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Monique Buchanan, your real estate specialist, talks all things real estate. On this show she covers the processes of buying and selling a home. Welcome Home with Monique informs you on best practices to navigate the housing market so that you can start building your wealth through home equity.
Unknown Speaker 0:00
This is a k u and v studios original program. The content of this program does not reflect the views or opinions of 91.5 Jazz and more the University of Nevada Las Vegas or the Board of Regents of the Nevada System of Higher Education. You see me
Unknown Speaker 0:27
good morning. This is Monique Buchanan, the host of the welcome home with Monique show. And on this show, I talk all things real estate. Listen, I want to thank you for tuning in. Good morning, Las Vegas. This is Monique Buchanan, the host of the welcome home with Monique show, and I pray that you're having an amazing morning today. Let's go ahead and get you started off right let's start off with our new listings. Okay, I know that you guys know that out there right now it's listing season. If you have a property that you've been thinking about listing, let me tell you there is not a better time than now. Because we are in such a shortage of properties here in the Las Vegas Valley. You guys my sellers are cleaning up don't let them do it by themselves. So here's one of our newest listings 501 For Thunder River circle 501 For Thunder River circle 89148 It is going for $1,000,000.03 bedroom, two bath 3364 square feet. You can check it out on my website www welcome home with monique.com Once again 5014 Thunder River circle okay going for $1 million and that is in the southwest area. Okay, now we have another one. This one has a pool and has been completely remodeled. It is going for $435,000 Like I said completely remodeled from head to toe. All the modern fixtures, four bedroom two bath 1533 square feet 89107 It's 500 am sorry 508 sportsmen drive and that is in the 89107 zip code, which is just you know, a rocks throw from Summerlin. So basically you're gonna get the Summerlin amenities without the Summerlin price I know you guys love that right. Now here's another one. This one is unique. It is 4850 square feet you guys almost 5000 square feet. Okay? It's a four bedroom but has five full baths. You heard me right, five full baths. It also has two lofts. Not one but two. So one of them can easily be turned into a fifth bedroom. Now this property is in the Centennial Hills area. And the address is 6740 yellow hair street. There will be an open house today from 12 to 2pm. Again, 6740 yellow hair Street. We all know that Centennial is known for their schools. So check it out on the you know school grade.com And you'll see that the school is over there. A lot of people move in that area because of the schools. And like I said this property can be a five bedroom five bath by simply turning one of those lofts into a bedroom. 4850 square feet you guys almost 5000 square feet. Now we know normally homes this big are going for at least a million dollars. Well guess what? 719 999 the open house if you're around looking for something to do today 12 to 2pm Okay, guys, let's go ahead and jump into our show and I have a really good one for you guys. I've got my broker joining us, Mr. Paul Mae, and he's gonna come on and talk about what all of you guys have been hearing about and probably wondering why in the world is Monique not bringing up this whole NAR settlement situation? Well, guess what, you're gonna be glad you tuned in today because I haven't brought it up because I you know what? I don't like to step out of my lane. Okay, so I'm gonna let somebody that has been to the meetings that knows what's going on, you know, has his finger to the pulse of this situation. And that is no one better than my broker Mr. Paul May. And also I've got my newest team member. She has joined the Welcome Home Team is Becky coins almost called you by your maiden name. And, um, so she's coming on and she's gonna chit chat and give us some you know, talk to us about a listing that she actually has as well. But let's go ahead and let's introduce Mr. Paul may. Hi Paul. Thank you so much for coming on today.
Unknown Speaker 4:40
Hello, Miss Monique Buchanan. How are you?
Unknown Speaker 4:44
I'm amazing. I want to thank you for coming on and just educating my listeners on the truth about what's going on with the NAR situation. There's a lot of misconceptions and just misinformation that's being spread on Tik Tok. You know all of a social media platform I'm so I'm so thankful you're gonna come on today and set us straight.
