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Old 04-05-2024, 08:33 AM
 
Location: Cary, NC
43,265 posts, read 77,043,330 times
Reputation: 45612

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Quote:
Originally Posted by Brandon Hoffman View Post
The buyers agent, who has a fiduciary responsibility to their client, would normally assist their client with research such as the possibility of adding a garage. Let me ask this. You say the commission is enough to cover the 1-2 hours of research. Why should the seller pay their agent to do your research for you? What about the other 10 buyers that require 30 minutes or more hours of research-should the commission be enough to cover that time as well? What proposal do you have in mind compensate the agent for their 2 hours if you don't buy the home? What proposal do you have in mind for compensation when the cumulative time invests exceeds a reasonable amount of time investment? What if the commission isn't enough at all to cover additional time to provide research for buyers? And again, why should a listing agent even do research on behalf of a buyer that isn't his/her client?

Typical uninformed consumer without the ability to think ahead to action/reaction:
1-Celebrates ruling that will prevent or make it more difficult for buyers to have agent assistance.
2-Thinks listing agents will now do all the work for half the pay.
3-Thinks home prices will now come down by 3% because sellers won't be interested in making a higher profit.
4-Gets upset when he finds out listing agents won't do the legwork that would have been by the buyer agent and he'll have to do it himself.
5-Ends up back on a message board to complain about agents when people like him broke the system that functioned well to provide a level playing field.
Be gentle, Brandon.
The poor lad clearly appears to be entirely out of his element. Any hard questions are ergo labled as "ad hominem. "


It is shameful of so many parties, professionals and mere opportunists, to create so much creation and sharing of misinformation, lies, and banality regarding such a serious and impactful situation.
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Old 04-05-2024, 08:49 AM
 
Location: Ocala, FL
6,470 posts, read 10,332,410 times
Reputation: 7899
Careful Mike, that member might have to use a thesaurus to understand your comments.
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Old 04-05-2024, 02:13 PM
 
Location: Salem, OR
15,572 posts, read 40,409,288 times
Reputation: 17468
Quote:
Originally Posted by MikeJaquish View Post
???
The settlement is NAR's.
In light of the NAR settlement, independent MLSs may revise their operation standards for members as some already have, but they sure aren't going to "join the settlement" or kick in a portion of the $418 million.
This isn't quite accurate. NAR negotiated a settlement that would allow indie MLSs to pay $1,000 per agent member as of a certain date (which I can't remember) that would go into a separate fund. So it wouldn't be a part of the NAR portion, but a new fund for the indie MLSs if they chose to settle and be done with the threat of a lawsuit.

It is part of the NAR settlement buried in the weeds. Since I am a member of an indie MLS, this is a topic of conversation for our co-op.
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Old 04-05-2024, 02:51 PM
 
Location: Cary, NC
43,265 posts, read 77,043,330 times
Reputation: 45612
Quote:
Originally Posted by Silverfall View Post
This isn't quite accurate. NAR negotiated a settlement that would allow indie MLSs to pay $1,000 per agent member as of a certain date (which I can't remember) that would go into a separate fund. So it wouldn't be a part of the NAR portion, but a new fund for the indie MLSs if they chose to settle and be done with the threat of a lawsuit.

It is part of the NAR settlement buried in the weeds. Since I am a member of an indie MLS, this is a topic of conversation for our co-op.
I assume your MLS knew and agreed that NAR would speak for them?
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Old 04-05-2024, 05:02 PM
 
Location: Columbia, SC
10,966 posts, read 21,972,507 times
Reputation: 10659
Quote:
Originally Posted by Silverfall View Post
This isn't quite accurate. NAR negotiated a settlement that would allow indie MLSs to pay $1,000 per agent member as of a certain date (which I can't remember) that would go into a separate fund. So it wouldn't be a part of the NAR portion, but a new fund for the indie MLSs if they chose to settle and be done with the threat of a lawsuit.

