as restricting compensation information from being included on an MLS listing. Read more about these changes and what is required of brokerages to remain compliant: https://bit.ly/3XTlLpw #realestate #industry #compensation #salescompensation

The prime consideration for a real estate agent's practice in the post settlement period involves variation in interpretation of policy changes. Policy changes being implemented secondary to the National Association of Realtors signed settlement agreement have been broadly publicized and inevitably understood in different ways. When an agent and their client understand the meaning of a newly enacted policy differently the minds have not met. How the agent and client are individually interpreting the new policy is incompatible or at variance. Expect this to be a predictable and frequent occurrence in the post settlement period that is being characterized as a time focused on a consumer-centric approach to selling property. At this point some agreement as to the meaning of the new policy must be reached between the agent and their client to move the real estate sale process forward. How the agent and the client interpret the policy will define the acceptable action being employed in this individual real estate transaction. Expect the licensed agent to closely adhere to the current interpretation being communicated directly from the regulatory body with the authority to enforce compliance to the new policy. As these situations emerge during agent- client interactions the agent is required to provide regulatory guidance that helps clarify the meaning of the new policy. In the post settlement period agents should plan for the need to invest extra time during interactions due to predictable emerging variations in the interpretation of new policy changes. As a State of Wisconsin licensed real estate agent with Weichert, Realtors- Great Day Group I guide sellers through the varied steps of the real estate sales cycle. Call Louis Kutzke real estate agent at 608-432-4286 for assistance with selling property- serving Wisconsin Dells, Baraboo, Reedsburg, and Portage areas.

There are SO MANY opinions around the National Association of Realtors settlement where they will pay a big fine AND change the way a Buyer's Real Estate compensation can change. Before you think it's a huge win for sellers to consider "paying less commission to buyer's agents", keep in mind a few things: - There is a laundry list of items a Buyer's Agent performs that isn't exclusive to making an offer: Negotiating, Pricing the home properly, inspections, coordination of utilities, legal advice and so much more! That allows the transaction to flow easier if each party has their own Agent! - If the seller pays a lower commission, you will see the "lower level" professional agents, who are willing to work for less, increase market share and if you think the guidance and advice as a Buyer's agent isn't critical to your success, I would encourage you to investigate more. - Also, I believe the biggest impact will be made to First Time Homebuyer's who may not be able to afford to pay their Agent commission and that may impact their ability to buy AND force them to use the Seller's agent, which creates it's own challenge of dual agency and how do you create fiduciary as an Agent to both parties! Again, like any change, we will adapt and be stronger for it. But, as a seller, you may pay a lower commission but there may also be a limit to the buyer pool if the commission offered to the Agent is too low or the buyer has to pay the commission! PS, can you tell I am big fan of Professional Real Agents who give a S**T about their clients and representing them for the biggest financial decision they may make! I expect a few comments and maybe even a few criticisms but I am passionate about Real Estate and those who treat it as their CAREER! #housingmarket #firsttimehomebuyer #nationalassociationofrealtors #brokersarebetter #firsttimehomebuyer