The Future of Real Estate: Adapt or Get Left Behind
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- Опубликовано: 11 сен 2024
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Your ability to see the future trends and adapt to them is what keeps agents ahead of the game. I always look forward to your updates-thanks for helping your subs navigate through these changes with confidence! 🚀
Frankly, I am just ignoring NAR. I am 65 years old and I have been selling for almost 50 years. I have strictly been a seller's broker for years. I have a legal responsibility to be fair and honest with buyers. So, with me it's not an adversarial process. That's the way that lawyers think. That's who made this mess to begin with.
I love you perspective on it all
Heard this today on RUclips. Life will give you what you fight for and life will give you what YOU accept. Meditating on that this morning🙏
Hell yeah
literally had this discussion today at my listing appointment. Look out for your clients and they make logical decisions. Thanks Ricky.
1. That's why the sellers commission was not listed on the MLS in the first place - because they were making more commission and doing less..
2. In Commercial Real Estate - the buyer 90% of the time pays the commission and sometimes we ask the seller to contribute or reduce the price.... This really is a no brainer - people are over complicating this....The buyer has ALWAYS paid - just a different application
IF YOU ARE REPRESENTING A BUYER JUST WRTIE IN:
“Seller to pay 3% of purchase price to buying broker compensation”
AND THEN YOU CAN NEGOTIATE
I agree adapt but that doesn’t necessarily mean delete offering BAC. Its still a great tool for your seller to attract buyers to their property. Lots of influencers taking a hard stance of “this is the new way - never offer BAC up front” and I completely disagree. I feel like this mentality is a product of the sellers market we’ve just come out of and buyers will soon face a hard reality of their need for good buyer agents to bring their clients.
How ya gonna advertise it? And you will definitely lose listing to the influencers if you are trying to get sellers to offer it. Not to mention, it's a bad negotiation move to offer it up front. Only my opinions that mean very little.
@@RickyCarruth negotiations only start when an offer comes in. I thought it was allowable everywhere but mls ?
@TinoTM1986 where though? Where will people/agents see it? You website Noone goes to? Postcards? Where? Exactly. Think about it a little longer. Really wrap your mind around this whole thing.
Love it.. you’ve changed this 23 year agents mindset on this!!!🎉
@@RickyCarruth I mean it’s the Information Age Ricky. Just think about what you’re saying here. My opinion is when the market changes to a buyer market (happening now) sellers will be advertising BAC themselves
I agree with you, be an innovator “Change is inevitable. Progress is optional”. Tony robins , I think the lazy agent will fall out of business. Thanks for your videos!!
This is exactly the same conversation i had with my sellers a few days ago. Why give away a set amount before (or if) we are even asked to? We have a fiduciary responsibility to our sellers, and this new change is a positive one for the seller. It can also be a positive one for the buyers and their agents. More control for everyone. Time to shine and prove your worth!
@RickyCarruth I would love to know what source you have that says the sales are not being affected by a commission offering. Please state your source. I would love real stats. Not a dig, I like your thinking, please back it up.
Ricky, I agree that you have been the boldest about telling the truth and calling out everyone on both sides. You are straight forward about your opinion, which I agree with most of the time. People are scared and change is hard.
I disagree with you that in the long term sellers will continue to pay 2.5% or even close to that number as an average but the market will determine where it lands. There has been outside pressure on us as everyone knows discount options have always been around. The difference is the amount of publicity around shaming Realtors, the never ending lawsuits, and telling America we are overpaid and frankly its working.
Sure. Where it lands is all speculation. Thanks for the kind words.
The option to just leave NAR is there too, continue operating by your state’s laws. MyState MLS is in every state and requires no board affiliation.
Ultimately because everything is negotiable… everything should shake out to the industry standard of 5-6% overall commission per transaction. But who is to say industry standard shouldn’t be 1%? Or flip it, who is to say it shouldnt be 10%? Still curious how we all landed in that 5-6% range. Because in theory, buyers and sellers will pay whatever the industry standard is.
I went to see a house yesterday I like it and thought about putting an offer in but when the seller agent said they wasn’t paying for buyer agent I walked out and for that same reason everyone else was walking out as well 😂as a buyer I ain’t pay no agent a penny 😂I told all I got is down payment and closer fee on to the next one
True, but what you will do instead is put it in the offer and your agent will get what they can negotiate with the seller.
Thanks for being a voice of reason Ricky. Its hard to tell 30 year veteran agents that their way of looking at these deals IS NO LONGER CORRECT.
