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3 Ways to Compensate Buyer's Agents (and Why) Starting July 2024

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Treść dostarczona przez Laura Moreno. Cała zawartość podcastów, w tym odcinki, grafika i opisy podcastów, jest przesyłana i udostępniana bezpośrednio przez Laura Moreno lub jego partnera na platformie podcastów. Jeśli uważasz, że ktoś wykorzystuje Twoje dzieło chronione prawem autorskim bez Twojej zgody, możesz postępować zgodnie z procedurą opisaną tutaj https://pl.player.fm/legal.
3 Ways to Compensate Buyer's Agents (and Why) Starting July 2024

In July 2024, significant changes are set to reshape how buyer's agents are compensated in real estate transactions. These changes have far-reaching implications for members of the real estate industry, as well as for home buyers and sellers. Let's delve into what these changes mean for all parties involved.

These are the 3 ways you can compensate buyer's agents starting July 2024:

1. Fixed-Fee Commission Paid Directly by Consumers

In this model, buyers pay a predetermined fixed fee directly to their agent for their services. Unlike traditional commission-based structures, where the agent's compensation is a percentage of the sale price, this approach offers more transparency and predictability for both buyers and sellers. Buyers know exactly how much they will pay their agent, regardless of the final sale price of the property. This can be particularly appealing for buyers who prefer a straightforward fee structure and want to avoid potential conflicts of interest that may arise from commission-based compensation.

2. Concession from the Seller

Another method of compensating buyer's agents is through concessions from the seller. In this scenario, the seller agrees to cover some or all of the buyer's agent's fees as part of the overall transaction. This can be negotiated as part of the purchase agreement and is typically based on a percentage of the sale price. For buyers, this can be an attractive option as it reduces their out-of-pocket expenses for agent fees. Sellers may also benefit from offering a concession to attract more buyers and expedite the sale process. However, it's essential to consider how this concession may impact the negotiation dynamics between buyers and sellers.

3. Portion of the Listing Broker's Compensation

In some cases, buyer's agents may receive a portion of the commission paid to the listing broker. This arrangement often involves the listing broker sharing a percentage of their commission with the buyer's agent as a cooperative compensation agreement. While this method is common in traditional real estate transactions, its prevalence may diminish with the new regulations limiting MLS communication of compensation offers. Nonetheless, it remains a viable option for compensating buyer's agents and can provide an incentive for agents to collaborate and facilitate successful transactions.

These three methods offer distinct approaches to compensating buyer's agents and reflect the evolving landscape of real estate transactions. As the industry adapts to new regulations and consumer preferences, agents and clients alike must carefully consider which compensation model aligns best with their needs and goals.

Home Buying Resources

Navigating the world of home buying can be overwhelming, especially for first-time buyers. That's why we've compiled a list of valuable resources to guide you through the process seamlessly.

➡️ Referrals: ➡️ Free Home Buyer Resources: ➡️ Social Media

⭐ YouTube: https://www.youtube.com/@iamlauramoreno1 ⭐ Instagram: https://www.instagram.com/iamlauramoreno ⭐ Twitter: https://twitter.com/iamlauramoreno ⭐ LinkedIn: https://www.linkedin.com/in/Iamlauramoreno ⭐ TikTok: https://www.tiktok.com/@iamlauramoreno

➡️ Hire Me

⭐ Speaking, Events, Podcast Interviews, Collaborations & Endorsements - info@lauramoreno.com ⭐ Schedule a 1-1 Home Buying Consultation → https://lauramoreno.com/1-1-consultation/

➡️ Contact Laura

I'd love to hear from you! If you have a longer question, or if you have a business-related inquiry, please send me an email at info@lauramoreno.com. I try my best to reply to all e-mails but sometimes I do not have enough time to respond to everyone.

