Can you guys let me know who's here? Can you guys can can we see the chat? Can you guys tell me what locations we got represented?
I see some people coming in from Florida, Tampa, Carolina Yep.
Georgia.
Florida, Georgia, all of that.
Massachusetts.
Massachusetts.
Yeah. There we go.
All frees, Florida, Tampa. Houston.
Yeah. Hey, Jen.
Nashville. Winter Garden. Winter Park. Yay.
Awesome. Well, hey, guys.
Thank you for joining us. This is the first official town hall, buyer brokerage agreement mayhem session that we're doing. And, I'm joined by some brilliant, brilliant, people, industry elites, great minds, and we're here to answer kind of some of your questions. Some of you guys may have got my introduction earlier, but I'm David Lewis.
I run the TLG ATL team out of Atlanta, and I was one of the founding executives here at LPT, and I'm, excited to be here with you guys today. And I'm gonna let the panelists kind of introduce themselves. We'll start with Kathy.
Perfect. Thanks, David. I'm Kathy Trevino. I'm over industry relations. I'm in, Houston, Texas.
I've been a broker since two thousand one and, served on local state national committees, throughout my career, and immediate past year for the Houston Association of Realtors.
Glad to be here.
That's awesome. Norgas?
My name is Norgas Fernandez, and I am your new VP of agent culture and branding. I'm physically in Orlando, Florida, but I'll be of assistance statewide.
Love to collaborate, provide value, and I was a broker for over ten years as well, owned my own brokerage with over four hundred agents. So I think I have a little bit of knowledge under my belt, and I'm just here to assist.
That's awesome. Shay.
That's great.
Shay Cotter, Texas designated broker for LPT.
Been a broker owner before. Realized I didn't ever wanna be a broker owner again.
And, right, much like Kathy down here in Houston as well and incoming chair for Houston Association of Realtors for twenty twenty five.
Awesome.
Awesome. And then we, got a late joiner, Natalie.
Hello. Hello, everyone. Yes. Natalie Cox, VP of agent community.
Also the principal broker for Florida, and a few other states, but happy to be here with you all today. Thank you.
That's awesome. Guys, I mean, I told you we had a we have a packed panel of, different degrees of expertise, and we're all right here along with you trying to figure all this stuff out.
If you guys want to, the town hall format is gonna be kind of an open session. We can't really add you to speak, but we'd love for you to throw some questions into the chat.
Ask us anything you're curious about. Remember, a lot of this stuff, we while we do have some broke compliance brokers, on the call, a lot of this stuff is not gonna be about forms and documents. It's gonna be more of a general overview. We can probably answer some of those questions. Looks like we got a lot of Florida knowledge here, but I'm not gonna touch any Georgia questions on compliance and documents. We're just here to talk about how to navigate this together as kind of a general overview.
And as RP had said previously, any questions you have specific about documents, make sure you're checking out those state courses that are going on, making sure you're reaching out to your state brokers to ask them the specific questions.
So who wants to throw some questions into the chat? We've got, a lot of AI assistants right now. So I first question, we've got one from and I'm gonna butcher these names, guys, so apologize in advance. Don't hate me. Still send you referrals to Atlanta, Georgia. Mindy, Sepinuk asked, what do we do when we're holding an open house for another broker in Florida?
K. So I think in this scenario, they're holding an open house for another broker, a non LPT open house.
Yep.
So the rules around that in Florida right now currently are you do not have to execute buyer broker agreements for people touring a open house, that you're hosting even if you're hosting it on behalf of another brokerage.
So if you are hosting an open house for another brokerage, you are there on behalf of, quote, unquote, the seller. You are performing a function and service of the seller as an extension of that. You are not required to execute that BBA when they enter.
However, if you cross the line in conversation with that buyer over into talks about negotiations, specifics about their preapproval, other properties that they may want you to assist them with and tour with, then, at that point, you would need to get a buyer broker agreement signed. But that's a great question.
That's awesome.
