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WSJ: How Real-Estate Brokers Are Reacting to the Historic Commission Verdict Executives say modifications are likely to be small, but analysts see a sharper impact on the businesses #realestate #brokers #agents #courts #commissions #NAR #verdict #realestateagents #expertwitness #appraisers Unlocked article follows: https://lnkd.in/euq9mcXw

On March 15th, the National Association of Realtors® (NAR) entered into a settlement agreement with plaintiffs that would end litigation of claims brought on behalf of home sellers related to broker commissions across the United States. The settlement now has preliminary approval which is a strong marker that it will gain final approval. The agreement would release NAR, over one million NAR members, all state/territorial and local Realtor® associations, all association-owned MLSs, and all brokerages with an NAR member as principal whose residential transaction volume in 2022 was $2 billion or below from liability for the types of claims brought in many national cases on behalf of home sellers related to broker commissions. At the NAR SETTLEMENT link below, you will find information and guidance on how the proposed settlement will affect the MLS platform, policies and procedures. These MLS changes will apply to all MLS subscribers and participants. Keep in mind that the Association of Realtors® and the MLS are two separate entities and we work to enhance the business of all MLS members equally. https://bit.ly/3UJJQfz

There’s a lot of hype and confusion around the recent NAR settlement, which is poised to cause shifts in the way realtors and brokerages operate on behalf of their clients. ⁠ ⁠ Pending court approval, the settlement seeks to separate commission costs from the listing transaction. This means clearer communication about commission structures, contracts, and fees for buyers and sellers and enhancing transparency around who pays what. ⁠ ⁠ Once the new rules are enacted, the settlement will most likely impact realtors by necessitating adjustments to how we discuss, disclose, and negotiate commission structures with clients and ensuring compliance with new MLS rules aimed at increasing transparency. In practicality, this could involve altering contracts, client communications, and business practices to align with the new guidelines set to take effect in mid-July 2024.⁠ ⁠ ⁠ #narsettlement #realestatenews ⁠ #realbrokerage #chicagorealestate #miamirealestate #orlandorealestate #realestateadvice #realestatetips

Holy Crap! 🤦♂️ https://lnkd.in/gM5n3_tn When I had AI do a #Summerization of this video, I got this ... Key insights 🏠 Federal jury in Missouri found that the National Association of Realtors and its members have illegally conspired for decades to fix commission rates on home sales. 💰 "We took 100 depositions of these top corporations in real estate, and they have training materials saying, fix your commissions at 6 percent." 🏠 Realtor commissions add an extra $26,000 to the median American home price of $430,000, regardless of effort, leading to complaints of industry-wide commission fixing. 💬 "I have never heard anybody talk about commission as part of their buying experience." - Stephanie Greene, Kansas City Homeowner 💰 The real estate industry may have a seemingly rigged system, as the jury found. 🏠 Potential impact of the judgment: fewer "fly-by-night agents" and a shift in the real estate industry. 💰 Sellers and buyers could potentially save billions if real estate commissions were negotiated down by 1-3 percent. 22,668 views 18 hours ago

🏠📚Knowledge is power, especially when it comes to real estate laws! As a prospective homebuyer or seller, it's crucial to understand the legal landscape. The Fair Housing Act, local zoning laws, the Real Estate Settlement Procedures Act, and the Truth in Lending Act are just a few laws that can impact your real estate journey. Sonya Braddock, your trusted Realtor®, is here to guide you through these complexities, ensuring a smooth and successful transaction.💼🔑 #RealEstateLaws #SonyaBraddockRealtor #RealEstateJourney

📰 💭🎙️ You’ve seen the headlines, and you’ve been asking the questions, so here are our thoughts on the NAR lawsuit & pending settlement (and how it will impact realtors). #changeiscoming #changeisgood #clientfirst #qualityservice #adaptandthrive #realestate

I'm sure many of you have seen the recent headlines regarding the settlement proposed by the National Association of Realtors regarding a series of plaintiff class action lawsuits. The past couple of weeks have seen sensational headlines on the proposed deal along with a lot of speculation on the impacts. The facts are actually pretty simple and it is unlikely that the housing market will see substantial disruption as a consequence. For more context, take a look at the article my wife just posted on how the proposed changes are likely to impact home buyers and sellers.

