If you've been paying attention to recent industry news then you'll be familiar with the latest kerfuffle in the real estate world: Clear Cooperation. In 2020 the National Association of Realtors® (NAR) adopted a national policy known as Clear Cooperation. On its surface, it was a response to further answer the call for fair housing. But it also came with a number of strings attached, most notably the mandate to put all new listings on the MLS or face stiff fines and penalties. Now that NAR has inextricably landed in the high beams of the DOJ, it's not surprising that the policy of Clear Cooperation has come under its scrutiny. And more notable still is the amount of disagreement--both for and against the policy--among industry professionals. So if you're scratching your head and wondering … [Read more...] about A Quick Explanation of the Clear Cooperation Policy
Realtor Resources
How to Make the Most of the New Rules on Your Next Listing Presentation
The NAR Settlement went into effect on August 17th, but has been making headlines for the last year. Brought about by several class-action lawsuits and with the weight of the DOJ behind it, the Settlement has effectively changed the way that agents get paid and by whom. As the new reality sets in there still remains a lot of confusion. Keep in mind the new rules* are designed to do several things: Relieve sellers from the obligation of paying commission to the buyer's agent; prohibit advertising an offer of compensation on the MLS; and make it harder for agents to steer clients based on commission amounts. The goal is total transparency. As the new rules relate to the business of listings, your best way forward is to face this head on. Here's how to make the most of the new rules on your … [Read more...] about How to Make the Most of the New Rules on Your Next Listing Presentation
How to Make the Most of the New Rules on Your Next Open House
The new commission rules as per the NAR Settlement in mid August are now in full force. It's impressive to see how most agents are nimbly navigating and evolving to meet the new requirements and do business as usual. Now more than ever it's important to develop a mindset that embraces - and makes the most of - the still-new commission rules. One effective way to do this is to double-down on your next Open House. The Open House marketplace can create opportunities to bring in more qualified buyers. Although the new commission rules add the burden of ever-increasing paperwork, it's possible to turn those lemons into lemonade. Here's how to make the most of the new rules on your next Open House: … [Read more...] about How to Make the Most of the New Rules on Your Next Open House
What to do Now to Maximize 2025
As we approach the end of the third quarter, it's hard to believe fall and winter are right around the corner. Summer has flown, and hopefully your real estate business thrived during the spring sell seasons of Q1 and Q2. So even though the year's end may feel far away, now is the perfect time to focus on how you want to finish out 2024 for a strong start to 2025. With that in mind, here's what to do now to maximize 2025: … [Read more...] about What to do Now to Maximize 2025
One Simple Solution for the New Commission Rules
August 17th came and went, the day the NAR Settlement rules fell into place. Everyone agrees it's been a confusing time for agents and consumers alike. Trying to sift through the new rules and be compliant have presented many challenges. Here's one simple solution for the new commission rules: START WITH A BUYER AGREEMENT The NAR Settlement requires agents to use Buyer Agreements (BAs) prior to showing property. The definition of a Buyer's Agent is that you do the following work on behalf of your buyer: The agreement must include a “specific and conspicuous” disclosure of the amount or rate of compensation you will receive. The amount of compensation must not be open-ended and can go lower but never over the agreed upon amount. PUT IT IN THE OFFER Here's where it … [Read more...] about One Simple Solution for the New Commission Rules