So we've actually got three questions, like, right off the bat that are almost all in the same vein. So I'm gonna hit this one pretty hard. We've got Elizabeth Peters Brianna Reid and, Serene Klomp who all asked, how will it work if I'm unavailable and have to pay a showing agent? Or if I'm working on behalf of another agent to show a property, right, to open the door, do they need a BBA signed? It's probably the it's the first time I've heard this question. So Yeah. These are some good ones, guys.
Natalie, do you Yes.
Okay. So, it would it would depend too, and and I wanna be careful here. It depends on what your your function. Are you using something like Showami, for example?
That does not require that is a different third party service. They will have to cover that if you're using some kind of service like that. If you're contracting with an agent just to use as a service, I I don't wanna overspeak. I mean, I think that they would need to have a BBA executed with the realtor that you are there representing at minimum.
In addition to that, would they have to have a direct BBA with you? Because they're they're operating as a function of your agent that's representing you, likely not, but you would still have to have one in place with the agent they are they are opening the door on behalf of. Does that make sense?
I think that's really oh, go ahead, Monica.
Perfect. No. My input would be, like, obviously, this is all new, so we don't have all the answers a hundred percent. But always have something in writing to protect yourself. That would be my input. Like, you know, whatever agreement you have with the agent you're hosting the open house for or, you know, whoever walks in the door, some type of showing agreement, a BBA, not necessarily at that point, but just have the conversation. Create the expectation so they know what to expect.
And I wanna jump in for Texas. So for Texas, the Texas realtors has created the short form BBA. And so in our in that particular scenario, you would have them to sign the short form and and choose that that showing service, section of the of of the showing form of the BBA and, make sure that they understand the difference between a showing services and an actual full service brokerage so that that way they are they understand what you're actually doing and what what you can and cannot do, and what their obligation is and what your obligation is to them as well. So be sure to utilize the proper forms, and I agree with Northeast. You know, get it in writing.
Yeah. I love that. And I and I think it's you know, a a lot of this, and transparency that we're pushing for is around compensation.
So the thought is whoever is the agent who will be pursuing compensation in the transaction is the one who would wanna be the most protected and covered. But I I think covering all the basis for anyone opening the doors is the way to go. As Norka said, whenever in doubt, get something signed.
Right.
Yeah. Get it in writing, get it in clarity.
Man, you guys are killing it with the questions here.
So Elizabeth asked, how will this affect multiple offer situations? Should we suggest the buyer agent pay agent compensation to make a stronger offer? So, if you guys don't mind, I I'll take this one.
Guys, you have to remember when you're representing someone as a fiduciary and you are you are helping them navigate this, all you're trying to do is put together the best quality offer that the seller will accept. That hasn't changed. The only thing that's changed is the is it's still the seller only cares about one thing, and that's their net. How much money are they taking home at the end of the day, and are the terms the most favorable that they want?
Right? So even within these new parameters and these new rules, you're still going to be moving it in that direction. Right? You're still going to be doing everything you can to put together the most attractive offer.
So so here in Atlanta, when right after the pandemic, when the market just went crazy, it was really hard to get people to accept VA offers because of all the things that came with VA. And so we had VA clients that we had to take an honest look at and say, hey. Have you thought if you want this house specifically, have you thought about other financing? Have you thought about this?
Have you thought about this? And we had to get inventive, and we had to sometimes take them to look in places that weren't as hot where it wasn't as competitive, and that has nothing to do with them being VA or not. It just has to do with the functions of the loan and making an attractive offer in an open house. So this will affect your buyer consultation and the conversation you have with buyers because if you have a first time home buyer and they don't have a lot of cash to to put in, like, you're gonna have to treat them a little bit differently.
You're gonna have to say, hey. Maybe you can't be in a fifty home or a fifty person multiple offer situation. Like, you're just gonna have to be that guiding light for them, but nothing has changed. In a multiple offer situation or whenever you're presenting an offer to a seller on your buyer behalf, you're trying to get the most attractive offer over in terms of net and favorable terms.
