FAQ: BBA Morning Coffee 8.13.24

FAQ: BBA Coffee Training

1. What is the purpose of BBA Coffee sessions?

• The BBA Coffee sessions are designed to provide agents with a high-level overview of the changes happening in the industry, particularly related to the Buyer Broker Agreement (BBA). The sessions aim to prepare agents on how to shift conversations with buyers and sellers, understand industry changes, and use these changes as opportunities to grow their business.

2. Will these sessions cover state-specific information?

• No, these sessions will not cover state-specific information. State-specific details will be addressed by your state brokers in separate training sessions.

3. How many sessions are being held, and what is the schedule?

• LPT Realty is hosting 50 national training sessions over two weeks. In addition, there are multiple state-specific sessions held throughout the day. For example, on the first day, Pennsylvania and South Carolina have sessions at 10:30 AM, Texas at 12:00 PM (Central), Illinois at 4:30 PM (Central), Wisconsin at 4:00 PM (Central), and Florida at 6:00 PM (Eastern). Please refer to https://help.lpt.com/kb/a1359/bba-marathon-week-1-classes.aspx for week one schedule for national classes. Please refer to https://help.lpt.com/kb/c291/2-week-bba-marathon.aspx for state specific classes.

4. What should I do if I feel lost or unsure during this transition?

• If you feel lost or unsure at any point, remember that there are multiple training sessions happening every day. You are never more than a few hours away from a session where you can get plugged back in and receive the support you need.

5. What should we avoid when listing properties in the MLS?

• Avoid communicating anything about buyer broker commission in the MLS. Even statements like "Call listing agent for the amount of buyer broker commission" can lead to fines. Always ensure compliance with MLS rules to avoid penalties.

6. What is the recommended approach to discussing buyer agent commission with other agents?

• It is recommended to state that your seller is willing to entertain all requests for buyer's agent commission. This approach ensures that you do not preselect anyone out and maximize the chances of getting your property shown.

7. Can I include buyer's agent commission information in Listing Power Tools?

• Yes, you can include the statement that your seller is willing to entertain all requests for buyer's agent compensation in the Listing Power Tools description, as it is independent of the MLS.

8. How should agents prepare for interactions with other agents who may not be as informed?

• Agents should be prepared for the possibility that other agents may not be as informed or compliant with the new changes. It’s important to maintain a flexible and open-minded approach, ensuring that your listings are accessible to as many potential buyers as possible.

9. What are the different types of agreements that agents should be aware of?

• There are three potential forms: short form limited disclosure agreements, full buyer broker agreements, and offer and contract forms. The most legally enforceable and comprehensive is the full buyer broker agreement, which agents are encouraged to use whenever possible.

10. When is an agent considered to be "working with" a buyer?

• An agent is considered to be "working with" a buyer when they start providing brokerage services, such as showing properties, discussing financing, or negotiating terms. It's crucial to have a buyer broker agreement in place before offering these services.

11. Are there Spanish-language training sessions available?

• Yes, there will be Spanish-language training sessions available, and the schedule for these sessions will be released by the end of the day.

12. How can I access recorded training sessions?

• Recorded training sessions will be available in the knowledge base within approximately 48 hours after each live session. You can search for BBA in the knowledge base to find relevant recordings and resources.