Episode 22

Here's What the NAR Settlement Means For You [Homebuyers]

Published on: 20th August, 2024

Tune into this episode of the Get Me Ready to Buy podcast for crucial updates on the evolving real estate landscape. Recent settlements involving the National Association of Realtors (NAR) have introduced new regulations affecting realtor compensation. As of August 2024, listing agents will no longer cover buyer's agent fees through MLS, highlighting the need for clear agreements between buyers and agents. This change aims to increase transparency in real estate transactions, ensuring buyers are fully aware of the costs associated with purchasing a home.

  • 0:00 - Overview of Real Estate Industry Changes
  • 1:59 - Historical Context of Buyer Representation
  • 2:52 - The Impact of Recent Lawsuits
  • 4:29 - Lawsuit Consequences and Compensation Changes
  • 6:05 - Understanding the New Compensation Structure
  • 9:03 - The Costs of Buying a Home
  • 10:55 - Realtor vs. Real Estate Licensee
  • 12:10 - Changes in MLS Compensation Transparency
  • 13:07 - New Requirements for Buyer-Agent Agreements
  • 15:27 - Understanding Buyer-Agent Compensation
  • 16:19 - Flexibility in Buyer-Agent Compensation
  • 17:11 - Transparency and Fairness in Compensation
  • 18:05 - Negotiating Compensation Agreements
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Get Me Ready To Buy
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Jeff Jones

Jeff Jones is a Jesus-following husband, father, G-Paw, son, minister, leader, entrepreneur, coach, and REALTOR®. His passion is serving others by guiding them to be successful. Jeff and Dori married in 1985. They have two daughters, two sons-in-law, and one granddaughter. He graduated from the University of Memphis with a degree in business administration., and Southwestern Baptist Theological Seminary. For 33 years, Jeff served churches in Tennessee, Texas, Alabama, Arkansas, Louisiana, and Mississippi; the Arkansas Baptist State Convention; and as a trainer/consultant for churches, associations, state conventions, and LifeWay.

Jeff became a REALTOR® in 2017. Most recently, Jeff became a Certified Success™ Coach. Currently, Jeff serves on the board of the Southaven Chamber of Commerce where he is an ambassador and chair of the Membership Committee and on the board of the Northwest Mississippi REALTORS® where he chairs the Community Outreach Committee. Jeff is also a trainer for the Mississippi Association of REALTORS®.

He loves to work with his hands, whether it is a construction, landscape, or garden project. Jeff is most known for his fishing videos where he challenges others to “get a hook wet” as he enjoys doing in the pond on his land.