Materials include guidance on post-settlement situations, public training sessions and more ahead of the August 17 deadline.
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Just days before brokers and brokers across the country prepare to adapt to changes brought about by a wave of lawsuits over broker pay, Real Brokerage has released a guide it says is designed to help brokers navigate the new landscape.
The website includes videos and other resources that the company says are designed for agents who want to comply with new rules brought about by the National Association of Realtors settlement. The practice change takes effect on August 17.
“We believe the best way to navigate the new rules is through clear communication. Our focus is on educating and providing resources to all agents,” Real Madrid chairman Sharran Srivatsaa said in a statement. “At Real, we fundamentally believe in making the lives of all agents easier, better and less stressful. By making this education available to everyone, we are elevating the entire industry, which is important to agents and the people they serve. There are benefits for consumers.
Real is hosting a series of 90-minute online workshops with senior brokerage representatives to support the new website. The first webinar will be live on Real’s YouTube channel on Wednesday at 1pm ET.
On August 17, the buyer’s agent will need to sign a buyer’s representation agreement with the potential client before they can tour the home with the potential client. The agreement must clearly state the broker’s compensation as part of the transaction.
At the same time, compensation on multiple listing services is no longer allowed. Buyers are still welcome to negotiate with sellers, who are free to pay compensation to the buyer’s agent.
Real said it created a guide detailing all the changes to support buyer agents. The company has also created materials that agents can share with clients to help agents explain the changes.
The company will also host a public event on objection handling on August 15. The activities will be led by Royal Academy President Drew Thompson.
Once the NAR settlement changes take effect, Thompson will travel to 10 U.S. cities to provide training.
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