It's just now we have another mechanism to move. Anybody else that I'm I'm I'm highly caffeinated and rambling. So does that make any sense to you guys?
I just feel like they need to do their fiduciary duty to whomever they're representing. So that's also important to keep in mind.
Yeah.
Gabriel came in and said, what is the, Gabriel asked, what is the right commission that I should listing a property?
I is that it's a little bit of a vague question.
Robert has been saying and I'm in full agreement with that, in terms of educating your sellers on how to navigate the market, I think we strongly suggest that they'd be willing to entertain any offer, willing to attain any offer. I think that is the the mantra that's gonna get the most eyeballs on their property and the most people to potentially make offers.
In regards to what the actual listing commission is gonna be, I I think that's still up to you and your sellers. I think that's that's that's largely unaffected by this. Do you guys wanna take a swing at that one?
I'm confused about the question, though. What exactly did?
We'll see if Gabriel can, can give us some clarification. Clarification.
As a transactional broker, do we have a fiduciary relationship from Gina?
So that's gonna depend from state to state. So we are getting in a lot of state specific questions. So all the more reason for you guys to attend your state trainings. Right? It's super important.
In Florida, transaction broker works for the transaction. So I can answer that for Florida. It's a neutral position.
They don't have an exclusive representation of the seller or the buyer. However, if you have signed a transaction broker listing agreement or BBA with a seller or buyer, that is where your your loyalty and duties lie, but it is defined as you are working for the transaction as a transaction broker in Florida.
That's awesome. That's a really great and, as, Natalie was saying, make sure you're attending these statewide because we are getting a lot of state specific questions here.
And you can find them all in LPT Connect and knowledge don't hesitate to reach out to your state broker specifically with any questions because we wanna make sure that you guys are all in the know.
And there's so many different bearing rules from state to state.
Getting a lot of state specific questions.
Keep them coming.
Hey, David. Not to interject, but Please.
There's a question in the q and a section down below that I just saw the about what happens if the seller is giving three percent to buyer's agent, but the buyer's broker agent agreement is two and a half percent.
I I'd like to go and cover that one pretty easily. You're gonna need to get that buyer broker agreement updated.
Keep in mind, kinda to put context on on this, a lot of these, the lawsuits and the settlement agreement all really kinda boil down to communication and clarity on who is paying whom and how much everybody's making. So when you've got a buyer rep agreement that's, say, two and a half percent and the seller is offering three percent, percent, you you're gonna need to make sure your buyer is aware that you're gonna make more than they agreed to. So you'd get that buyer agreement, amended. In Texas, that would just be with an amendment to the buyer buyer rep agreement. I don't know what forms are presented in other states.
But you would definitely need to get that buyer agreement amended to reflect the full compensation, or you would be forfeiting that extra half a percent or whatever it is.
Yeah. That's a that's a great question. This is one we could probably all, pass around a little bit.
The question or from, Ritasha Cormier.
I think my biggest thing is trying to figure out what my commission to the buyer would be. I don't wanna ask for too much or too little.
And this is something we're all faced with. A lot of us, as agents in in the open, we've all been either setting the a quote, unquote, it's definitely not a normal, but something that seemed normal commission rate of, like, a three percent or you were just taking whatever the seller had determined to offer you in the previous world. But this is an exciting time. Like, for a a company like TLG Atlanta Atlanta and for me specifically who will tell my value to anyone who will listen to me, like, I'm excited to fight for my value.
We rolled out new buyer agreements and, buyer comp plans up to four and a half percent. So we don't plan on and, buyer comp plans up to four and a half percent. So we don't plan on taking a bath during this time. We plan on actually raising the lid by articulating our value.
So for all of you guys, Retasha, I I would love for you to get more confident and not think about asking too little or too or or or too much, like, go for it. Figure out what your value is. Work with someone to figure out how to articulate that value, and go get ten percent. Like, go out there and and this is a it this is this is it's the wild west.
Right? You can go out there and you can get whatever someone's willing to pay you, which is the true value of something. And I'll I'll pass it off to the panelists because this is something I'm passionate about.
