Episode 38 - New Agent Compensation Rules and Guidelines

If You List You Last Podcast

HERE IS THE LINK TO THE DOCUMENTS AND VIDEOS I REFENCE IN THE PODCAST https://exptoolkit.com/sellers

- Welcome message

- Explanation of today's call being open to all real estate agents, not just Real Estate Asset Advisor and Home Boss members

**Overview:**

- Importance of real estate agents working together due to upcoming changes on August 17th

- Mention of the call's purpose: clarity on buyer's agent compensation and listing agreements

**Key Points:**

1. **State and MLS Differences:**

- Importance of checking with brokers and MLS as guidelines vary

- Different MLSs within states have varying guidelines, fines, and penalties

2. **EXP Forms and Guidelines:**

- EXP's detailed forms as a model recommended by the Consumer Federation of America

- Importance of following EXP's guidelines and forms to protect against liability

3. **Buyer's Agent Compensation:**

- Discussion on how buyer's agent compensation works and the necessity of having a conversation with the seller

- The concept of seller concessions and how it affects buyer's agent compensation

4. **Legal and Compliance Issues:**

- Legal requirements and compliance issues across different states and MLSs

- Examples of how different states handle these regulations

5. **New Processes and Paperwork:**

- Introduction of more paperwork and processes to ensure compliance

- Importance of having a buyer broker agreement signed before showing properties

6. **MLS Fines and Penalties:**

- Potential fines for non-compliance and the impact on brokers and agents

- Importance of following guidelines to avoid penalties

7. **Opportunities in the Market:**

- Emphasis on finding opportunities in chaos and change

- Examples of recent market opportunities and the importance of staying informed

8. **Home Boss Program:**

- Home Boss members' specific guidelines and benefits

- Importance of familiarizing with Home Boss forms and processes

9. **Open Houses and Buyer Broker Agreements:**

- Exemptions for open houses and the need for buyer broker agreements for subsequent showings

**Additional Tips and Advice:**

- Importance of thoroughness and getting everything in writing

- Recommendations for educating oneself and staying updated with MLS and broker guidelines

- Encouragement to attend relevant classes and seminars for further understanding

**Closing Remarks:**

- Summary of key points discussed

- Encouragement to review documents and guidelines

- Final words on the importance of adapting to changes and finding opportunities in the new market conditions

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