May is Commission and Compensation Month here at Inman. We’ll sort through the noise and misinformation and provide you with the most up-to-date facts and strategies about how to prosper in the wake of the commission settlements. And look for straight-to-your inbox updates with Inman’s new weekly digest, Commission Chronicles.
Pulse is a recurring column where we ask for readers’ takes on varying topics in a weekly survey and report back with our findings.
Earlier this month, nationwide settlements Keller Williams, Anywhere and RE/MAX reached to resolve antitrust claims against them received final approval from Judge Stephen R. Bough.
As part of the deals, the franchisors agreed to business practice changes, including no longer requiring franchisees and their affiliated agents to join or be members of the National Association of Realtors (NAR) or follow the Realtor Code of Ethics or NAR’s MLS policy handbook.
NAR’s policy changes — which are detailed in this 57-page document — are set to go into effect on Aug. 17, 2024.
Last week, we asked how you’re preparing for these changes. Have you started using buyer representation agreements? Did you shift from working with buyers to focusing on sellers? Have you shifted your marketing approach? Or are you simply waiting to see how it all shakes out? Here’s what your prep looks like.
- Having a real estate attorney write my buyer and seller agreements.
- Pennsylvania has been using buyer agreements since the mid-90s. Time for everyone else to catch up. We updated our comprehensive custom Buyer Guide last year. We’ve always used one that we share with buyers after our consultation. We will continue to stay on top of the rules changes and let our broker guide us and offer excellent service to both our seller and buyer clients.
Inman also took a poll on LinkedIn, and here are the results (with 30 respondents at the time of publication):
- 17 percent of you are adding buyer agreements to your process
- 10 percent of you are shifting from buyers to sellers
- 13 percent of you are changing your marketing strategy
- 60 percent of you are doing all of the above
What did we miss? Please share your thoughts in the comments section below.
Editor’s note: These responses were given anonymously and, therefore, are not attributed to anyone specifically. Responses were also edited for grammar and clarity. Inman doesn’t endorse any specific method, and regulations may vary from state to state.