Yeah. I love that. I love that the fact that, you know, our commissions now are not capped. I mean, we you know, we're you're we're gonna get actually paid now what we're worth. And and it whether it's if you feel like a certain amount, if it's three percent, then that's fine. But if you feel that it's eight percent, then go for it. As long as you show the value and can articulate that, then you should be able to to, get paid what you're worth.
Correct. Again, to piggyback of what you guys are saying, commissions is totally negotiable. And once you provide the value and they see your worth and how much how hard you're fighting for their transaction and so gain whatever they need, go for it. I mean, why not? Start high and then negotiate your way down.
That was gonna be what I was gonna say, Norquise. I was gonna say start high. You can modify down. It is easier to take that modification down than it is to take it up.
You know, I would be working really hard on some buyer presentation packets. I know this idea is not foreign to a lot of you, and we do have our buyer consultation and presentation.
But, hey, maybe add, like, a weekly buyer, buyer agent report that you send out to your buyer every week of the work that you've done in your local market to find new listings, new inventory, doors I've knocked on this week, expireds I've talked to. Give them, like, a breakdown and report. Properties we've toured, list them out. Again, proving your value, showing your work.
It's a time to, like, level up. I mean, and I totally agree. I I'm hearing agents have great success as well under this new model. I know there's a lot of uncertainty, but there's also a lot of success to be had because the the terms are clear.
They're clear about how much is expected and what we're asking. So I just encourage you not to get discouraged, to be creative, to come up with new ways to show buyers how important you are to the transaction.
Not only articulate it, but come up with a visual presentation of that as well.
It's worth a lot.
I think if we take it back to the basic, having that buyer's consultation so you can, you know, present, the expectations, that always works.
So that's starting Yeah.
Yeah. And and I love that, Norkis. I I think, you know, we've gotten into such a habit, especially over the last several years with the pandemic and everything, you know, there was such a frenzy that we've gotten into this habit of moving so quickly. And sometimes, I think it's it's good to take a step back and take a beat, make sure we're going back to those basics of having those consultations with our buyers.
Sitting down, hearing what they're looking for, not just in a home, but in representation.
And hear what's important to them so that we can really kinda guide them and and not just talk about compensation, but also set those expectations. Talk about those obligations and responsibilities.
I I think we've missed that opportunity so much of the time to have those consults. I'm so glad you said that. I think it's just it's it's a great time to bring that back if we're not already engaging in that in that practice.
And it creates that bond, you know, person to person bond that we all need so much now.
So so And, guys, this consultation is it's not really a suggestion.
It's man it's not it's imperative now in this new market. Like, you if you think you're gonna, like if you if you're gonna fly by, like, and and try to get things signed on the fly, you're gonna get the rep the you're gonna get the compensation that the way you're showing up. If you show up professional and you show up in these conversations and this is for people you've been working with. You have to have a hard reset conversation with them.
It's for future people. But these consultations and you crushing it and articulating value is going to determine how much money you make in the future. So Christina asked a question. Can we have training how to best show our value?
So, guys, I'm gonna do a shameless plug here. Tomorrow at ten o'clock eastern I think ten. Yeah. Ten o'clock eastern, I'm going live to talk about on on LPT Zoom to talk about value and articulating value and creating opportunity in this new market.
So it's gonna be gloves off, all talking about whatever we can do to take advantage. Right? Most agents are worried about surviving, but LPT agents are gonna thrive in this market. We're gonna talk about ways that you can do that.
So check it out, tomorrow, ten o'clock.
Love it. If they need any additional collateral in the NAR website, there's, like, a hundred, things that you can, you know, you can articulate and show a value that we provide as realtors.
So And and that's the vehicle.
Exactly.
NAR offers ton of information, and many of our local associations are also offering a ton of different things that you can take, you know, take away from, recreate, repurpose it, and make it your own.
