WEBVTT

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<v Speaker 1>It's the stuff they are pushing. People are talking about

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<v Speaker 1>violent rhetoric against USh, but if we dare to fight back,

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<v Speaker 1>we are the violent one. Fifty five krs the talk station.

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<v Speaker 2>Ato six. It's Friday, and a very happy Friday to you,

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<v Speaker 2>made extra special. I'm happy to welcome to the fifty

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<v Speaker 2>five Carsy Morning to explain the what seems to me

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<v Speaker 2>to be confusing reality the current real estate market and

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<v Speaker 2>how the buyers and sellers agents get paid. Welcome to

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<v Speaker 2>the fifty five Carracy Morning. Sure the only real estate

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<v Speaker 2>agent I would even ever consider if I was considering

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<v Speaker 2>selling my house. Peter Shabria Keller Williams seven Hills, seven

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<v Speaker 2>zero eight three thousand dot com. Peter, Welcome to the program,

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<v Speaker 2>my friend. It's always great talking with you.

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<v Speaker 1>Thanks Brent, thanks for having me on.

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<v Speaker 2>You know everything there is no about the real estate market,

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<v Speaker 2>and I'm pleased to be able to speak on your

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<v Speaker 2>behalf because I know what a wonderful job you and

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<v Speaker 2>your agents do, and you've got such a great team.

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<v Speaker 2>But I saw when this legal challenge came out, and

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<v Speaker 2>I didn't really read a whole lot about it. I

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<v Speaker 2>just knew that the way real estate agents were going

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<v Speaker 2>to be paid. Was going to change because there was

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<v Speaker 2>a legal decision from late last year that discussed the

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<v Speaker 2>situation and said, no, it was unfair that the seller

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<v Speaker 2>had to pay the commissions for both the buyers and

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<v Speaker 2>sellers agent. So explain the way it was, and then

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<v Speaker 2>help me and my listening audience understand how it is now,

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<v Speaker 2>because I think it's gotten more complicated.

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<v Speaker 1>Peter, Well, first of all, thank you for the compliments, Brian,

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<v Speaker 1>I really appreciate that, and we love working with you.

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<v Speaker 1>We love working with your listeners, so thank you as

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<v Speaker 1>always for the support. Happy too, and you're absolutely well,

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<v Speaker 1>thank you very much. You're absolutely right. A little bit

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<v Speaker 1>of a history, lesson a brief one, is valuable here.

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<v Speaker 1>We all have to remember that prior to the early

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<v Speaker 1>nineteen nineties, there was no concept of buyer agency. Sellers

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<v Speaker 1>hired a listing agent. The listing agent would charge a commission,

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<v Speaker 1>and when a buyer called and took a look at

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<v Speaker 1>that home, the listing agent would be the person that

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<v Speaker 1>would show the property and facilitate the sale. There was

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<v Speaker 1>a giant misunderstanding by the buyers, thinking that that agent

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<v Speaker 1>was representing them expensive transaction, and so what happened was

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<v Speaker 1>a lot of buyers were being taken advantage of because

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<v Speaker 1>they had no one to represent their best interests, and

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<v Speaker 1>that's when the concept of buyer agency was introduced in

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<v Speaker 1>the nineteen nineties. And the way that buyer agency was

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<v Speaker 1>compensated was that the listing agents were happy to share

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<v Speaker 1>some of their commission because they had to do less

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<v Speaker 1>work per transaction and the consumer benefited by having representations.

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<v Speaker 1>So that was a great advancement in the advocacy on

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<v Speaker 1>behalf of consumers in our industry. Well.

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<v Speaker 2>It was also to observe that was pre Internet and

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<v Speaker 2>also the access to the MLS, the multiple Listing service

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<v Speaker 2>was limited to people who actually had the license in

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<v Speaker 2>real estate, wasn't It wasn't a real closed system where

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<v Speaker 2>you couldn't just pull up a MLS listing and go

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<v Speaker 2>through them yourself.

