意想不到的后果:NAR裁决将如何改变合作补偿做法

1美元.78 billion verdict in October against the National Association of REALTORS® has sent shockwaves across the residential 房地产 industry. Sitzer/Burnett v. 全国房地产经纪人协会等，包括罗盘公司.， EXP World Holdings Inc.Redfin Corp .., Weichert Realtors, United Real Estate, Howard Hanna Real Estate Services, and Douglas Elliman Inc., claimed that the NARs “participation rule” and “合作补偿” practices forced home sellers to pay inflated commissions to buyer agents. 在判决后几小时内, the plaintiff attorneys in the case filed a separate class-action lawsuit against another set of companies with the same allegations.  

Anywhere房地产公司.科德威尔银行(Coldwell Banker)的母公司也在10月初同意支付83美元.5 million to settle a pair of class-action lawsuits and to overhaul its policies toward commissions. RE/MAX控股有限公司. 分别同意支付5500万美元. 从那时起, the residential 房地产 world has been reeling as brokerages navigate the appeals process and reformation of their existing commission practices.

Many have asked us if and how these rulings will affect commercial compensation practices and what impact these rulings will have overall. 要回答这个问题, it is important to understand the different views and practices in the residential and commercial industries which we believe, 在某种程度上, 影响了这个决定及其结果.

多种官方直营bbin服务

多重官方直营bbin服务或“MLS”, 是作为一种共享住宅房地产官方直营bbin信息的方式而创建的. 它们是市场官方直营bbin信息的单一来源, 消费者很容易获得这些信息.

MLS的创建通过提供所有属性的平等暴露，使竞争环境变得公平. Brokers invite other brokers to cooperate in their sale in exchange for the guaranteed right to compensation. These benefit sellers by increasing exposure to their property and benefit buyers by providing equal access to all listings, 从而最小化排他性实践的风险, 有意或无意.

市场的影响

在任何给定时间, 外部影响可以影响需求, 然后是的值, 房地产. 当前市场受到疫情和利率上升的影响. 住宅地产, 房价上涨和库存有限等其他因素也产生了影响. 随着需求超过供应，越来越少的房主官方直营bbin, 市场变成了卖方市场.

在2008年经济大衰退期间, 房地产价值大幅下跌, 而且供大于求, 这导致了买方市场.

随着经济停滞, 商业地产的价值也受到了影响, and commercial property owners became very aggressive in offering increased commissions to buyer and tenant rep brokers for more exposure to their property.

直到今天, this practice continues situationally with commercial 土地lords to increase exposure and decrease time on the market.

市场上的优势会周期性地变化, 根据具体情况给予买方或卖方感知上的优势.

价值感知

对合作赔偿的实践及其合法性的思考, 了解这些市场影响如何影响对价值的看法是很重要的.

当需求超过供给时, it could seem as if there is little value in offering a commission for bringing a qualified buyer to the seller, 在一个可能被卖家饱和的市场上，反之亦然.

The difference in the perceived value of residential 房地产 representation and 商业地产 representation also stems from the fact that consumers often place an emphasis on the purchase price and may not consider the complexity or nuances of the transaction.

在商业地产中，客户通常是企业或投资者. 就像企业会为法律或会计服务付费一样, it also views the advice of brokers as a professional service they find value in and are willing to pay for.

商业赔偿实务

因为商业地产没有集中的挂牌服务, 消费者更依赖于利用买方经纪人的服务.

因为没有保证赔偿的权利, fees are instead negotiated between brokers or submitted along with the offer on a deal-by-deal basis and there are no guarantees by the seller or 土地lord that they will pay a fee to a buyer broker.

相反，官方直营bbin代理可能会提出与买方经纪人分享一部分费用. 如果没有合作经纪人, 官方直营bbin代理将保留全部费用，并担任双重代理.

双重代理

MLS的创建, 除了增加能见度, 也减少了双重代理的频率. 虽然代理人被允许扮演双重代理人, 如果以这种身份行事，谈判的动态就会发生变化. Not only is the listing agent typically asked by the unrepresented buyer to lead them through the process, but the agent must also walk a fine line between facilitating the offer and not providing market advice. 在这些情况下, 通常需要更长的时间来建立买家的信任, 拖延提出报价的时间, 而且可能会扩大买方和卖方预期之间的差距.

Having two brokers involved in a transaction can increase the buyer’s confidence and decrease their decision-making time. Having a cooperating broker can create a more equitable situation since both brokers can maintain their fiduciary responsibility to their client, 接受独立客观的市场意见, 两党都可以放心，他们得到了公平的代表.

意想不到的后果

Since there is no centralized listing service for 商业地产 or guaranteed right to compensation, 商业地产所有者发现，激励合作的经纪人是有价值的, we anticipate the impact on 商业地产 compensation practices will remain largely unchanged. 也就是说, there may be situations in which tenants and buyers may have to compensate their representative if not paid by the 土地lord or seller.

另外, once the dust settles and the National Association of REALTORS® and residential brokerages make changes to the MLS and respective compensation practices, 住宅消费者可能会面临意想不到的后果.

第一个, access to listings could be impacted as brokerages may be limited in how they share listings with the market. 这可能导致更多的内部交易, 更多的时间在市场上, 或者，由于来自买家的竞争减少，卖家的出价可能会降低. It could also lead to an increase in dual agency, which dilutes the representation of each party. 排他性做法的风险也可能增加.

一些卖方会发现补偿买方经纪人是有价值的，而另一些则不需要. 首页buyers may be asked to sign contracts with buyer agents for their services and pay a fee or take the risk of buying without representation.

结果将根据具体情况而有所不同. 贷款人可能同意将买方中介费纳入融资金额, 然而, 如果没有发生, we may see home prices drop because buyers may not be able to afford both the down payment and their buyer broker fee.

最后, 也许是所有情况中最有害的, 对许多人来说，拥有住房的梦想可能变得越来越难以实现吗. Buyers may need to be prepared to either pay more upfront to compensate the buyer broker for their service or to roll that fee into their financing and ultimately decrease their buying power.