NAR SETTLEMENT - How's it going?
We are six weeks into the NAR Settlement being in effect and so far so good. Granted, the real estate industry has a longer sales cycle so six weeks certainly hasn’t flushed out all the possibilities and potential pitfalls, but the transactions I’ve been a part of, and conversations I’ve had with title reps and other brokers, shows that the industry will move on somewhat undisturbed.
The only change I’ve noticed, but can’t definitively attribute to the Settlement, is more sign calls to me directly on my listings. I thought this may happen as buyers may perceive there to be savings from calling listing agents directly and not having to go into agreement with a buyer broker. Although this works out for me, I do not advise this to the public or my clients.
I work with all my clients, Buyers and Sellers, as “Agents”. This means I meet all standard responsibilities of being a transaction broker but also meet three additional standards. These additional standards summarized are: 1. Promote their interest, 2. Seek their terms, and 3. Counseling the client. I personally summarize it even more clearly stating: I put my clients’ needs first. This has worked well for me and I have had many clients notice, which is humbling and reassuring.
When a buyer calls me on one of my listings to save money, I am unable to work with them as an Agent. In fact, I have to get my client’s permission to even work with them as a Transaction Broker. Therefore, I can only manage the transaction for that particular buyer. I can provide information they request, but I cannot advise, counsel, or keep their best interest in mind. Because of this, I advise everyone buying and selling to have an Agent that works for you like an Agent.
When I’m working as an Agent I can:
1. Provide all known information to my client that is beneficial to them regarding the transaction
2. Advise my client on times when we have leverage over the other side and, at times, when they do not have any leverage over the other side
3. Confidently give my personal opinion based on 22 years in real estate and lending in Northern Colorado
4. Reassure my clients in times of stress or doubt that we are on the right path– or that the other side is on the wrong path
5. Feel a sense of responsibility and pride making sure my clients needs are met without solely concentrating on just making sure the transaction is completed
970.545.0633
tompkinsrem.com
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