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Since the National Association of REALTORS® announced the proposed settlement resolving nationwide claims brought by home sellers related to broker commissions, there has been no shortage of misinformation on what it could mean for NAR, the industry and real estate professionals. Many headlines are not separating fact from fiction, which is causing falsehoods about the agreement to reach you, your members and the public. The settlement agreement is complex and calls for practice changes that will affect members when these go into effect in late July 2024.
The changes include:
1. Prohibiting offers of compensation on the MLS. Once the change goes into effect, offers of compensation can continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals.
2. Requiring MLS participants working with buyers to enter into written agreements with their buyers. NAR has long been an advocate for the use of written agreements as they can help consumers understand exactly what services and value will be provided, and for how much.
The settlement, which as of press time on April 4 was pending court approval, provides a path forward for real estate professionals, REALTOR® associations, brokerages, MLSs and other industry stakeholders. Most importantly, it gives NAR members the chance to refocus on their core mission to support buyers and sellers.
To receive needed support during this time of transition, you and you members can access valuable resources available through facts.realtor:
- Fact sheets
- Legal documentation of the settlement
- Settlement timeline
- Answers to FAQs
- News articles
- Podcasts
- Videos
- Social media assets
In addition, you may utilize NAR’s Executive Outreach Program, which is designed to support your association by connecting you with NAR staff experts, who can attend one of your membership or staff meetings to help talk through the settlement agreement and answer questions your association may have.
