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LPT Realty, the winner of Inman’s 2024 Innovator Award for “Most Innovative Brokerage,” is building on its reputation with the release of a new resource for agents navigating changing buyer representation rules, Inman has learned.
The Florida-based brokerage deployed training and industry insights to develop what it calls “Buyer Power Tools,” a collection of marketing and educational assets for agents to use when pitching buyer representation services, executives said Friday. The product is similar to the brokerage’s “Listing Power Tools,” which CEO Robert Palmer described as “the genesis of the brokerage creation.”
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“Our goal is to provide an unmatched experience that empowers both our clients and our agents, making the real estate process smoother, more transparent and more efficient matching the speed of today’s market.” he said in a statement.
LPT’s buyer-focused marketing assets provide agents and clients with a comprehensive and clear explanation of the advantages of representation, the rules around it and the freedom to work together compliantly. It also includes on-board e-signature features for the Buyer Brokerage Agreement, allowing users to sidestep third-parties to finalize the process.
“At the heart of this offering is a proprietary pre-showing disclosure and agreement, seamlessly integrated with a cutting-edge digital marketing solution,” executives said in the announcement.
New commission rules that went into effect this month require agents to engage with clients through a formal agreement before conducting official acts of business, the definition of which has become contentious for agents and brokers.
An Aug. 20 Inman report addressed the nuances around buyer agreements, citing the National Association of Realtors own FAQ on the subject. Attending an open house or scheduling a visit with a listing agent do not require the paperwork, provided the listing agent remains the representative of the seller.
Providing brokerage services to a buyer — like identifying potential homes, arranging a showing or negotiating for the buyer — is when the need for the agreement kicks-in, according to NAR.
Industry efforts to work around the requirement have emerged, but they pose promlems, consumer watchdogs say, pointing to rules prohibiting NAR-affiliated MLS listing sites or collateral
“We are extremely concerned Realtors are using misinformation and scare tactics to try and persuade clients into signing anticompetitive buyer brokerage and listing contracts that artificially inflate buyer brokerage fees,” Consumer Advocates in American Real Estate Executive Director Doug Miller told Inman.
