NAR Reaches $418 million Settlement Agreement. A Guide for Real Estate Agents

Dated: March 15 2024

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March 15th 2023

The National Association of REALTORS® has reached a pivotal settlement, introducing new MLS rules that significantly impact real estate agents. The NAR stated these rules are designed to foster greater transparency in the real estate market, ensuring that both agents and clients navigate the buying and selling process with more clarity and confidence, however, in this writer's opinion, this was a financial decision to protect the NAR existence instead of taking a needed stand to a frivolous and unfounded class action lawsuit. A Buyers Agent in the front line of defense for home buyers… this settlement if accepted, will serve to only leave buyers with little to no representation.

 

Key Proposed Changes Coming  July 2024

1.       NAR's new MLS rules include prohibiting broker compensation offers through MLS to encourage off-MLS negotiations and enhance transparency.

2.       Agents must have written agreements with buyers, detailing services and fees. These changes will be effective mid-July 2024

 Consumer Choice: The settlement reaffirms the principle of consumer choice in determining broker compensation. They believe that it will empower sellers to make informed decisions regarding the hiring of agents based on transparent commission information. Sellers have always had full transparency, our listing agreement breaks down our fees and services, here once again is the NAR placating to the court fixing something that was not broken.

 Agent Responsibilities: As a real estate agent, you are now ( As you were before ) tasked with ensuring that your clients are well-informed about the commission structures and the services provided. This level of transparency is not just about compliance; it's about building trust and credibility with your clients.

By staying informed and adapting your practices accordingly, you'll not only be complying with the new regulations but also enhancing your service quality and client satisfaction.

For a detailed understanding of the new rules and their implications, visit the National Association of REALTORS® website. Stay informed, stay transparent, and continue to provide exceptional service to your clients.

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Denis DaSilva

As the founding partner of revolv Real Estate, Mr. DaSilva plays a crucial and unique role in the organization. Unlike many agency brokers who engage in sales themselves, he stands out as a non-compet....

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