Episode Summary:
James Dwiggins, CEO of NextHome, discusses the impact of the NAR settlement on the real estate industry. He shares that companies that were prepared and ahead of the changes have been able to navigate the new rules effectively.
However, many are still struggling to understand and adapt to the changes. Dwiggins predicts a 20-40% exodus of real estate agents due to the decoupling of compensation.
He emphasizes the importance of educating sellers on the benefits of not offering buyer compensation upfront and instead considering all offers based on net proceeds. He also highlights the role of loan officers in helping buyers finance agent fees when the seller is not paying.
The conversation explores the opportunity for the real estate industry to collaborate more closely and educate consumers about the changing landscape. There is a need for clarity and communication to dispel the confusion surrounding topics like buyer representation and dual agency.
The conversation also delves into the importance of providing value and a full-service experience to buyers and the potential impact of new business models on the market. The role of NAR and its potential challenges and opportunities are also discussed.
⏰ Timestamps ⏰
00:00 Introduction and Background
03:09 Navigating the Impact of the NAR Settlement
05:37 The Potential Exodus of Real Estate Agents
09:23 Maximizing Seller Net Proceeds
12:32 The Role of Loan Officers in Financing Agent Fees
21:18 Collaboration and Education: Addressing Confusion in the Real Estate Industry
23:15 Providing Value and a Full-Service Experience to Buyers
25:30 The Impact of New Business Models on the Market
35:03 The Challenges and Opportunities for NAR
Connect With James Dwiggins:
LinkedIn:
https://www.linkedin.com/in/jamesdwiggins/
NextHome:
https://www.nexthome.com/author/james/
Instagram:
https://www.instagram.com/james.dwiggins/?hl=en
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