Unknown Speaker 5:06
Right? Sure, but, but to start as far as talking truth, I am so excited to be with you today because you are one of our rockstar agents with exp Realty, I see your name on the leaderboard every single month in the top 10 agents out of 1000 agents. We're talking Monique. So ladies and gentlemen, boys and girls, if you're listening to this show, you are listening to a rockstar real estate agent that will take care of your needs when it comes to selling or buying a home.
Unknown Speaker 5:38
Thank you, Paul, I appreciate that. I want to say I was little, I want to say thank you to my listeners because guess why I am on the leadership board for over 1000 agents is because of everybody that hears this show. They think of me they promote me they they pass my number and information to their family and friends. And I'm just so humbled, and so grateful. And thank you Paul for shout me out. I appreciate that.
Unknown Speaker 6:02
All right. So absolutely.
Unknown Speaker 6:04
Thank you, Paul. And then we're going to talk about Becky one of our newest exp agents, and one of my best friends who got her real estate license and she's gonna be a rock star as well. Paul, Becky, thanks for coming on the show today.
Unknown Speaker 6:18
Thank you so much for having me. Yeah, I hope to become one of those rock stars right alongside you.
Unknown Speaker 6:24
Well, I'm gonna hold your hand the whole way. Well,
Unknown Speaker 6:25
with Hey, I gotta tell you with with a mentor, like like, Monique, I gotta tell you, you're in great hands, Becky.
Unknown Speaker 6:33
Absolutely.
Unknown Speaker 6:35
Thank you. Yeah, so Becky actually has her first listing already. So congratulations. Whoo. Scott, our first listing, Paul. But you know what, I want to start off. I want to start off with really quickly. You know, I don't say much I guess it's at the at the end of every one of my shows II XP Realty. Okay. You're not going to drive around and see, you know, the, you know, the offices anywhere in the city. We I think we have one right or a couple of Paul, what do we have?
Unknown Speaker 7:03
We actually have four. Oh, watch out now. More offices that are brick and mortar in the Las Vegas Clark County area. Yes. And Henderson. Will
Unknown Speaker 7:14
you explain to them why they don't see a bunch of EXP, marketing signs and why they don't see a bunch of brick and mortar? Because we're the first and what we're doing. I'll let you go ahead and kind of explain to my absolutely, yeah, we
Unknown Speaker 7:28
we are the cutting edge of real estate when it comes to agent attraction because we have this collaborative web site and this collaborative world. It's called exp world and it's like a video game. And what I experience every single day is agents coming in to this Metaverse sitting down with me, I can actually share information online without them having to, you know, pay $4 A gallon to come to a physical office. Right. And we have brokers that are on staff that are available, you know, from nine o'clock to four o'clock every day, and we actually have an expert care division with our brokerage that's 24/7. So if an agent needs any kind of Yep, because we are not only in the United States. We're also in Canada, and 21 plus countries throughout the world. Yes, that's 89,000 agents, 89,000 agents and growing very agent centric, and the huge teams independent brokerages are joining exp Realty. Because of the collaboration that we're able to do with EXP and there's no borders, there's no boundaries, you can go in and talk to a brokerage in this Metaverse in this world, I can go in and talk to the Florida broker, the Tennessee broker, and we can all collaborate and talk about referrals back and forth. I know you love referrals, right?
Unknown Speaker 8:58
You know, and I'm so I'm so blessed to happen. And that was one of the main reasons I decided to go with exp is because I am able to, you know, turn my clients over in the hands of people that I know, because I'm it's so this Metaverse that he's talking about everybody. This is a world that is in real time. In real time I can go into the world exp world and I can sit down with my little virtual self my little avatar and I can be talking in real time with a New York exp agent that's on our team basically in our brokerage and I can be talking about my client that I'm referring in real time with him in that world. Whether that's New York, Seattle, la it doesn't matter. I don't know another brokers that can do that.
