For the last few years the subject of what's known as the Clear Cooperation Policy (CCP) has caused quite a stir in the real estate world. In 2020 a lawsuit was filed against NAR, the author of CCP, only to be dismissed and revived a number of times. The gist of it alleges that NAR's CCP rule is anticompetitive and violates antitrust laws. With what appears to be a way to satisfy both sides--those that want to keep it and those that want it gone--NAR announced on March 25 a compromise of sorts by adding a complementary option. Here's the latest on the Clear Cooperation Policy: … [Read more...] about The Latest on the Clear Cooperation Policy
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How to Leverage the New Buyer Agreements
Today's real estate landscape is radically evolving due to the recent NAR Settlement. This is particularly true for how you as an agent working with buyers should handle the newly mandated Buyer Agreement (abbreviation in this article will be BA). Although BAs are not new, they were often overlooked in practice, except in some states that required them by law. As a result of the NAR Settlement, BAs will now be required for all "MLS participants" that are "working with" buyers. Come August, you as a buyer's agent must have your buyers sign an agreement of compensation before you can show them homes. And the biggest change is that it is now the buyer's responsibility to pay you directly, rather than the seller. This represents a radical change in the industry which has for decades placed … [Read more...] about How to Leverage the New Buyer Agreements