Spring gets all the attention, but it’s not always the best time to sell a house. Yes, more buyers show up, but so do a lot of other sellers.Winter is different. With fewer homes on the
Thoughts On NAR Lawsuit...
Dated: March 26 2024
Views: 327
We're sure you all have been following the news regarding the new proposed rules that will be surrounding realtor commissions. There are a lot of questions that will need to be answered over the months that lie ahead. However, the one thing that holds true is that cooperative compensation is still a good thing that benefits both sellers and buyers -- which leads to a healthier marketplace...which leads to a stronger economy! We LOVE what we do and we do it because we love helping families start their next chapter. However, the way in which realtors get paid seems to be grossly misunderstood. It's not rocket science, so here we go.
We do not get paid hourly wages or salaries. We do not get benefits or insurance. We only get paid if we sell a home and the deal actually closes. We can ONLY be paid by our licensed, employing broker. We can spend days, weeks, months, or years even working with a particular client with no guarantee of ever being compensated. Every new client is a new job interview. And we deal with rejection 99% of the time (can you say you better have a thick skin :) We dedicate our time, expertise, gas, and expenses trying to find you the house you will fall in love with. We get to know you. We get to know your family. You become important to us. We want to see you find that house that makes the heavens part and the angels sing. But this is not for the weak of heart. We need to be on 24/7 so as to never miss an opportunity. We are constantly working for you without knowing whether or not compensation for our efforts will ever truly be part of the end game. And yet, we chug on. Because again, your goals have become our goals. Your success becomes our success. We strategize with you. We counsel you. We fight for you. Once we do close on a home there are numerous upfront expenses that must be paid out before we can even see a dollar including Broker splits; MLS fees; NAR fees; local association fees; E&O business insurance; extended auto insurance; self-employment tax; state licensing fees; marketing fees; showing service fees; website fees; transaction fees; and income tax since we are independent contractors.
As a listing agent, our duties are doubled. It all starts with taking the time to painstakingly analyze the market and specific comps for your property in your area to get your house priced properly. Anyone can go and check the Zillow Zestimate algorithm. However, there is an unspoken finesse with a true expert that pours over comps and current market trends to get your house priced right. That gets to know and understand your home intimately in order to get in marketed in the right way, in the right place, and to the right buyer. That can truly tell you what you need to do (and not to do) to get top dollar. Pricing it right means more eyes and potentially more competitive offers. Add in professional photos, vidoes, and 3D tours. Targeted social media campaigns. Coordinating open houses. Protecting your asset while under our care. Vetting buyers. Handling and explaining appraisals, inspections, township certifications/inspections, legal contracts, and multiple legal disclosures. Playing referee between attorneys, mortgage brokers, title companies, inspectors, etc, to ensure we all get to the finish line. Managing what may be multiple deals that could potentially be attached to the sale of your house that will all have their own specific timelines that need to be met for all the deals to close simultaneously. And during that time, there may be unexpected roadblocks, which take our time and experience to get you to the closing table. Trust us, we have seen it all and handled it all!! And the greatest tool in our arsenal...OPEN, CONSISTENT, ETHICAL, AND TRANSPARENT COMMUNICATION.
For our seller clients, there is almost always an in person meeting. And there is ALWAYS a contractual agreement in place that defines the relationship. However, it is just as imperative for us to meet our buyer clients prior to working together (whether in person or via Zoom). We need to be able to understand your goals. We need to explain agency relationships, legal disclosures, buyer responsibilities, what we do for you, and what our expectations are of you as well. We need to make sure that you are properly vetted and financially qualified to purchase a home - this includes setting a realistic budget. There is not greater disappointment than falling in love with a home that you cannot afford. We need to walk you through the home-buying process from start to finish so there are no surprises. It also includes gathering a support team of professionals to ensure we are always in synch. This committment and relationship also needs to be formalized and defined in writing via a buyer agency agreement. In July, this will likely be law. So you must choose wisely and ensure who you are working with is someone who has your best interests at heart. Take the time to interview people who you think might be a good fit. Schedule some time with us HERE
You don't need to buy or sell a home to support your agents real estate business – here are just a few simple ways to show your support! By sharing one of their listings. By sending a friend or family member their way. By allowing them to connect you with agents out of state for a broker to broker referral. And by leaving them a positive comment or review once they have done a great job for you...this helps them feel seen and supported - (thanks to you)! 
Warm Regards,
Rosario & Donna
Rosario & Donna Panzarella
Your Real Estate Journey. Streamlined with Dual Expertise.At TrueNorth Group, we're more than just a real estate team—we’re a fully licensed duo in both real estate and mortgage lending, o....
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