Unknown Speaker 9:44
Most most real estate companies are franchises so they don't talk to each other Monique, there's probably five Keller Williams offices here in Las Vegas, and I was a former broker partner, owner of the Keller Williams office and They're independent franchises, so they don't really collaborate or communicate with each other on a daily basis. Whereas exp is one global, independent brokerage of 89,000 agents plus. So there's some great synergy there and some great collaboration. Yes,
Unknown Speaker 10:19
that was another main reason that I personally joined exp was because of the collaboration and it wasn't competition, it was collaboration. And another thing is, many of my agents under me have multiple licenses. So one of my girls Dawn, she's licensed in Utah, she's licensed in California, and she's licensed in Georgia, but she only pays one fee, not three different fees, you know, that's just gets really expensive. And it's crazy. So I love about our companies that we were created by fellow agents that you know, thought about us when when they did create this brokerage and, and it's just been an amazing thing. What about you, Becky, what were some of the things that you know, you liked about the company and made you want to join besides as
Unknown Speaker 11:03
you're gonna get another little shout out there, because obviously, when I told my my best friend here that I was ready to finally take my plunge that's been in the works for so long. I knew you would hold my hand the whole way. The training has been fantastic. And the big thing was the health care.
Unknown Speaker 11:21
Yeah. And then the brokers. That's one thing that I was very happy about as well. There's three brokers, you know, I personally, I've never been into brokers that you could just get a hold of a broker with a question like at the drop drop of the hat, I we can text Paul, we can jump in the world. Paul has helped me through so many deals, you know, honestly, Paul has, what 30 years in what do you end up on not to age you?
Unknown Speaker 11:49
You aged me by three years, I've been in the business for 2827 years. And
Unknown Speaker 11:56
like I tell all my listeners, you know what, what happens is an agent can tell you that they've been in the business for many years. But the average agent closes, what is it? Three or four deals a year. So Paul has been in business for 27 years, but has closed 1000s of deals. And that's where the experience comes in. 100 Wow. If there you go 1500 deals. That is where you get the experience. You know, every deal is different things pop up, you need to know how to handle them. So anyways, we're so happy after
Unknown Speaker 12:26
27 years, Monique, after 27 years, new stuff pops up that I'm like, huh, I've never experienced this before. That's why it's very important to have a very knowledgeable agent on your side when you're selling or buying a home because things can and do happen and a good agent is going to navigate those hurdles.
Unknown Speaker 12:49
Absolutely and I'm we're in I know exp is welcoming, you know brokerages full brokerages are coming over, because they get rid of that overhead, but yet they still continue to, to be able to make, you know, just to say a plane money off of their agents, you know what I mean? So that's something that exp is unique about. So if you are an agent out there listening, and you're like, wow, I want to know more, you know, you can reach us at 702984 3700. Or if you're a new agent, or a seasoned agent or a brokerage. And you're like, Hey, I'm tired of paying this overhead 702-984-3700 Because right now, we only have so much time and there's so much to share. I mean, exp offers health care, stock options, it's, you know, something very unique for realtors. And I'll tell you what, I'm so grateful and thankful that I came to exp when I did. I've been in the with this company for what, three years now. And it's been such a blessing to, to my clients as well. And speaking of that, Paul, just to kind of segue back to what you said about having someone on in your corner that's going to represent you and have your back when you're making the biggest purchase of your life. I got a phone call from my cousin in Texas. And she had a friend, they were in the middle of about to close on this property and there's black mold in the property. She gets the young lady or the lady on the phone. And she's you know, asking my advice, you know, I said, Well, ma'am, are you represented by a realtor? Oh, well, no, I, I was just letting the other agent I said, Well, ma'am, you understand the other agent is representing. It's like going to court and asking that, you know, you're you're defending yourself. And you're asking, you know, the prosecutor, the prosecutor represents you. Thank you. I was at a loss for words there because it's just so crazy, right? Yeah. So she had no representation. She was about to lose all of her money because she wants to back out of the deal. Obviously, there's black mold, right. And so I had to get more information. But I said, Ma'am, this is why it's important for you to be represented. You need to have someone and she totally understood after talking to me, and I did go ahead and share with her that even in the state of state of Texas, it is required that you have what's called a seller's property disclosure. This mode will was known, and they did not supply her with that sellers, real property disclosure, therefore that does give her rights but she doesn't know her rights, because she's not a realtor. This is not what she does every day. So that's so let's segue into that to the NAR. Okay, because at the end of the day, things have changed, right? It's my understanding that now, buyers will be required to compensate their own representation or their own real tours. I know. But before I even get into it, I'm just gonna let you take over because I don't want to assume Let's just hear from the horse's mouth now that your horse Paul, we love you.