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<v Speaker 1>Brian, that's an excellent point. It was a very closed

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<v Speaker 1>systemation was hard to access, pricing information was almost impossible

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<v Speaker 1>if you weren't in the know, and so the consumer,

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<v Speaker 1>the buying consumer, was at a serious disadvantage prior to

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<v Speaker 1>the nineteen nineties when buyer agency was introduced, So that

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<v Speaker 1>was a huge step forward in protecting consumers and the

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<v Speaker 1>acquisition of real estate, and the most recent this NAR

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<v Speaker 1>settlement that we're all starting to experience is another step

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<v Speaker 1>forward in transparency for consumers. What this is really about

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<v Speaker 1>is that consumers didn't understand that. Generally speaking, consumers didn't

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<v Speaker 1>understand that their buyer's agent was being compensated by the seller.

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<v Speaker 1>And so, you know, as a species, we humans have

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<v Speaker 1>short memories, short term memories, and we all forget that

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<v Speaker 1>buyer agents was formulated in that agency was formulated in

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<v Speaker 1>the nineties to protect consumers, but those agents that are

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<v Speaker 1>represented buyers still to get compensated, and they were compensated

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<v Speaker 1>by the listing agents sharing their commission. Well, there was

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<v Speaker 1>a perception that prices were inflated to pay for this

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<v Speaker 1>buyer agency representation and that and this is where you're

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<v Speaker 1>absolutely right. Before there was no there was no technology

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<v Speaker 1>that was systemizing all this. Now that the multiple listing

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<v Speaker 1>service exists in all these municipalities municipalities around the country,

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<v Speaker 1>that commission sharing uh business practice kind of became systemized

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<v Speaker 1>and institutionalized through technology, so that all of a sudden,

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<v Speaker 1>it very much can appear as though there's this system

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<v Speaker 1>or this racket that can appear as though agents are

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<v Speaker 1>colluding and fixing commissions. Does that make sense?

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<v Speaker 2>Yeah, I can see that, but there would be it

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<v Speaker 2>becomes why I guess my reaction is, well, it becomes

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<v Speaker 2>widely known you know what an appropriate commission is, whether

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<v Speaker 2>it's you know, three percent, four percent, five percent. That

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<v Speaker 2>information gets out in the market adjusts accordingly. Because if

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<v Speaker 2>there's an agency over there that's charging six or seven

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<v Speaker 2>percent and the world finds out that no, you can

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<v Speaker 2>only you only really have to pay three or four percent,

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<v Speaker 2>clearly people are going to move over to the lower

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<v Speaker 2>commission realm and go there.

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<v Speaker 1>That's exactly right. And that's what this is all about,

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<v Speaker 1>is that, you know, the plaintiffs that ultimately filed suit

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<v Speaker 1>against the National Association of Realtors and all the other

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<v Speaker 1>large brokerages and ultimately Department of Justice feel as though

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<v Speaker 1>there should be more transparency around how real estate agents

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<v Speaker 1>are compensated and who's paying for it. And that's what

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<v Speaker 1>this is all about, is creating additional transparency. And so

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<v Speaker 1>the rules, there's really kind of like two core rules

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<v Speaker 1>that are changing. The first one is that buyer compensation

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<v Speaker 1>buyer agent compensation can no longer be something that is

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<v Speaker 1>shared just between real estate agents and the agent community.

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<v Speaker 1>That's no longer we don't let each other know how

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<v Speaker 1>much we're compensating. In fact, we don't really do that anymore.

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<v Speaker 1>And the second thing is they can no longer look

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<v Speaker 1>at a piece of real estate with the real estate

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<v Speaker 1>agent unless they sign a buyer representation agreement. And in

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<v Speaker 1>that agreement, it's got to disclose a couple of things. One,

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<v Speaker 1>how long they're going to work with that agent, Two,

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<v Speaker 1>how much that agent charges, in three the scenarios of

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<v Speaker 1>how that agent could be paid, and actually force to

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<v Speaker 1>make sure it's clearly disclosed that the concept that real

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<v Speaker 1>estate commissions are negotiable. And so that again brings an

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<v Speaker 1>additional level of transparency to the consumer. And I think

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<v Speaker 1>you're absolutely right. I think different agents are going to

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<v Speaker 1>offer different value to consumers, and ultimately the consumer is

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<v Speaker 1>going to decide how much an agent is worth. And

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<v Speaker 1>again I think that that is healthy for our industry

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<v Speaker 1>and for the consumer.

