Greetings, All:
You may have come across news about a proposed settlement from the National Association of REALTORS® (NAR). While the settlement is still pending final approval, there’s been a lot of media coverage causing some confusion.
To address some misconceptions about the settlement, we want to offer some clarifications:
1. Sellers maintain their right to offer compensation to buyer’s brokers, as they always have. The proposed settlement doesn’t restrict this. Change: That compensation will no longer be posted in the MLS (multiple listing service), but can appear on company, agent, and property marketing websites.
2. Commissions have always been and will continue to be negotiated transparently with our clients. Who pays for what, and why? We strongly advocate for transparency in broker compensation.
3. Commissions are negotiable and aren’t dictated by law. Reduced fee options have been and will remain available for consumers who seek them.
4. The proposed settlement would require every buyer represented by a NAR-affiliated agent to sign a Buyer Representation Agreement before touring a property. This is a requirement already in place in many states for more than a decade, including some parts of California (we’ve been using them for some time).
We believe in providing representation for buyers at every income level. Our experience has shown that transactions run smoother with professional representation on both sides, fostering better communication for all parties.
We’re committed to facilitating transparent discussions about commissions, reflecting the time, expertise, and support we invest in each transaction.
If approved, this settlement will undoubtedly impact certain aspects of the residential real estate industry, and we’re happy to discuss these with you. Our hope is that any changes will elevate the professionalism of the industry nationwide, upholding the high standards most Realtors® have always adhered to.
Real estate thrives on relationships, and the trust we’ve built with our clients these past decades is invaluable to us. The ability to adapt to any changes in industry regulations while continuing to provide exceptional service to our clients has always been a priority for us. No changes here.
If you have any questions as more details emerge, please feel free to reach out to us.