Unknown Speaker 15:42
Good. Well, it all started in Missouri. It's called the Spitzer Burnett class action lawsuit. It was filed in Missouri, in federal court, by a group of home sellers in the state against the NAR and several real estate companies which included anywhere Berkshire Hathaway Home Services, Keller Williams and REMAX and the playtest. They claimed that real estate commission rates are too high and buyer representatives are paid too much. And NAR is code of ethics and MLS handbook, along with the cooperative defendants practices lead to inflated commission rates. Now, I have a bone to pick with that because Monique, have I ever called you and colluded with you and told you what you need to charge so I can charge the same thing?
Unknown Speaker 16:32
No, absolutely not No, no way.
Unknown Speaker 16:34
But unfortunately, the the lawsuit was talking about offer of compensation does not mean that a specific amount must be paid. When we were defending ourselves. We were explaining that that commissions are not set that it could be as in many cases as low as zero. Yeah, yeah, yeah. The NAR introduced, they introduced compensation benefits to consumers. And they showed the rules and the anti anti competitive behavior and encourage free markets. But unfortunately, that fell on deaf ears because the jury the jury filed, you know, for the plaintiff, and it was a $1.4 billion lawsuit at the beginning. Now that lawsuit was overturned as far as the amount and the amount turned into about $440 million, which some of the other independent brokerages did settlements. And NAR has a $440 million paycheck that they need to pay. And who's getting most of the money here, the attorneys, right? You know, if you take 440 million, subtract 30% for the attorneys, and then you divide the remaining amount and give it to the 500,000 homeowners in Missouri. Each homeowner as a result of being part of this class action lawsuit will probably end up with $621.60. So it didn't really, let's talk sellers that much.
Unknown Speaker 18:12
But let's talk about what it means for the seller because you know, we're getting this all day long. Oh, Monique, I heard I don't have to pay the buyer's agent anymore. I'm like, Well, you never did have to pay the broker, my broker when when we said sit down and we go over what we're gonna you know, pay what what the seller is agreeing to pay for commission, whether that's 3% 4% 5% 6% the way it's always worked was you agree to whatever you want to pay me or my brokerage basically. And then the brokerage, we then pay the other agent out of that. So you technically, technically never did pay the buyer's agent. So you know, and I think that's where the misconception is, is coming. You know, I get a lot of that money. Oh, what's going on? You know, I heard we don't have to pay. What now? Do you know anybody that I don't know, Paul, I don't know anybody that's going to work for free. I don't know, Becky, I
Unknown Speaker 19:04
want to work not working for free now.
