Will the Aug 17th NAR settlement cause some buyers agents to charge an hourly rate?

[John Laney]

For those that don't know the Aug 17th NAR settlement will now REQUIRE realtors sign a contract with their clients PRIOR to showing their first house. While not explicit, the contract is written in such a way to encourage a commission, and discourage an hourly pay structure.

Since there will be many investors who are not willing to sign an exclusive agreement I suspect we will start seeing realtors rewriting the contract so that they get paid by the hour rather than by commission.

Has anyone else experienced this?

Here is what the contract looks like --> eXp buyer Broker representation agreement

[Lucia Rushton]

@John Laney the great thing is, our brokerage eXp is being proactive in this transitionary time so we don’t lose time servicing our clients.

With regards to the hourly conversation, some clients, especially newer investors, can take hours/months through the buying process to the stage of getting something under contract and then through the transaction to closing. So perhaps if those same buyers were to pay for our services hourly, we may see them more motivated to make decisions faster.

As always just my opinion and not written by Ai.