➡️ Disclaimer

Laura Moreno is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only. This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you.

  continue reading

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Artwork
iconUdostępnij
 
Manage episode 417959689 series 2760094
Treść dostarczona przez Laura Moreno. Cała zawartość podcastów, w tym odcinki, grafika i opisy podcastów, jest przesyłana i udostępniana bezpośrednio przez Laura Moreno lub jego partnera na platformie podcastów. Jeśli uważasz, że ktoś wykorzystuje Twoje dzieło chronione prawem autorskim bez Twojej zgody, możesz postępować zgodnie z procedurą opisaną tutaj https://pl.player.fm/legal.
3 Ways to Compensate Buyer's Agents (and Why) Starting July 2024

In July 2024, significant changes are set to reshape how buyer's agents are compensated in real estate transactions. These changes have far-reaching implications for members of the real estate industry, as well as for home buyers and sellers. Let's delve into what these changes mean for all parties involved.

These are the 3 ways you can compensate buyer's agents starting July 2024:

1. Fixed-Fee Commission Paid Directly by Consumers

In this model, buyers pay a predetermined fixed fee directly to their agent for their services. Unlike traditional commission-based structures, where the agent's compensation is a percentage of the sale price, this approach offers more transparency and predictability for both buyers and sellers. Buyers know exactly how much they will pay their agent, regardless of the final sale price of the property. This can be particularly appealing for buyers who prefer a straightforward fee structure and want to avoid potential conflicts of interest that may arise from commission-based compensation.

2. Concession from the Seller

Another method of compensating buyer's agents is through concessions from the seller. In this scenario, the seller agrees to cover some or all of the buyer's agent's fees as part of the overall transaction. This can be negotiated as part of the purchase agreement and is typically based on a percentage of the sale price. For buyers, this can be an attractive option as it reduces their out-of-pocket expenses for agent fees. Sellers may also benefit from offering a concession to attract more buyers and expedite the sale process. However, it's essential to consider how this concession may impact the negotiation dynamics between buyers and sellers.

3. Portion of the Listing Broker's Compensation

In some cases, buyer's agents may receive a portion of the commission paid to the listing broker. This arrangement often involves the listing broker sharing a percentage of their commission with the buyer's agent as a cooperative compensation agreement. While this method is common in traditional real estate transactions, its prevalence may diminish with the new regulations limiting MLS communication of compensation offers. Nonetheless, it remains a viable option for compensating buyer's agents and can provide an incentive for agents to collaborate and facilitate successful transactions.

These three methods offer distinct approaches to compensating buyer's agents and reflect the evolving landscape of real estate transactions. As the industry adapts to new regulations and consumer preferences, agents and clients alike must carefully consider which compensation model aligns best with their needs and goals.

Home Buying Resources

Navigating the world of home buying can be overwhelming, especially for first-time buyers. That's why we've compiled a list of valuable resources to guide you through the process seamlessly.

➡️ Referrals: ➡️ Free Home Buyer Resources: ➡️ Social Media

⭐ YouTube: https://www.youtube.com/@iamlauramoreno1 ⭐ Instagram: https://www.instagram.com/iamlauramoreno ⭐ Twitter: https://twitter.com/iamlauramoreno ⭐ LinkedIn: https://www.linkedin.com/in/Iamlauramoreno ⭐ TikTok: https://www.tiktok.com/@iamlauramoreno

➡️ Hire Me

⭐ Speaking, Events, Podcast Interviews, Collaborations & Endorsements - info@lauramoreno.com ⭐ Schedule a 1-1 Home Buying Consultation → https://lauramoreno.com/1-1-consultation/

➡️ Contact Laura

I'd love to hear from you! If you have a longer question, or if you have a business-related inquiry, please send me an email at info@lauramoreno.com. I try my best to reply to all e-mails but sometimes I do not have enough time to respond to everyone.

➡️ Disclaimer

Laura Moreno is not a practicing tax accountant or a licensed attorney or financial adviser. Therefore, the information in these videos shall not be relied upon as tax, legal, or financial advice from a qualified perspective. If you need such advice, please contact a qualified tax accountant, attorney, or financial adviser. We have taken reasonable steps to check that the information in this video is accurate but we cannot represent that it is free from errors. You expressly agree not to rely upon any information contained in this video - it is for entertainment purposes only. This video description may contain affiliate links that allow you to easily find the items mentioned in my videos as well as support the channel at no cost to you.

  continue reading

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