Welcome to Real Estate Backstory, your weekly update for all things real estate in the Atlanta area and surrounding markets. This week, we have a jam-packed episode filled with valuable information and insights that will help you stay on top of the latest trends and changes in the industry. The following is a synopsis of the latest episode of “The Real Estate Backstory.” You can watch the video in its entirety below.
Real estate agents have always faced lawsuits related to commissions. However, a new lawsuit has been recently moved to class-action status, raising concerns about the worth of buyer’s agents and their payment. In this blog post, we will discuss the potential impacts of this lawsuit on the real estate industry and the importance of protecting buyer agent commissions.
Protecting Buyer Agent Commissions
Buyer agents’ worth and payment have been a significant issue for years, and many agents marketed their services as free, leading to rule changes in the industry. Protecting buyer agent commissions is vital as buyers need representation, and it is better for them to be represented by someone with their best interests in mind. It is important to ensure that we are behaving properly and looking out for buyer’s agencies, even though this lawsuit is not directly in Georgia.
Protecting Seller’s Agreements
Seller’s agreements need to be protected, and if a seller has agreed to pay a buyer’s agent, they must do so, and it is a legal bonding document. We need to protect the buyer’s agency side of things and ensure that clients understand what they’re signing and who represents them in a transaction. It is crucial to communicate with clients and be very clear about the commission that is charged.
NAR’s Disclosure Statement and Agent Representation
NAR releases information about buyers and sellers’ perspectives every year, and the new report reveals a concerning issue. When it comes to agent representation and disclosure, clients’ understanding is lacking, and many don’t understand what they’re signing. As an industry, we are failing in this aspect, and it is crucial to be very clear about who we represent in a transaction and the agreements that clients sign.
In conclusion , the lawsuit moved to class-action status raises questions about the worth of buyer agents and their payment, and it is crucial to protect buyer agent commissions. Ensuring that sellers honor their agreements and clients understand what they’re signing is essential. As an industry, we need to improve communication with clients and be very clear about the commission charged and who represents them in a transaction.
