Bonus Episode – 2024 NAR Settlement Discussion

Thoughts and facts and full truthes about the NAR settlement with actual background and history.

A lot of misinformation out there.

 Biased news media and social media participants are looking for clicks, likes, and shares so they get money.

 This episode is about the entirety of the truth along with the good and bad of the issue.

 History of commissions

 Legal issues and practices

 How the “news” works

 Settlement provisions:

a.       Eliminate and prohibit the REQUIREMENT that listing Realtor brokers or sellers must make offers of compensation to a buyer’s agent.

b.       Prohibit Realtors from making an offer of compensation on the MLS or disclosing on the MLS any buyer agent compensation, listing compensation, or total compensation.

c.       Require Realtor MLSs to eliminate broker compensation fields on the MLS and prohibit the use of any other field in the MLS to display compensation.

d.       Eliminate and prohibit any requirements conditioning participation or membership in NAR on offering or accepting offers of compensation.

e.       Agree not to create, facilitate, or support any non-MLS mechanism (Ex. Zillow, private websites, etc.) for listing brokers to make offers of compensation to buyer brokers. This rule is not violated if:

f.        Unless state or federal (none to date and likely never will) law says differently, all Realtors (again, not all agents) working with a buyer must enter into a written agreement BEFORE the buyer tours any home with the following:

g.       Prohibit Realtors from representing that their services are “free” or “no cost” to buyers unless they will not receive any form of financial compensation.

h.       Realtors must conspicuously disclose to sellers and obtain seller approval for any commission the listing broker will provide to a buyer’s agent.

i.         Realtors must conspicuously state in the contract that broker commissions are not set by any law and are fully negotiable.

j.         Realtors must not filter out listings that do not offer commissions.

 What happens going forward?

 How will things work?

 Valuation of property and cash equivalency with mixed commission policies

 What else should have been included?

 We will get through this like every other bump in history.

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