Ed Zorn, Anthony Lamacchia and others weigh in on buyer agreements, commission sharing and everything you need to know about the new forms.
At Inman Connect Las Vegas, July 30-Aug. 1, 2024, the noise and misinformation will be banished, all your big questions will be answered, and new business opportunities will be revealed. Join us.
Each week on The Download, Inman’s Christy Murdock takes a deeper look at the top-read stories of the week to give you what you’ll need to meet Monday head-on. This week: Ed Zorn, Anthony Lamacchia and others weigh in on buyer agreements, commission sharing and everything you need to know about the new forms.
“How will you communicate offers of compensation?”
“Are you still using MLS PIN?”
“Are you going to allow broker-to-broker sharing of commissions?”
This week, broker Anthony Lamacchia shared just some of the questions he’s hearing right now as the Aug. 17 implementation date approaches.
“There’s a little bit of this awkward period of, ‘Well, what do we do?’” Lamacchia said.
The time has come to make sure you have an answer to that question.
Whether you’re taking a class at the local association, sitting in training at your brokerage or asking your favorite mentor for advice, this is the time the rubber meets the road. Part of being a real estate expert is knowing your forms backward and forward and answering client questions. That means getting up to speed on paperwork, policies and the logic behind the changes.
That being the case, in this week’s Download, we’re bringing you resources, expertise and thought leadership that’s all about getting your ducks in a row for the real-world shifts ahead.
In the first in a two-part interview with California Regional MLS General Counsel Ed Zorn, Inman’s Andrea V. Brambila discussed impending changes to the commission structure and how it will impact agents.
Zorn is not only the vice president and general counsel of the nation’s largest multiple listing service, California Regional MLS, he is also president of real estate investment firm ZEC Investments, a mediator and arbitrator of real estate disputes, and a former adjunct professor of real estate at California Baptist University.
He held a California broker license for many years until it expired in 2022, and has held a broker affiliate license under eXp Realty in Tennessee since 2019.
In the Q&A, Zorn talked about his upcoming appearance at Inman Connect Las Vegas, which will lean into practical, actionable strategies to ensure agents are on the right page when it comes to the nuts and bolts of paperwork and transaction management.
“We’re going to be doing some live role-playing: buyer and seller objections post-Aug. 17,” Zorn said. “James [Dwiggins] is going to moderate and the three of us are going to give examples of “This is what my listing presentation would look like.” “This is how I would communicate things with a buyer.” James will hit us with questions: How would you overcome this objection? Or, what if a seller says, “I don’t want to pay anything?” How do you handle that?”
EXTRA: Ed Zorn to the real estate industry: Get rid of commission-sharing now (Part 2)
The back-and-forth, will-they-won’t-they of industry changes is coming to a head in less than a month. Are you ready? At this point, you need to lock in what you’ll say to buyers and sellers, how you’ll talk about commissions and you need to make sure you know every detail of your new paperwork. Inman contributors are offering plenty of detailed advice to keep you compliant and client-focused.
27 resources you’ll need to be ready for the Aug. 17
Consider this a resource roundup to guide you through the changes you’ll make, the client conversations and even the mindset shifts that are necessary right now.
Commission Crunch: 5 tips to avoid scrutiny and remain in
Clients are watching you now more than ever, compliance expert Summer Goralik writes. Here’s how to implement best practices now, so you can avoid complaints as the industry shifts.
Can you hear me now? Why your clients miss 50% of what you
Less talk, and more listening. Inman contributing writer Rachael Hite shares the real reason your transactions turn topsy turvy — and why it has everything to do with what’s lost in translation.