And then, of course, we have our LPT buyer pack, you know, presentation as well. So I think between all of those, that's what you need to, create something that that sets you apart from from your competition because many agents are not gonna take the time to do that, and and then showing your you know, what you're actually doing. We have agents that are taking pictures of them as they're showing property and, you know, the same way you would with the listing presentation, and you're all ready to go out there for a listing and you have you're showing your value and what you do for the listing on the listing side, you're gonna have to do that now on the buy side.
And we do a lot when it comes to buy on the buy side. And so articulate that. Put that down in writing. Go back and look at and think about everything you do as a as a showing agent, as a buyer's agent, how how you're walking them through from from opening that first showing door to actually going and taking walking their hands all the way through closing and and and signing them at the table.
There's so many things that you do. So start really think about those things and then put it down and and make a presentation out of it. And, that's what we all need to go back and do.
Yeah. I just posted the link to that class tomorrow. And, and while we're on the subject of value, guys, it's always it it's it's important to remember, value is subject to the person who is paying the money. So while you know that you work really hard and you write contracts late at night and all that stuff, like, that doesn't necessarily matter to them. So when you're thinking of your consultation and your pitch, you need to figure out how to articulate the value that matters the most to your clients.
Right? What how do you help them win? Right? Because you definitely because a lot of those on list I've seen is is people listing the thousand things that realtors do, and clients just breathe over.
I'm like, don't care. Don't care. Don't care. Okay. That one appeals to me. Right? So we wanna make sure we understand in the eyes of the consumer who is the beholder of value.
What is that?
Correct. You need to focus on things that will save your buyer time, money, and stress. Those are the three things for both your seller and your buyer you need to be providing actionable, like, practical steps I am taking as your realtor to save you money, time, and or stress. That's what's valuable to people.
I love that.
Yeah. I'll I'll throw this in too real quickly about that same thing.
You know, this is also our opportunity if we're going to discuss our value.
I would highly suggest.
I think as as David and Northeast both maybe alluded to, we're all entrepreneurs. Right? We're all here to kinda do our thing our own way. That's kinda why we're in real estate in a sense.
And I would highly suggest you find some of that content or develop some content about your value, but don't just share the same content that every other agent in the world has already copied. Because if we're talking about our value, you don't wanna be talking about your value by copying what somebody else is doing. Take it, brand it, make it yours, and lean into your own uniqueness and share, you know, not just your value as a realtor, but your value as a person. You've got a very specific way of of looking at things.
You've got a specific way of solving problems.
Speak into those uniquenesses and and really, really highlight yourself.
Yeah. Absolutely. We gotta keep it real. I mean, energy doesn't lie. You gotta keep it authentic, and people are gonna know when you're being genuinely, you know, real.
So So we got a we got a great question, from is it unethical I gotta find the question.
Sorry. If this is your question, I don't remember what the name was. But is it unethical to ask ask the seller to pay commission or compensation, right, on a personal transaction?
What was the question? I'm just reading, a question that they said was there of it to me.
No. It's okay. So so if Kathy is buying a house and I'm the listing agent and it's her for a personal resident, is it unethical for Kathy to, say to ask for a broker compensation within that purchase?
Not at all. As long as she discloses its personal interest in the property, she should be okay. I mean, normally, we do get compensated for our own personal investments and portfolios.
Yeah. Agree.
As long as it's disclosed, everyone agrees.
Remember, every transaction, every deal is a negotiation. So it's all the terms are being moved. That's a term of a contract. Because if I go in and I'm buying a personal house and I go, I need twenty percent commission.
Right? Like, they're gonna go, great. That's way too much for of a discount on this property. You know?
So it's the same thing, guys. Like, you just have to be able to create an opportunity for the seller to say yes.
See.
Gina asked, did anyone ask answer Brad Zeruba's question? Did I miss that?
So here's Brad's question. I found it up in the chat.
