Winning Big: Negotiating Realtor Commissions After NAR Lawsuit

Link to the Bureau of Labor and Statistics to learn about what the average real estate agent gets paid annually in your area:

Welcome to Episode 6 of the Real Estate Talk Podcast! In this episode, we delve into the recent court ruling of Burnett v the National Association of Realtors, Home Services of America and Keller Williams, who were found guilty of colluding to maintain high commission rates.

Learn why commission rates are 100% negotiable for realtors and that they are NOT REQUIRED to pay a buyer brokerage commission. This commission for the buyer's agent, if not offered by the homeowner/seller, will need to be paid for by the home buyer.

We talk about what home sellers should focus on when negotiating the commission rate with their listing agent. The focus should be on the value being delivered by the agent they are interviewing, and not so much on other factors that aren't significant towards marketing and selling your home. If the service is less, then negotiate a lower commission. If the value is high, then offer a higher commission.

We also talk about common objections an agent may provide when asked to lower a commission, such as that they are not a discount brokerage and how you should respond. Many brokerages, especially more established brands, have higher operating costs, and to consider a boutique brokerage where overhead may be lower, and in a better position to negotiate the best commission rate for them.

We also talk about Homebuyers, and how they should carefully read the Buyer Broker Agreement, and not sign it too quickly as to not commit to paying their buyer agent a higher commission than what they expected. READ THE FINE PRINT!

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Opinions expressed on the Real Estate Talk Podcast are of Joshua Britt and Robert Keilman's own. Opinions are based on experience obtained through working with numerous home buyer and seller clients as well as personal real estate investment deals.

Britt and Keilman are licensed real estate agents in the state of Virginia at Prodigy Realty. We operate throughout the Hampton Roads area of Virginia which includes Virginia Beach, Chesapeake, Norfolk, Portsmouth, Newport News, Hampton, Williamsburg, Suffolk, Yorktown, and the outlying areas of James City and York County.

We support Equal Opportunity Housing!

Keilman and Britt are retired U.S. Navy Veterans. Thank you to all who have served and continue to serve!
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Social Media:
Josh:
Instagram: @joshuabritthomes
Facebook: @joshuabritthomes

Robert:
Instagram: @robkrealestate
Facebook: robertkeilmanva

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[justinekayeporcadilla]

Hey Josh and Robert, fantastic episode! 👏Loved the breakdown on the court ruling and the whole commission rates game. Navigating those rates is a must-know for both sellers and buyers, and your insights made it crystal clear. Totally agree with the focus on value during negotiations—makes total sense. And that fine print advice for homebuyers? Game-changer. Can't wait for the next episode, keep 'em coming! 🤩