My job is to be a fiduciary, not to protect the existing real estate industry. Sorry not sorry.
I do like that idea, when having that tough convo with a seller at a listing appointment. Allow the buyers to make the first move. BUT should we still push for 3%?? Because we don’t have to disclose our listing agreement
Thanks for your time buddy
Here's the sumnary of the times we are in from my view point -
We are going to have to rise to the challenge, evolve and kick ass. The job description hasnt changed, the bureaucracy behind it has. Use your votes in November to send a message if you don't approve of the government coming in and pushing the Constitution and free market aside.
As an aside - my MLS started this back in January. Every listing so far has been 3/3. I might start going to 7%
The buyer essentially always paid the commission even though it was taken from the seller proceeds. Now that it’s more clearly separated, will buyers agree to pay 2.5 -3%? Buyers agent commissions are now front and center in every real estate deal.
This is so awesome. I feel so powerful when I listen to Ricky. Hard work and execution is all I’m
Just about learning this new rules. Big blessing and encouraging!!! Thank you brother
You have never lead us wrong Ricky! Keep spreading the word!
I think the negative feedback is because agents having a hard time with the new rules. The rules are in so go crush it.
Come to Bend, OR!
Logic and critical thinking 🙏
What’s your best book(s) on negotiating? Thx
This video is absolute🔥🔥🔥🔥
You’re an absolute G Rickey .. blessings 🙏🏽
Oh snap, I live in Clearwater, the beach is my backyard? would be cool to bump into ya.
In DFW we are still seeing BAC offered at the same rates. Most marketing pieces now have the BAC. Agents are letting other agents know in every way that’s legal. Could it change? Yes, it always could and will.
Thank you Thank you
Good stuff!
Gold Ricky!!
Ok miss Cleo
We have to get signed comp agreements for each property is what I understand?
I lost over $70k when everything started to tank. Not because I was in an exchange that went belly up. I was just stupid to hold and because that's what everyone said. I'm still responsible. It just taught me to be a better investor now that I understand more of what could go wrong. It took me over two years of being in the market, I'm really grateful I found one source to recover my money, at least $10k profits weekly. Thanks Natalie Strayer .
I'm surprised that you just mentioned Natalie Strayer here also Didn’t know she has been good to so many people too this is wonderful, i'm in my fifth trade with her and it has been super.
The very first time we tried, we invested $2000 and after a week, we received $9500. That really helped us a lot to pay up our bills.
Natalie Strayer has really set the standard for others to follow, we love her here in Canada 🇨🇦 as she has been really helpful and changed lots of life's
I'm new at this, please how can I reach her?
After I raised up to 125k trading with her I bought a new House and a car here in the states also paid for my son's surgery
Glory to God shalom.
How you going to handle it when a unrepresented buyer wants to write on your listing
I write it up!
Where will you be in Nashville? When?
www.eventbrite.com/e/the-power-of-now-mastering-the-art-of-instant-deals-tickets-949269890797?aff=oddtdtcreator
Ssshhhh🤫 is this when I tell them what I see Ricky??
you can't really negotiate commission when you're supposed to have the buyer sign an agreement before you're even allowed to show them houses
Wild statement
@@RickyCarruth bro that's literally how it works now it's not a wild statement. when is the last time you did an actual transaction? if you agree to 1% up front like you said, then negotiate 3% later, the leftover 2% goes to the buyer for closing costs. that is literally what the buyer agent compensation form says
@@piskooooo I'll always put 3% in the buyer agreement and take what I can negotiate with the seller up to that 3% and not ask the buyer to make up any difference if there is any. Make sense?
@@RickyCarruth that's like going to a job interview, agreeing on $45/hr but then taking $15/hr after working 40 hours or else you won't get paid at all. not a good precedent to set, makes buyer agents look like slaves to the buyer and seller
@@piskooooo I think the issue is the way in which the buyer broker agreement is written. It states you’re not allowed to accept any compensation above what is written in the buyer broker agreement, even if the seller is offering it. To put anything less than 3% is like cutting your legs off before the deal even starts. I’d rather negotiate the commission down if I have to rather than miss out on a possible fee.
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Yes, Yes Yes... We are positive and look to adapt but, this still doesn't change the fact that this NAR ruling hurts both sellers & buyers.
I think the negative feedback is because agents having a hard time with the new rules. The rules are in so go crush it.