It is part of the NAR settlement buried in the weeds. Since I am a member of an indie MLS, this is a topic of conversation for our co-op.
Not to nitpick, but I think it's $100 per agent and not $1,000. If I'm wrong, my apologies. I believe many of the private MLS will join to protect themselves. It sort of doesn't matter the cost though, because I think the MLS' will just pass that cost to the agents. We're also a private MLS so I'm just waiting on the word on what direction we go.

At this point, I'd be happy if NAR ceased to exist and not upset if the MLS was replaced by another similar system by another name with a clean slate.
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Old 04-06-2024, 10:21 AM
 
Location: Salem, OR
15,572 posts, read 40,409,288 times
Reputation: 17468
Quote:
Originally Posted by MikeJaquish View Post
I assume your MLS knew and agreed that NAR would speak for them?
Probably not, but indie MLSs allow members to be REALTORS so they were trying to get their REALTOR members covered who are not part of larger brokerages. It makes sense to me that they tried to get as many members protected as possible. I'm not a REALTOR, but many local small brokerages are.

Quote:
Originally Posted by Brandon Hoffman View Post
Not to nitpick, but I think it's $100 per agent and not $1,000. If I'm wrong, my apologies. I believe many of the private MLS will join to protect themselves. It sort of doesn't matter the cost though, because I think the MLS' will just pass that cost to the agents. We're also a private MLS so I'm just waiting on the word on what direction we go.

At this point, I'd be happy if NAR ceased to exist and not upset if the MLS was replaced by another similar system by another name with a clean slate.
It is $100, not $1,000. We are small so our settlement would be around $350,000 if they joined the NAR settlement offer. I don't think our MLS will decide until the proposed settlement is accepted by the court. Then I think it is highly likely they would join it, and yes our dues would go up to cover the settlement.

I'd love to see a couple of real estate agent organizations come out of this. I'm not opposed to joining one, I just didn't want to join a REALTOR organization.
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Old 04-06-2024, 06:41 PM
 
Location: Fuquay Varina
6,446 posts, read 9,803,501 times
Reputation: 18349
Quote:
Originally Posted by JG183 View Post
OK boomer.

When you can't offer substantive replies, you continually resort to ad hominem & strawman rebuttals.

We see you

Not going to engage anymore.
You can have the last word, enjoy your delusion !
You are just lucky he didn't call you more names as well!!!!
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Old 04-06-2024, 10:16 PM
 
Location: New Jersey
4,177 posts, read 5,056,132 times
Reputation: 4228
Quote:
Originally Posted by SVTLightning View Post
You are just lucky he didn't call you more names as well!!!!
I'll still be buying & selling properties on a peer-to-peer basis long after his faux career lies in shambles
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Old 04-07-2024, 05:10 AM
 
Location: Cary, NC
43,265 posts, read 77,043,330 times
Reputation: 45612
Quote:
Originally Posted by JG183 View Post
I'll still be buying & selling properties on a peer-to-peer basis long after his faux career lies in shambles
LOL
Boomer says, "Ahhh.. Retirement, another great career."
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Old 04-07-2024, 08:42 AM
 
Location: Cary, NC
43,265 posts, read 77,043,330 times
Reputation: 45612
Quote:
Originally Posted by Silverfall View Post
Probably not, but indie MLSs allow members to be REALTORS so they were trying to get their REALTOR members covered who are not part of larger brokerages. It makes sense to me that they tried to get as many members protected as possible. I'm not a REALTOR, but many local small brokerages are.



It is $100, not $1,000. We are small so our settlement would be around $350,000 if they joined the NAR settlement offer. I don't think our MLS will decide until the proposed settlement is accepted by the court. Then I think it is highly likely they would join it, and yes our dues would go up to cover the settlement.

I'd love to see a couple of real estate agent organizations come out of this. I'm not opposed to joining one, I just didn't want to join a REALTOR organization.
@ 100 bucks each, wouldn't the MLS directors just consider a one time assessment?
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