Unknown Speaker 19:06
Because I told myself I was like listen, you can do what you want. But at the end of the day, I don't know anybody that's going to work for free. And then on top of that, that's going to hurt us and who's going to see this property. And another thing the buyers are already 85% of my buyers are scrounging trying to get the you know the 6% It costs already to buy a home but
Unknown Speaker 19:28
the reality is is the buyers are the ones that are bringing the money to the table the seller isn't bringing the money the buyer is the one bringing the money to the table to purchase the property and
Unknown Speaker 19:37
some people look at it like that, like hey, you never did pay the buyer gave you the money. Yeah, and then now you took that money and and so called paid but it's just so it's so much you know misconception and so much unclarity. I guess if that's the thing or a word I just made it up. I
Unknown Speaker 19:53
think we're glorified door openers that that's all we do. Yeah,
Unknown Speaker 19:56
and that that's a whole nother thing. Yes. What do you got to say about
Unknown Speaker 20:03
128 different tasks that a buyer agent does in order to help their client when it comes to purchasing a home. So at the end of the day, what's going to happen is that we are no longer going to have in our MLS, an amount that the seller is going to be willing to cooperate and pay, it's going to have to be on an individual basis, and each buyer will be required if they want to work with a buyer's agent. And absolutely, they should to have their own representation, they're going to sign a contract called a buyer brokerage agreement. Now that buyer brokerage agreement will have a fee associated to pay the buyer's agent. However, it's not that they have to necessarily pay it out of their pocket, right? Because what can happen is you can go and now negotiate your fee as a buyer's agent. In the contract, we used to not be able to do that. But because of this lawsuit and the way we're going to restructure things. Now just like a seller has a listing contract, the buyer is also going to need to sign a contract with a buyer's agent to have representation. And part of that fee can be paid by the seller in the form of a seller concession towards the buyer's agent fee. So it really hasn't changed that much. No, not at all. At the end of the day, it's just going to be in a different spot as far as whether or not the seller is willing to pay a buyer agent fee or not. But here's the deal. Used to you as an agent, you were required to show all properties no matter what, right. But now, if the buyers age, if the buyers cannot afford to pay their downpayment, their closing costs and the buyers fee, the buyer agents fee. And this is something for sellers to recognize and understand. Because my
Unknown Speaker 22:09
mouth is all the way my mouth is all the way open. I did not know. I'm just going to admit that. I see. That's why I wanted you to come on because I did not know that, that now buyer's agents don't have to show you. That's crazy. So my sellers, if they're hearing this, there's no way because if they have the right now to say Nope, we're not looking at that house, they're not paying any kind of urination, and move on. Oh my concession
Unknown Speaker 22:34
to pay the fee that I'm required to pay. If the seller is willing to pay that concession concession that I want to see the house because I can afford to buy that house. But if there is no concession being offered, and they refuse to pay a fee to help the buyer's agent, fee on the buyer brokerage agreement, then in writing, the buyers can stay should there be no seller concession paid towards the buyer agency, we want to bypass any properties because we can't afford it. Right. And pretty soon the VA will change their rules to where the buyer can pay a buyer service fee on VA loans used to it not it wasn't that way before. But now in the near future come August, things will change. But at the end of the day, what really changes. Not much as long as you as a buyer's agent are working on behalf of your client, your buyer, you show your value, you show all the things that you're going to do for them. And at the end of the day, you can still negotiate your fee to be part of that transaction and be paid out of the proceeds of the sale.
Unknown Speaker 23:47
So let me jump on real quick and just say this, a buyers now you know I do listings quite a lot of listings. But I also my career started off with buyers definitely and I still assist buyers, me and my team. But I'll tell you what, the job does not really start for a buyer's agent until they get you into escrow. That is when they become a counselor. They become a tax prep person. You know what I mean? They are running around, they're an administrator. They're doing all title people. They are wearing so many hats to make sure that you get the home that you love and make sure that you're not for a better word. I don't want to say screwed but make sure you're not you know what I mean? In a bad in a bad way or whatever you want to put it at the end of the day. They want to make sure that they represent you to the fullest and make sure that you get that home that you love. Now let me just go over numbers real quick just so people can understand. And some of my potential sellers that are listening out there can understand and if you're just tuning in, we're going over the NAR settlement with my broker Mr. Paul may with EXP and my lovely team member Becky coins is on with us. If you would like more information 702984 3700 If you're thinking about listing or buying 702984 3700 And just to give you guys an idea of what we're talking about right now, before this takes effect, buyers right now that are buying a $500,000 home, if they're paying their own downpayment, and if they don't have me representing them or my team, then they're paying their own closing costs. That puts you at 6.5%. That's around $32,000, that they'll come out of their pocket for buyer for downpayment and closing costs. Now, if the seller is saying that they do not want to pay any concessions towards their representation, then they're gonna have to come out of their pocket $45,000. And I don't I mean, Becky, now I'm going out 85% of my clients, you know, there's no way they don't like money, forget it. We're going on to the next house. So what do you what do you got to say Paul about it all? Let's just sum it up. What's What are your thoughts as a broker? A real tour? You've been in the business 27 years? What do you think this is going to do to my buyers and sellers?