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<v Speaker 2>It sounds to me like you are going to be

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<v Speaker 2>earning less commission.

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<v Speaker 1>I think it's possible, and I'm the consumers are going

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<v Speaker 1>to be able to have a choice in how much

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<v Speaker 1>they want to pay for representation, and representation takes different forms. Remember,

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<v Speaker 1>on the listing side of things, commissions, well, commissions have

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<v Speaker 1>always been negotiable both the buy side and the list side,

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<v Speaker 1>but consumers had more experienced negotiating listing commissions. When an

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<v Speaker 1>agent shows up in your kitchen and talks about putting

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<v Speaker 1>your home on the market, you have an express conversation

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<v Speaker 1>about what that agent charges, and that is a negotiable moment.

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<v Speaker 1>So that's now going to happen on the buy side.

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<v Speaker 1>And there are all different kinds of models on the

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<v Speaker 1>listing side. You know, you have agents that are charging

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<v Speaker 1>premiums and agents that charge so called standard amounts, and

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<v Speaker 1>you have discount agents. When I first got into business

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<v Speaker 1>back in two thousand and two, there were discount brokerages

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<v Speaker 1>where a homeowner could pay five hundred dollars to put

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<v Speaker 1>their home in the MLS and there was no advocacy

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<v Speaker 1>on behalf of the listing agent. That was called a

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<v Speaker 1>discount brokerage model. Well, here we are twenty two years later,

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<v Speaker 1>and those discount brokerages represent less than one percent of

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<v Speaker 1>the transactions and the multiple listening service. So consumers want

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<v Speaker 1>to be protected. They want experts, and they want to

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<v Speaker 1>and they're happy to pay for proper representation where someone

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<v Speaker 1>is advocating for their family and their finances, that's not

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<v Speaker 1>going to go away. I think different levels of advocacy

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<v Speaker 1>expertise will show up now on the buy side of

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<v Speaker 1>the transaction with different corresponding compensation amounts. But at the

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<v Speaker 1>end of the day, we all have to remember, for

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<v Speaker 1>the majority of us listening to your radio program right now,

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<v Speaker 1>buying and selling real estate are some of the most

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<v Speaker 1>expensive I don't want to say high risk, but sort

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<v Speaker 1>of like high value purchases of our lives, and making

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<v Speaker 1>sure that we have someone that can advocate and protect

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<v Speaker 1>us is critical. When you have a major health issue,

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<v Speaker 1>you don't try and find the cheapest doctor. You try

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<v Speaker 1>and find the most experienced doctors that can help you

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<v Speaker 1>navigate back to health. And so yes, it's very possible

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<v Speaker 1>that commissions will be compressed, but ultimately I think that's

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<v Speaker 1>going to be determined by how good agents are at

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<v Speaker 1>communicating their value, at educating their clients and what they do,

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<v Speaker 1>and how good of a job, what their track record

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<v Speaker 1>looks like, and advocating for their clients. So we may

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<v Speaker 1>see a commission compression. I think what we will definitely

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<v Speaker 1>see is less real estate agents in the industry. I

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<v Speaker 1>think it's now going to become a little bit of

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<v Speaker 1>a higher skill industry. And I think I think the

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<v Speaker 1>agents that are doing this like part time, they may

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<v Speaker 1>de select themselves from the industry. And again, I think

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<v Speaker 1>that's probably ultimately a benefit for the consumer as agents

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<v Speaker 1>that more of the agents that are in our industry

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<v Speaker 1>are working full time, have deeper levels of experience and

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<v Speaker 1>are able to best advocate on behalf of their clients.