So asking for Florida. When negotiating a, a buyer, broker agreement commission buyer's agent commission through a purchase contract, do I add the language to additional terms, or would I use one of the compensation agreements? And check other under the additional addendum. So the ideal way is to use the compensation form and to add that under other on the purchase contract and add it to the contract package. Now, I do know that some people are putting it in additional terms on the contract, and I've heard some people have had attorneys advise them to do that. It's not horribly wrong to do that. You can do that.
However, the the most ideal way is to utilize that compensation form and have it be a part of the contract as an additional addendum.
Either way, make sure you get it in writing.
Yeah. Get it in writing. And if, you're not in Florida and you have a similar question, ask your state broker. Take the class.
They're having them all week and ask a what form to put it in and to the box. What box do I fill in to get to to accomplish this? Because we want you guys doing it right.
To to to see what time. We got about two minutes left.
Who's got the next powerful question? I love some of y'all's questions, and I love when you guys did you answer my question. So if you if if we didn't answer your question, maybe just retype it because it's, the the question log is pretty deep here.
I know. There's a question from Benjamin Hillman for Natalie. It says, I've been a license I've been licensed for over twenty two years, and I've known for double siding million dollar list deals. Because of my large database, what Florida BBA form should I put in the business practice out of the gate for the buyer?
That's yep. That's a great question. So that is relating to, I assume, then, buyer agency a little bit. Right? Being that, you know, a lot of people in the luxury side market are single agents and do double side deals a lot of times.
You would, in my opinion, want to use the, exclusive buyer broker agreement with consent to transition to a transaction broker. That means that you're starting out, as a single agent for your client on that listing. And then if you do end up bringing sorry. I said listing because I'm used to saying you would start out as a single agent. But if you end up bringing that buyer to an LPT listing, you can, double side the deal either way. So it's important. Florida doesn't allow dual agency.
So if you are representing a buyer and you are a single agent in Florida and you come to an LPT listing and there's a lot of LPT listings and agents in Florida, you have to make sure that you have transitioned to that transaction broker role to be able to double side that deal.
Let me know if that answers your question.
That's awesome. Okay, guys. It's four twenty nine. We'll just go rapid fire around the group. Any parting advice from our amazing panelists who we're so internally grateful for sharing all their knowledge?
Cathy, not to put you on the spot, but any quick spurts of advice before we break?
You know, I I'm just gonna encourage everyone to continue to take the training classes as many as you can. Shay is doing an amazing job in in answering, and doing the the the the state brokerage, classes that we have, but also there's there's training through NAR. There's training through your local association.
You know, title companies are all if you can't take one of ours, which we've offered so many, you know, make sure you're going in there and taking something because this change is coming just, what, this Saturday. So we need to all be prepared.
Love that. Norquist?
Great. Just the same thing. Stay educated. Stay informed. We're here to answer all your questions and help you thrive in this time of uncertainty.
Awesome. Shay, Wisdom? Guitar solo?
I I I I really think for me, my my parting, thoughts are just be patient. There's a lot of changes. There are going to be more changes. Unfortunately, this is not over.
Be fluid. We're we're still kind of everybody's in this together, and, we're gonna we're gonna figure this out as we as we continue to move.
Natalie?
Yeah. Yeah. I just to echo off of that, there's there's a lot of unknowns. It's gonna take guys, six months or so for everyone in the industry to get acclimated to everything. Be patient with yourself. Be patient with your fellow realtors.
We're in it with you.
I will say make sure you attend trainings.
Repetition go to those title classes, at your title association. Go to your MLS. Get it from every source that you can. So you're hearing it from different angles.
You're hearing it said differently because it just takes that one time for it to click over in our brain. Right? And we're like, oh, I got it now. I understand.
So I'm just finding that repetition is key. So hang in there. Keep attending, and we're honored to be in this journey with you. We're gonna kill it.
Yeah. Thank you, guys. Thank you for all the the panelists.
We're gonna wrap the first town hall session. Thank you, guys, for all the great questions.
Guys, it it it's the wild west. It's a new world. Someone's gonna win. Right? Why not be us? Right?
Be contractually perfect. Don't violate any rules, and then go out there and get weird in a weird market and and bring home.