CHS Regional MLS’ Post

I think this is a great read! Dispelling 7 myths about the NAR settlement. You can help correct the record about the association’s proposed settlement to resolve nationwide claims brought by home sellers. [NAR] 

More information directly from NAR: "Compensation offers moved off the MLS: NAR has agreed to put in place a new rule prohibiting offers of compensation on the MLS. Offers of compensation could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. And sellers can offer buyer concessions on an MLS (for example—concessions for buyer closing costs). This change will go into effect in mid-July 2024. Written agreements for MLS participants acting for buyers: While NAR has been advocating for the use of written agreements for years, in this settlement we have agreed to require MLS participants working with buyers to enter into written representation agreements with their buyers. This change will go into effect in mid-July 2024." https://lnkd.in/g8kEJdxM

The talk of the industy over the last few months has been the NAR Settlement and all the changes that are to follow. But when are they going to start? There are a few “key dates” to pay attention to during this summer: By June 18th, all brokerages and MLS’s not covered by the NAR Settlement must opt in to the agreement to prevent excess litigation concerning buyer agent comissions. On June 20th or 21st, the Department of Justice will make a public disclosure of their opinions on the case against the NAR, as well as the cases concerning Nosalek and REX Homes. These announcements should put everyone on the same page with the DOJ’s intentions for the industry. August 17th will be the day the new policies from the settlement concerning buyer agent commissions and agreements will become active. For more information, see the attached article from the Real Estate News website! #NARSettlement #RealEstate #RealEstateTransparency

In a significant stride towards transparency and fairness in real estate transactions, Judge Stephen R. Bough has declared the changes agreed upon by NAR as 'fair, reasonable and adequate,' with a final approval hearing set for November. This ruling underscores the consistent stance of FHA, Fannie Mae, and Freddie Mac regarding buyer agent fees—highlighting their exclusion from financing concession limits due to their historical coverage by sellers or their agents. This decision not only challenges misconceptions but also paves the way for a more informed and balanced market where the value provided by real estate professionals is clearly understood and appreciated. With the forthcoming removal of commission amounts from MLS and buyer agent agreements, we're moving towards a future where the role of real estate agents is both protected and pronounced, ensuring homeowners can truly comprehend the worth of the services provided. While some advocate for consumer self-representation, this development reminds us of the complexities within real estate transactions and the potential pitfalls of navigating this landscape without professional guidance. It's a pivotal moment for the industry, reinforcing the indispensable role of real estate professionals in facilitating fair, transparent, and beneficial property transactions. #RealEstateNews #NAR #HomeBuying #ProfessionalValue"

The residential real estate game has been hijacked by big corporate players and powerful realtor associations for too long, but are things finally changing? Class action lawsuits continue to pile up, and the Department of Justice appears to be stepping in on behalf of consumers to make some changes. The Sitzer/Burnett case alleges that the biggest brokerages and the NAR conspired to inflate commissions by requiring all listing brokers to make an offer of compensation to buyer brokers, which artificially raises the costs for home sellers. What happens next? We'll be breaking down these lawsuits over the coming weeks, so stay tuned for our thoughts and POV on what this means for the every day home owner! #realestate #NARLawsuits #consumerprotection https://lnkd.in/ewPFJVYm

🤓 The Truth About the NAR Settlement Agreement. The national conversation around real estate commissions reached a crescendo in the last week since the National Association of REALTORS® announced a settlement agreement that would resolve litigation brought on behalf of home sellers related to broker commissions. Brokers and agents have their own questions about what comes next for their businesses, while at the same time trying to answer consumer inquiries. And many headlines aren’t separating fact from fiction, feeding misinformation to you and your clients. Let’s clear the air: There’s no doubt the litigation—including copycat lawsuits that were filed after the Sitzer-Burnett verdict—caused considerable uncertainty in an industry already dealing with the effects of low inventory and interest rate increases. The settlement, which must be approved by a judge, 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. READ MORE @ https://lnkd.in/g6A4Gre4 #realestate #lawsuits

As Q1 comes to a close, the pink elephant in the room is all about the pending litigation with The National Association of Realtors (NAR). If approved by the Department of Justice (DOJ) here are 2 changes that will come into effect effective July 1st, 2024 for any brokerage that is a member of NAR: -A Broker/Buyer Agreement will be required (note: Buyer/Broker agreements have been around for years. It is a form that lays out an agreement between buyers and their agents) -The MLS will no longer provide a field noting the buyer’s agent’s compensation Given we do not yet know if the DOJ will approve the proposed settlement, everything can be subject to change. There is clearly more around this topic. If you’d like to discuss this lawsuit, why it came about and what it means for the Real Estate Industry, I would be happy to jump on a call or grab a cup of coffee and explain in greater detail and answer any questions you may have. Michele Harkov Realtor, Compass DRE# 01838875 https://lnkd.in/ddusnbCU michele@micheleharkov.com 650.773.1332

If you're in real estate you’ve probably heard that NAR just settled its commission lawsuit.  Here’s the part of the settlement that will impact brokers:   “NAR has agreed to put in place a new MLS rule prohibiting offers of broker compensation on the MLS. This would mean that offers of broker compensation could not be communicated via the MLS, but they could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals.”   https://lnkd.in/gVFxFyME  

The NAR Settlement: What It Means for Nevada Real Estate Professionals The NAR settlement introduces changes to buyer-agent compensation and written agreements. Here's how to adapt and thrive in this new landscape: - Embrace transparency: Clearly define your services and fees in buyer-agent agreements. - Highlight your value proposition: Showcase your expertise and the unique benefits you bring to clients. Learn more by checking out our blog post: https://lnkd.in/gRPK3TjG #TheRoadHome #NARSettlement

🤔🤔🤔 Interesting development in the real estate world! The National Association of Realtors (NAR) has settled commission lawsuits for $418 million, bringing significant changes to agent commissions and MLS rules. This could reshape how transactions and representations are handled in the industry. I'd love to hear your thoughts on the implications for real estate professionals and consumers alike. How do you think this will impact the industry? #RealEstate #NARSettlement https://lnkd.in/eRd8gxf4