ChatGPT answered questions about the value a real estate agent has and about how real estate commissions work. Do you agree with its answers?
Much of your income potential is totally controlled by the activities you choose to do every day, broker Joseph Santini writes, along with your willingness to adjust to the market
New commission-based model, Redfin Next, is now available to agents in San Diego and Orange County. Agents keep their W-2 status and benefits while getting commission splits of up to 75%
The president of Nourmand & Associates briefed Intel on how a new Los Angeles tax on high-priced properties has jolted the local real estate industry
Consumer Federation of America: Despite an NAR rule change, only Redfin displays buyer-agent compensation in virtually all of the major cities examined
Agents who sign on can access legal structuring and advisory services, a network of industry thought leaders, accountants, wealth managers and a variety of courses
Agents with some of the California-based franchisee's 70 branches allege delayed commission payments and power outages as CEO Michael Mahon battles lawsuits on multiple fronts
Panelists Smita Singh, Cindi Hagley and Kraig Klaus discussed client requests to negotiate or cut their pay at Inman Connect Las Vegas on Wednesday
The study argues that decoupling commissions would harm first-time, low-income, and minority buyers, but critics like the Consumer Federation of America say it's based on a faulty premise
The homeseller plaintiffs hope to show the need for change in how agents are paid, while NAR and major real estate franchisors aim to show the status quo is working just fine
On Wednesday, 8 homebuyers filed an amended complaint, once thought to be dead, against NAR, Realogy, Keller Williams and others alleging NAR rules have inflated agent commissions
The real estate franchisor has subpoenaed the discount brokerage for recordings of all in-bound calls, not just those purporting to show agent steering, in multibillion-dollar class-action case
Opinion
Given how slowly change takes place in the real estate industry, any change in compensation may be years off. On the other hand, if the DOJ were to force the end of the shared compensation, the industry will have to scramble to shift to an entirely new environment
For some agents and brokers, the very idea of negotiating commission is taboo. For others, negotiation, even on commission is always on the table, especially in hyper-competitive markets
Understand and believe in what you bring to the equation, and you'll be able to speak from your heart and not your head to earn both the trust and business of your sellers