HOW ARE WE EVEN DOING THIS?

WELCOME 

Greetings from the road! I am currently traveling and having the very best time in LA. The only thing better than a little getaway is doing it with family and I feel so blessed right now.

Now, this bit has nothing to do with real estate, but it is very much on my mind. To preface—I am never one for payback. If someone wrongs me, I smile politely and I move on. (I forgive but I don’t forget.) To me, the best revenge will always be living well. That is why my glittery little heart cracked wide open when I saw Taylor Swift’s Instagram over the weekend. There she was in London on the tour that made her a billionaire, singing songs about the British men who did her dirty in their hometown. In the photo, she was posing not only with her doting boyfriend who won the Super Bowl and looks at her like she hung the moon, but TWO future kings of England and a princess. I mean, try to write a better ending to this story, I dare you.*

Anyway, this week’s topic is about everyone’s feedback on the buyer’s agreement. Last month, I asked what everyone planned to do and I’ve compiled your answers, so let’s get to them!

THE REALITY OF REAL ESTATE

The Playbook

Regardless of all the changes in our industry, I maintain that one of the smartest investments you can make is in real estate. Now, it’s all well and good for me to say that, but what if a person doesn’t even know where to start?

That’s why I’m delighted to announce that there’s a new resource for you and your clients. I’m talking about The Playbook newsletter. This is a weekly guide to every little thing related to real estate investing. The Playbook will not only keep you and your clients informed on all the latest economic data and market trends, but they’ll also cover the deals, dealmakers, and strategies that every successful real estate investor needs to know.

Oh my stars, I can’t stress this enough and I wish I’d started years sooner—real estate investing offers one of the best paths to wealth creation available (and I’m trying to create a legacy for those smiling faces above). That’s why it is so important to know what news to pay attention to, to understand the countless ways to deploy your capital, and to stay up to date on the ever-changing opportunities and risks and that means going beyond the headlines for a deeper dive.

The Playbook newsletter will do just that. They will help you build your game plan and keep on top of everything you need to know to be the smartest real estate investor you can be.

So click here to get your ultimate guide to mastering real estate investing, delivered to your inbox every Thursday!

STORY TIME WITH GLENNDA

This Is How We Do It?

Last month, I did an Instagram Live about how we all plan to handle the buyer’s agreement and the new rules. Specifically, I wanted to know:

• Are you going to have the buyers come into the office specifically to sign an agency agreement and commit to compensation before you show them a house?

• Do you think that the Zillow “free” touring agreement—which is completely the opposite of what we’re being told to do by our association and our brokerages—is viable or just a ploy?

• Do you believe if buyers come unrepresented that the seller will want to retain the buy side commission?

Here’s what y’all had to say:

@realtor_aba_s said: “I’m just baffled at how many agents have been showing homes without the signed agreement. How does this law change that? I’ve been having it signed before showing any homes so nothing will change [for me] regarding that!”

Here’s an excellent question from @eugenian1: “I keep wondering WHY the board feeds the MLS into Zillow.” The response from @joewillen to this was: “Here in Ohio, they are a licensed brokerage and members of our association. We contractually can’t cut them off. And I hate it.”

I was particularly interested in this back and forth, as it shows how different it is, depending on your region. Per @tchapmanrealtor: “If I’m the listing agent and the buyer comes to me, now I’m working both sides. I’m getting more than the listing agent’s commission. Also, sellers need to realize that now my hands are tied. You’ve lost your leverage with me as now I can’t reveal information I learn from the buyer’s side that might work in your favor. Now I have to be a neutral piece in the puzzle.”

@thereallisanewman responded to @atchapmanrealtor: “Things must me very different where I am licensed in NH and MA. If I have a listing agreement and an unrepresented buyer wants to write an offer, I am not working both sides. I represent the seller. That is it. I am happy to fill in the blanks for a buyer on a contract and provide info about the property but that is it. My hands are not tied because I only represent the seller. It is not fair to the seller if I push them into dual agency. Is it different where you are?”

In fact, it is different. @tchapmanrealtor replied: “…in Florida, we don’t become dual agents, rather we are transaction brokers and have no fiduciary duty to any one party. But even in your case, I know if a buyer is unrepresented, I’m not simply filling out an offer for them. There’s no way they’ll be able to do that on their own and in the appropriate timeframes. Therefore, to get my sellers closed, I’d have to help the buyers from start to finish. I’m not doing that for free.”

@lianemjamason said: “Anyone who is a Zillow agent that agrees to show homes for 7 days for free is kind of an idiot.” [Amen.] “Yes, we will probably see some buyers going directly to the listing agent. But I also think smart listing agents will word their listing agreements in such a way to try to keep their full or close to fill commission even if they represent both sides. It’s worthy of a conversation with a seller that if we have to represent both sides, we do double the work and should receive compensation for that.”

@rachelperson_realtor said, “I require a BAA to start going to look at properties. It states that if x fee isn’t offered, the buyer has to come up with the difference. I do explain that I will tell them in advance if they would need to pay me anything out of pocket before seeing a home and then let them make the decision if they still want to see the property.”

@maleadygroup made a note that: “In NC and SC where we work, the Zillow agreement flies in the face of the confidentiality duty to clients. Let’s say you go show houses for a few days (for free and carrying all the risks [head explode emoji]). What happens to the information that buyer shares with you if they don’t decide to hire you to purchase? And how is that agreement a valid one if there is no compensation for rendered services?”

Ultimately, I think all of this brings up more questions than solutions to help buyers and sellers find and sell their homes. We don’t know what we don’t know and we surely don’t know how it’s all going to turn out.

I believe that @hausoftaraharris sums this whole conundrum up best. “I don’t think the changes that this lawsuit will bring are the changes that were intended, nor will it uplift the real estate industry as a whole if sellers are going to start representing both sides. It will inspire some deep questions during listing presentations. Where’s my popcorn?”

GLENNDA’S GURU

Introducing Talia McKinney

I’m delighted for y’all to meet Serhant agent Talia Mckinney! She’s a top New York City agent who specializes in Manhattan condos and co-ops, as well as Brooklyn townhouses. You may recognize her from Million Dollar Listing New York! Not only is she a consummate professional and a leader, she’s also a marathon runner and triathlete, which just impresses the heck out of me. So sit back and let’s hear what she has to say!

Thanks so much for joining me, Talia!

GLENNDAISM

Remember This

GO HOMES.COM WITH GLENNDA

Pull yourself up a fainting couch, because you might just swoon over this listing.

Oh my stars and stripes, is this one a looker! But like any beauty, it’s what’s on the inside that counts. I defy y’all to find a better home for entertaining, with its quality finishes, two kitchens, a dining room that can seat more than 12, and a backyard that’s a playground for children AND adults! This is the kind of home that makes you want to turn to your spouse and say, “Have we ever considered moving to Atlanta?” (I’d sure love it if you did!)

Now, don’t forget if you’re an agent, with Homes.com, it’s always your listing, your lead and what could be better than that?

*Since I wrote this newsletter, I saw the video of Travis joining Taylor on stage at the Eras show and I swear to you, my heart has been blown clean out of my chest!