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<v Speaker 2>Well, and you've been emphasizing. I even wrote the word

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<v Speaker 2>value down. There is such a tremendous value to get

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<v Speaker 2>a truly getting a truly experienced real estate agent, because

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<v Speaker 2>there is. I mean, you could just just give it

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<v Speaker 2>a couple of moments time and think of the unbelievable

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<v Speaker 2>pitfalls that might be waiting for an inexperienced home buyer, like,

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<v Speaker 2>for example, a first time home buyer. Do they know about,

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<v Speaker 2>you know, home warranties, Do they know about buying as is?

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<v Speaker 2>They know about you know, looking at an HVAC system

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<v Speaker 2>and how much life it's got left with it. Sure

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<v Speaker 2>you have a home inspection, but we all know how

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<v Speaker 2>reliable those guys can be, but there's just your experience

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<v Speaker 2>really in yours to the benefit of most notably people

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<v Speaker 2>who are not experienced at all. It's worth paying for

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<v Speaker 2>that because you could I mean you can ultimately save

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<v Speaker 2>your your your clients, but I mean you could save

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<v Speaker 2>them tremendous amounts of money but also keep them out

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<v Speaker 2>of some potentially horrific situations.

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<v Speaker 1>That's exactly right. It's a lot of times the best

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<v Speaker 1>real estate agents make it feel like a smooth process

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<v Speaker 1>and you kind of scratch your head and go, well,

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<v Speaker 1>what did I pay them for? Well, you just paid

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<v Speaker 1>them for nothing, dramatic happening and making sure you should

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<v Speaker 1>you wind up with the right house in the right neighborhood,

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<v Speaker 1>with the right entities that's going to be the right

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<v Speaker 1>fit for your family and its needs over the course

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<v Speaker 1>over the next five to ten years. A lot of

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<v Speaker 1>what a great real estate agent does is block and

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<v Speaker 1>tackle on your behalf without you even knowing it, and

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<v Speaker 1>also being a great consultant to make sure you are

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<v Speaker 1>buying the right real estate because real estate is not

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<v Speaker 1>a liquid asset, right, and so you really need to

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<v Speaker 1>make sure that you're doing all the right do due diligence,

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<v Speaker 1>but also vetting what real estate best compliments where I

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<v Speaker 1>am living my lifestyle today, and also where am I

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<v Speaker 1>heading in my life, and how does that real estate

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<v Speaker 1>reflect my personal journey that I'm going to have over

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<v Speaker 1>the next five to ten years. It can be a

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<v Speaker 1>real mistake to work with an agent that doesn't necessarily

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<v Speaker 1>go as deep with you these questions and you wind

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<v Speaker 1>up in a house two to three years later that

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<v Speaker 1>no longer meet your needs.

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<v Speaker 2>It's I can at a great financial planner, you know, one.

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<v Speaker 1>Hundred percent, Yes, sir, that is exactly right, and that

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<v Speaker 1>is exactly real estate. Good ahead, No, no, no, no. Good.

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<v Speaker 1>Real estate is for the majority of homeowners, the single

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<v Speaker 1>biggest driver of wealth. It's actually interesting. There's a great

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<v Speaker 1>article in the Wall Street Journal two days ago about

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<v Speaker 1>how millennials, who for the longest time were lagging previous

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<v Speaker 1>generations in their acquisition of wealth, just in the last

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<v Speaker 1>few years, are now further ahead than previous generations in

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<v Speaker 1>the amount of wealth that they have acquired, and the

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<v Speaker 1>single greatest driver of their wealth acquisition has been the

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<v Speaker 1>equity that they've seen grow in their homes. So just

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<v Speaker 1>like a financial advisor. Real estate advisors are great in

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<v Speaker 1>great real estate. It's great for advocating and protecting your

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<v Speaker 1>best interests, but also setting you up on the right

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<v Speaker 1>path to home ownership, which is, by the way, the

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<v Speaker 1>fast track to building wealth.

