What’s the Latest on the NAR Settlement Changes?

The latest changes in the real estate industry after the NAR settlement.

The recent ruling involving the NAR brought significant changes to how we do business in the real estate industry, particularly the MLS. These changes will affect not only real estate professionals but also buyers and sellers who want to enter the market. I’ll briefly discuss some of the key changes with you:

1. Settlement Agreement. The NAR has reached a proposed settlement agreement to resolve claims by home sellers about broker commissions.

2. MLS Policy Changes. One of the biggest changes is the removal of the "offer of compensation" field from the MLS. Previously, listing agents could specify the compensation offered to buyer brokers within the MLS, usually around 2.5% to 3%. While this information won't be in the MLS anymore, it's still accessible elsewhere online.

3. Implementation Timeline. These changes were originally planned for mid-July 2024, but have been pushed back to August 17 for better compliance. 

4. Buyer Agreements. Written agreements are now required between agents and buyers before providing any service, including showings and negotiations. These agreements must clearly outline compensation arrangements, including how the buyer's agent will be paid and whether the buyer might need to cover any shortfall in commission.

These changes are made to increase transparency and fairness in the real estate market. As your Realtor, I'm committed to staying ahead of the curve, ensuring that you're informed and protected throughout your real estate journey.

If you have any questions about these changes or are looking to buy, sell, or invest in real estate, please don't hesitate to contact me. Call me at (267) 242-9976 or send me an email at Vincent@Ironman-Realtor.com. I'm here to help you go the distance.