Unknown Speaker 25:56
Well, when it comes to representing your buyers, you just need to have that sit down conversation about a there is a buyer brokerage contract a buyer brokerage agreement that is going to be required for me to even open the first store for you,
Unknown Speaker 26:10
every realtor will have to have it signed, before buyers to option buyers would like I'm not signing the contract, you know, a lot of them would say that, they can't do that. Now, if they want to be represented, right, Paul, all realtors are required to have them sign a contract.
Unknown Speaker 26:25
So you explain your value, you show them what you're going to do for that fee. And then you explain, I can negotiate this fee as part of the contract to be compensated out of the proceeds of the sale from the seller. So you can make them comfortable and understand that you're going to go for that negotiation. You're a great negotiator, you're going to negotiate your FY as part of the contract. And things will be, you know, the same as they were, it's just that you have to explain it. And that's why this lawsuit happens. And is this kind of sorry, starting August, end of August, unless they push the the timeframe out further.
Unknown Speaker 27:08
Okay. A lot of people were thinking that I was going to start in July. So it looks like is not starting till August now. That's
Unknown Speaker 27:14
August 17. But the time line keeps changing because of appeals and final, you know, signing of the dotted line of the of the terms of the agreement. So
Unknown Speaker 27:27
all right,
Unknown Speaker 27:28
so what do you think this as usual until August, but all agents it doesn't matter if you're with exp or not, I will tell you that exp is having concerted classes every single week about how to navigate this new road of buyer compensation and buyer brokerage agreements. They've been around forever, you guys, but now they're going to be required. In some states, they're required to be signed by law, not in the state of Nevada. But at the end of the day, I believe our legislation will probably add that as a law that a buyer agent and a buyer need to sign a contract. And hey, we did it with sellers. For years, we've been doing a listing contract. Now we're creating a commitment. And I'm going to commit myself to you for a fee. I'm going to represent your interest. And I'm not going to let you buy that house with black mold.
Unknown Speaker 28:25
Absolutely. So guys, thank you so much for coming on today, Paul. Thank you, Becky. And again, we'll bring you back on on shortly after everything goes into effect. So you can give us another update. Paul, we
Unknown Speaker 28:37
really appreciate that. Sounds good.
Unknown Speaker 28:40
All right. My take on this is hey, you know, at the end of the day, you definitely want to be represented which you want to be represented by a a realtor that knows what they're doing. Because at the end of the day, your cousin's friend's uncle might not come anymore. On that, let me stop being funny. But honestly, you want to make sure you have great representation. Somebody's going to have your back and has the knowledge of you know what needs to happen to get you to the end of that road. And before we jump off today, I do want to say one more. One more listing that I forgot to mention, and that's 60 to 80 Hylan gardens that one is going for under 400,000, you guys is 1946 square feet in the northwest area. 60 To 80 Highland gardens. All right. And again, thank you, Paul, for coming on. Becky. Thank you so much. We'll have to do this again. Thank you for listening. Please remember all terms discussed are simply an estimate my license number is S 1788 46. My phone number if you'd like to contact me is 702-984-3700. You can also find me on YouTube and please join me tomorrow at my church Living Word Church on hassle. I'm part of the EXP Realty Group.
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