Dishin' Dirt with Gary Pickren

There continues to be massive numbers of people without power in the Upstate and even here in the Midlands of South Carolina. Today I discuss what agents need to know on how lenders and insurance companies may treat closings moving forward this week.  

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area. 

I have had many conversations with Realtors who espouse their anger over how things are being run at NAR. In fact 62% of Realtors in a national poll have stated so.  Today I offer Ten "suggestions" for NAR that will help it suck less.  

In providing this list it is done with a belief that NAR is probably the only group standing between you and the morons in the government screwing you more.  And it is also done with a belief in the value of SCR and the local associations. 

Let me know what your thoughts are. Hopefully NAR will start to make the necessary changes to win back its members. 

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area. 

One of the biggest complaints of real estate agents since the settlement is the requirement to get a touring or showing agreement signed prior to showing the buyer a house.  Luckily for you the Real Estate Commission may have solved that issue for you. I examine that ruling as well as the status of three other issues that have been a rallying cause for licensees.

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area. 

We are only a few weeks into the new compensation rules and agents are already greatly screwing it up all over the place.  Today, I will walk you through how compensation is supposed to work in the ERTS, the Form 120 and the contract. 

You need to listen carefully and take notes so you don't make the same terrible mistake that a lot of agents are making which just might get you sued!  

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area. 

As we enter the second full week of the implementation of the settlement, I began getting many calls for me to draft an Exclusive Right to Sell Agreement that is NOT broker to broker compensation.  Brokerages have already started to recognize that the traditional system of broker to broker compensation is not only on the endangered list but is also a liability nightmare. 

Therefore, I have now drafted an open-source ERTS document for the industry. The CMLS has already put this document on their website and emailed a copy of the document to everyone. 

CMLS Version: ERTS Contract CMLS VERSION.docx
Open Source Version: ERTS Contract Open Source VERSION.docx

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area. 

I have been warning agents that the NAR Settlement was just the beginning of this.  More lawsuits and government intervention would soon follow. Today I discuss a $3.29 million settlement/fine involving real estate agents and title insurance.

I actually applaud this settlement as a positive step forward for the consumer.  If you are doing these schemes you need to stop now or face massive fines and possible class action lawsuits!

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area. 

Now that we are a week or so into the new rules on real estate compensation, we need to discuss how your commission might be shown on the settlement statements. Direct compensation, concessions and broker to broker commission most likely will be handled differently and you need to know what to look for on the ALTA. I also will discuss what documentation you might need to provide the closing attorney and the lender.

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area. 

The settlement went into full effect and force today. With that comes many new problems and requirements for the real estate agent. 

Today we attempt to resolve two of these problems for you. The first problem we resolve is the crazy idea that you should rescind your agreements and enter into new agreements. The second problem is the touring agreement requirement.

Take a listen at what we are trying to do for the real estate agent.

Link to FORM
AGENCY AGREEMENT AMENDMENT AND DISCLOSURE.docx

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area. 

Two things are 100% expected. You will always have to pay taxes, and the national media is a joke.  They lie and obfuscate.  They work an agenda and allow half-truth and inuendo to take over. Moreover, there is zero intellectual curiosity in the media. That just spout talking points and never examine the issue to see if the points are truthful. 

Case in point, the LA Times has already issued a "news story" making all kind of ridiculous claims that are unsupported. Of course, chief among these is that the price of houses "could" go down as a result of the settlement.  I will expose the media bias and lack of investigation on today's episode. 

Also, what do you do with your existing agreements? Blair Cato may just have the solution for you.

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area. 

Everyone is on edge about broker compensation. How do we handle it through Form 120? Why can it not be done in the contract? What about all of the issues with concessions? 

On Monday I published my discussion on all of these issues with Leo Pareja, CEO of eXp Realty.  Afterward he and I discussed my thoughts on how it should have been handled. He then asked if I had looked at his Seller Toolkit because it was exactly what I was suggesting.  I have to say I was blown away. It may very well be the model we all need.  Listen to hear why.

Here are the documents which are Open Sourced (Meaning available for use by anyone). I have Leo on tape saying so!

www.exptoolkit.com/seller

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Gary

* Gary serves on the South Carolina Real Estate Commission as a Commissioner. The opinions expressed herein are his opinions and are not necessarily the opinions of the SC Real Estate Commission. This podcast is not to be considered legal advice. Please consult an attorney in your area.