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On this extended edition of Dishin' Dirt, I examine the contentious topic of whether South Carolina should adopt a statewide MLS or maintain its current multiple local MLSs. 

I am joined by MLS current and former board members, Craig Summerall, Matthew Thrift, and Brad Allen. Our conversation delves into the pros and cons of both systems, the ethical implications for real estate agents, and the challenges posed by having multiple MLSs in the upstate region. 

My guests share their insights on the importance of local expertise, the technical challenges of a statewide MLS, and the potential for consolidation among existing MLSs. The episode concludes with reflections on the future of MLS in South Carolina and the need for improved standards and practices in the real estate industry.

Guest emails:

Brad [email protected]

Craig Summerall- [email protected]

Matthew [email protected]

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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.

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Reah Smith joins me on Dishin' Dirt to discuss the ongoing issue of commission steering in real estate, its implications following the Sitzer/Burnett settlement, and the ethical considerations surrounding compensation structures. 

We explore the importance of buyer agency agreements, the role of bonuses in transactions, and the need for a cultural shift within the industry. Our conversation emphasizes the necessity for training and education for real estate agents to navigate these changes effectively and the potential future of compensation models in real estate.

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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.

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The National Association of REALTORs was in the news last week concerning two policies. One was changed and the other was upheld.   

First, NAR voted to end the requirement of NAR membership to gain access to REALTOR owned MLSs. This is a great policy change but did the change go far enough?

Secondly, NAR failed to approve the required disclosure of referral fees in a real estate transaction. This is a very bad look for the Association especially when you hear the amount of support in the Association for the change. 

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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.

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I have been saying since the settlement that broker-to-broker compensation is a broken model. Tony Nalley of ERA Wilder Realty joins me today to discuss how they moved away from broker-to-broker compensation. Tony tells us why they made the move, how it was rolled out to the agents and how it has been a positive for the brokerage's agents and clients.  

Hopefully, other brokers will hear Tony and ERA's experience and consider making the same move! 

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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.

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I had the absolute pleasure this year of meeting and getting to know Keon Alrich, the current SC REALTOR President. Keon is finishing her term as President and agreed to sit down with me for an exclusive one-on-one interview to discuss her thoughts on her year of service. We discuss successes, plans, regrets, threats and opportunity. 

Whether you are a REALTOR or not, you don't want to miss the opportunity to hear from one of the thought leaders in the industry.

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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.

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There is a brand-new study being touted in the industry that discusses the state of your commissions/fees since the Sitzer Burnett settlement.  

The study by the Consumer Policy Center is eye-opening in the omissions and obfuscations made to reach the predetermined conclusion that real estate agents are doing workarounds in order to preserve pre-settlement commission rates.  Oh, the greed that you must possess for wanting to get paid for your work.

The study ignores the new settlement rules in place and places outweighed value on agents trying to maintain status quo instead of following market forces.  

The study also suggests that real estate agents, unlike any other profession, should cut commissions and fees simply because it would be good for the consumer!!!!!   Try to get your doctor to cut his fee because it would be good for you.  What a joke!!

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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.

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If you are a follower of Dishin' Dirt, you know that I have spent the better part of  the past year and a half telling everyone about the risks that come post-Sitzer Burnett.  Today, I am going to discuss the cancer of dual agency and why 9 states have already outlawed it.  Why is South Carolina not following suit? Are we going to wait for Sitzer 2.0 to do something about it.  

Dual agency is a complete conflict of interest that needs to go on the dishpan of history. 

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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.

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Why do builders offer a buyer agent incentive? 

It is very simple; to convince you to show their house over the competitors and so you will advocate for the builder when the buyer is choosing between multiple houses.  Congratulations you just described commission steering.  See the problem with that? You are supposed to advocate for your client and not the seller!

These bonuses and agent incentives are a huge problem that could expose you to liability. Listen to learn why builders need to offer buyer incentives and not agent incentives.

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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.

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I have spent a lot of time lamenting over the destruction of Clear Cooperation.  The biggest threat to CCP is Robert Reffkin, CEO of Compass. With a possible Anywhere merger at hand, many in the industry fear that he will push the policy over all Anywhere brand platforms. 

Today, I have a copy of the advertisement Compass uses to sell clients on the Compass Private Exclusives and boy is it bad. It is pure propaganda that tries to convince a seller to go against what is best for him by promising better offers by limiting the exposure of the house. Pure non-sense.

Come look at the document with me.

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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.

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Last week all the buzz was the Compass/Anywhere merger.  This week the big news is Zillow and its numerous legal troubles. Zillow has had a terrible month. Multiple lawsuits and now government interaction has marked the many troubles facing Zillow. Today, I examine these cases and discuss how the cases could affect all real estate agents, particularly those who rely on leads.

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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.