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<v Speaker 2>Indeed, in Peter Ford Park Company, I just lowed you

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<v Speaker 2>one more minute here. Can you give my listeners just

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<v Speaker 2>a general understanding of the current Greater CINCINNTI real estate market?

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<v Speaker 2>Are we still short on housing stock? Are there still

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<v Speaker 2>bidding wars going on? Thumbnail sketch if you don't mind

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<v Speaker 2>for a.

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<v Speaker 1>Moment, Yeah, great question, Brian. Absolutely, we are in an

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<v Speaker 1>acute seller's market. It's softened a little bit, but we

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<v Speaker 1>are still in a seller's market. Some pockets of Cincinnati

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<v Speaker 1>are starting to move towards a balanced market. But if

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<v Speaker 1>a property is priced well and presents well, and it

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<v Speaker 1>is in a market where there is a significant level

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<v Speaker 1>of demand, that property will probably go into multiple offers.

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<v Speaker 2>Multiple offers, and that's where a bidding work can show up.

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<v Speaker 2>And that's where Peter and his team can help you

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<v Speaker 2>out as well. Also as a seller's agent, they knew

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<v Speaker 2>exactly what to do without you as little as money

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<v Speaker 2>as possible to have, what to polish up, what to

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<v Speaker 2>change the where the value shows up for an improvement

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<v Speaker 2>like painting a room or doing this or changing something

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<v Speaker 2>in order to maximize the sell price of your home.

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<v Speaker 2>That's one of the things you get in terms of

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<v Speaker 2>value from great real estate agents. Peter scherbrie A Kellowiams

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<v Speaker 2>seven Hills. You can find them online at seven zero

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<v Speaker 2>eight three thousand dot com or call them up at

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<v Speaker 2>five one three seven zero eight three thousand. Peter, thank

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<v Speaker 2>you so much again for your support of the morning

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<v Speaker 2>show and helping out my little but most fundamentally helping

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<v Speaker 2>out my listeners. I know you are definitely worth the

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<v Speaker 2>val value and the commission.

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<v Speaker 1>My friend, well, thank you, Brian. I really appreciate that

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<v Speaker 1>when we offer tell our clients is prices what you pay,

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<v Speaker 1>the value is what you get.

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<v Speaker 2>Amen, brother, we'll talk soon. My friends, stay well. Best

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<v Speaker 2>to you and your team. It's eight twenty right now.

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<v Speaker 2>If you have caresee the talk station Color Electric Family

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<v Speaker 2>interoperated since nineteen ninety nine. Speaking of home ownership, yes,

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<v Speaker 2>you will have electric needs. You will need some great electricians.

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<v Speaker 2>What you need is a team that prides themselves on

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<v Speaker 2>their honest reputation, the quality of their work, their customer service.

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<v Speaker 2>You get that with Colin Electric. Andrew Culin has been

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<v Speaker 2>around and the team been around since well twenty five years,

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<v Speaker 2>since nineteen ninety nine, and they provide great value. Speaking

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<v Speaker 2>of value, what you need done, whether it's an outlet installation,

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<v Speaker 2>rewiring your whole home, getting the generator installed like I

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<v Speaker 2>did with Culin, it's going to be great price and

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<v Speaker 2>the work will be done to your satisfaction, along with

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<v Speaker 2>a ten year wiring warranty on anything they do for you.

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<v Speaker 2>So when it comes to residential electric needs, you can

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<v Speaker 2>call my friends Colin with confidence. Learn more online Color

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<v Speaker 2>Electriccincinnati dot com. That's c U l E and Cullen

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<v Speaker 2>Electriccincinnati dot com. Tell them, Brian said, how can you

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<v Speaker 2>call for the appointment? Five one three two two seven

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<v Speaker 2>four one one two five one three two two seven

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<v Speaker 2>four one one two.

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<v Speaker 1>Fifty five k r C. Get ready to win your