eXp 2024 Buyer Representation Toolkit
HOW TO ADAPT TO THE NEW 2024 INDUSTRY CHANGES
Don't wait to start learning about buyer consultations. You can't just meet people at homes anymore. Learn the skills you need to adapt to the new rules and become the leader for your market!
eXp was named the Number 1 real estate brokerage by sides in 2024 by Real Trends
AND best in profitability, per Mike Del Prete
In 2024, we were THE cloud brokerage and when COVID happened, we knew #WeWereBuiltForThis. Now, with eXp's forward-thinking leadership under CEO Leo Pareja and our excellent team that backs him up, we are ready for this opportunity! #WhereTheProsGoToGrow #eXpProud
WHAT'S CHANGED: THE QUICK VERSION
👉 On June 24, 2024 Texas Realtors introduced new representation forms for the listing agreement and buyer representation.
On July 30, 2024, NTREIS removed all published BAC% for purchase and lease listings ahead of the August 17 national compliance deadline.
All NTREIS MLS listings taken before June 24, 2024, will need to be amended to address the new commission agreements if not under contract. (Click on the Listing Agent button below for details)
All Buyer Rep agreements made before June 24, 2024, will need to be amended to address the new commission agreements if not under contract. (Click on the Buyer Agent button below for details)
3. You CANNOT even "hint" at paying an agent directly in MLS to cheat the system. NTREIS and other MLS systems around the country are using technology to scan listings for mentions of the listing agent sharing commission with the buyer's agent. They will digitally read documents uploaded to Transaction Desk, listing photos, Listing Descriptions and Private Remarks. You will get FINED $$$ if you break the rules and talk about sharing commissions with buyer's agents in your MLS listing. (Some MLSs are even saying that 3 strikes and you're out with no more MLS participation! 😧)
4. eXp Realty will NOT pay brokerage to brokerage commission!!! BAC is going away per the DOJ predictions, so we are implementing this NOW!
YOU CAN USE THE TEXAS REALTORS OR EXP FORMS TO ACCOMPLISH THIS! YOUR CHOICE!
5. New fields are added to MLS for Seller Concessions Yes or No? This is not intended to be a communication of compensation. No one knows what they mean and so it's probably going to be really spastically used. (See the detailed explanation on the Buyer and Listing agent pages below.)
6. Watch out for secret shoppers (attorneys) trying to trick you into doing things wrong! Don't show a house without a written buyer rep agreement!!!!
7. The buyer representation agreement must be signed before touring properties or writing purchase agreements and that failure to do so can result in severe penalties, including returning the commission to the seller. If you are doing a courtesy showing for another agent, you will need a Rep Agreement (Short Form) EVEN IF they are on the same team!
8. If you are the listing agent or an open house agent - don't share anything that would be covered by representation or in negotiations without a written representation agreement.
9. 👉 Buyer Representation Agreements will need to be uploaded to Skyslope within 48 hours just like listing agreements.
10. If dealing with new construction and there are incentives being paid above your normal commission rate that was negotiated, you CAN renegotiate and amend the Buyer Rep agreement. (Click on the Buyer Agent button below for details)
THIS IS NOT GOING AWAY. EMBRACE THE CHANGE. LEARN THE NEW STUFF AND ADAPT. IT'S GOING TO BE FINE!
1. Watch these videos on eXp's new procedures to keep us in compliance!
2. Watch 2 CFG Team Trainings
YOU BETTER LEARN TO NEGOTIATE!!!
We jumped into the deep end with the details explaining the new forms on two of our recent team calls:
and
YOU CHOOSE: USE TXR FORMS OR EXP TX FORMS
THESE RULES ARE BEING CLARIFIED DAY BY DAY!!!
3. Get all the details! Click a button below!