📝💯 NEW BLOG: Unraveling the Myths of the NAR Settlement: A Comprehensive Guide! 🏡💼 🤔💭 Curious about how the recent National Association of REALTORS® (NAR) lawsuit settlement will affect the real estate market? David Wilson from Carolina's Choice Real Estate dives deep into the misconceptions and realities surrounding this landmark settlement. BLOG HIGHLIGHTS: 🔹 The Misconception of Falling Home Prices: The NAR settlement won’t necessarily lead to a drop in home prices. Market conditions, not commission rates, drive list prices. 🔹 Understanding Commissions and List Prices: Commissions are negotiable. Learn how different commission models, like Carolina’s Choice’s low flat fee, impact pricing. 🔹 Buyer’s Perspective: Discover the risks of unrepresented buyers, the importance of due diligence fees, and the financial impact of hiring agents. 🔹 Uncovering Material Facts: Both listing and buyer’s agents play crucial roles in uncovering important property details. 📹 Don’t forget to watch the video with David Wilson explaining it all on the blog page! Read the full blog, "Unraveling the Myths of the NAR Settlement: A Comprehensive Guide" on our website today! 👉 https://lnkd.in/e4naQ9PU #RealEstateNews #NARSettlement #NationalAssociationOfRealtors #HomePrices #MarketDynamics #CarolinaChoiceRealEstate #BuyerBeware #RealEstateTips #RealEstateAdvice #RaleighRealtor

Hi guys! Ive been getting a ton of calls and conversations about the recent NAR Settlement. I wanted to create a series of videos to help my clients, family and friends get a clearer understanding of this Transformative Moment in Real Estate So all Florida homeowners, buyers, and real estate enthusiasts!** The recent settlement with the National Association of Realtors (NAR) marks a pivotal moment in the real estate landscape. As we navigate through these changes, it’s crucial to understand how this settlement will reshape the way real estate transactions are conducted, ensuring greater transparency, fairness, and consumer protection. In a time when the housing market is evolving rapidly, staying informed about these developments is more important than ever. This series will break down the key aspects of the NAR settlement and its implications for you as a consumer. From enhanced protections to new financing options, we’ll explore how these changes will impact your real estate journey. Join us as we delve into this transformative moment and empower yourself with the knowledge you need to navigate the future of Florida real estate confidently! #nationalassociationofrealtors #douglaselliman #douglasellimanfl #knowledgeispower #realtor #realestate

The National Association of Realtors (NAR) has agreed to pay $418 million after reaching a settlement in a lawsuit where a federal jury ruled the organization had conspired to inflate commissions. Corcoran Group Founder Barbara Corcoran joins Yahoo Finance Live in-studio, believing the ruling to be creating more "clarity" from real estate brokers, which may ultimately incur more service costs on homebuyers. In Corcoran's words, the settlement has resulted in "total confusion" across the real estate industry. She explains the change that requires brokers to create a written document outlining all the services they will provide for buyers, as well as the cost of each service, will make "a clear difference," but that's the only upside. Corcoran explains that sellers will have to "make good with the buyers" in order to help boost the price and sales of their homes, even if it means coming out of their own pockets for the "myriad of things" that could arise." However, she maintains that the ruling is "not a big deal," but rather, it's the confusion it has raised that is the real problem. Corcoran notes that this ruling will not prompt home prices to come down, as sellers have "a one-time chance" to make profits on their house. She cites the housing inventory shortage as the reason why "prices have gone up despite everybody singing the blues," with prices continuing to rise due to the imbalance in supply and demand dynamics. However, Corcoran advises that if you want to buy a house, the time is "right now." As people wait for rates to fall before entering the market, she warns that the optimal time will see "everybody in the market," and she questions, "Why would you wait for that?"