Making sense of the real estate commissions lawsuits: Per the NAR settlement terms that were agreed upon to settle the Sitzer-Burnett case, the changes, which are expected to be implemented mid-July this year, mandate that buyer agents negotiate commission terms directly with their buyers and have a representation agreement in place prior to showing homes. These are new facets in the buyer representation process. Not only will agents have to learn a new process and raise their game at these new turn points, but the structural change - moving from a world where the buyer agent commission is built into the transaction to one where it will have to be asked for, and twice - will have a significant impact on commission rates, types of representation, new models, etc. While I believe this will be a bumpy road for the industry in transition, ultimately, if handled correctly, both consumers, agents, and also the industry will be healthier and better off for it. #RealEstate #RealEstateCommissions #NARSettlemen #BuyerAgents #RealEstateIndustry
Philip Kranefuss’ Post
More Relevant Posts
-
real estate commission lawsuit - real estate commission changes The landscape of real estate commissions is undergoing a significant transformation in 2024, primarily due to a series of lawsuits and settlements involving the National Association of Realtors (NAR). #Commissionrates #NAR #NARCommissionLawsuit #NARLawsuit
-
Is real estate commission really going away or is the news just lying …… again ???? Now mind you, my honest opinion about this whole lawsuit sounds just like a government tactic to steal money from another opponent and try to justify their reasoning and the reasoning is that they feel like real estate agents get paid too much, which is on average 3% depending on what side you’re representing represent . keep in mind who is navigating this deal attorneys and on average attorneys make about 33% per transaction so who actually really gets paid now what I’m going to do is not bash attorneys by any means because we do need them and we see value in them but maybe should realtors up the commission to 30% or should attorneys reduce their commission to 6%? Who’s to say what’s fair ? Whats your thoughts ??? Comment below ⬇️ Daniel Salmo Associate Broker Exp Realty MI-FL Residential Luxury Commerical Investments 586.480.5555📞 #DanielSalmoRealEstate #TheTrustedName #listingagent #buyersagent #forsale #closed #narlawsuit
-
Curious about the new NAR lawsuit rules for the real estate industry and what they mean to you as a consumer? We have attached a link from the National Association of Realtors briefly explaining what the new changes are. https://lnkd.in/ekf6Fk5U Let us know what questions you might have!
What the NAR Settlement Means for Home Buyers and Sellers
nar.realtor
-
Big changes in the real estate world! Recent lawsuits are shaking up how commissions are handled. Sellers now have more flexibility - they can offer a commission, but it doesn't have to be a percentage. Buyer agents might now get paid directly by the buyer. #reliableresultsteam #reliableresultsrealestate #realestatenews #commissionchanges #buyeragentrevolution
-
🏡 Real Estate Industry changes coming! 👀 The NAR lawsuit has been settled, and here’s how it COULD affect you. On 8/15/24, 2 of the biggest changes are.. ✅ No longer can a buyer agent commission (that would be paid for by the listing brokerage or seller) be marketed on the MLS listing. ✅ An agreement must be in place between the buyer and buyer’s agent before any properties can be toured. It should be noted these rules are in line with the NAR settlement and is an MLS participation requirement, not state law. 👨⚖️ #NARlawsuit #realestateindustry #realestatechanges #coloradorealestate #denverrealestate #denvercolorado #denverrealtor #exprealty
-
📣 Important Update from High Pointe Properties! 📣 As of August 17th, recent legal changes have significantly impacted the real estate industry. These changes come as a result of a major lawsuit that has altered how commissions, fees, and other components of the industry/market are handled, aiming for greater transparency and fairness. In response, we gathered as a team at High Pointe Properties to discuss our values, practices, and policies. Our goal is to ensure that we remain at the forefront of these industry shifts, continuing to provide you with clear, honest, and effective service. Whether you’re navigating these changes as a buyer, seller, or investor, I am here to support you every step of the way. Contact me to discuss how these updates might affect your real estate plans and how I can help you achieve your goals. 📞 (508) 728-7742 📧 roryjmccoomb@gmail.com #HighPointeProperties #RealEstateUpdate #IndustryChanges #ClientFocused
How the NAR Settlement Is Changing Homebuying and Selling
realestate.usnews.com
-
The real estate industry is facing several lawsuits that challenge the traditional commission structure and the role of buyer’s agents. These lawsuits allege that the current system inflates home prices, reduces competition, and harms consumers. Depending on the outcome of these lawsuits, the way agents are paid and how buyers and sellers are represented could change significantly in 2024.
-
-
🤓 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
-
Important Webinar: Navigating the Upcoming New NAR Legislative Changes As you are likely aware, the National Association of Realtors’ (NAR) commission lawsuit settlement agreement is set to bring substantial changes to our industry, going into effect on August 17th. These changes will significantly impact how real estate transactions are conducted, particularly concerning buyer broker agreements and MLS listings. https://lnkd.in/empbm-tE
-
-
Big news in real estate! The recent ruling in the Sitzer/Burnett v. NAR lawsuit is shaking things up. It's now official: the NAR, Keller Williams, and HomeServices of America were found guilty of colluding to keep real estate commission rates artificially high. So, what's changing? Starting mid-July 2024, buyer broker compensation won't be listed on the MLS. But don't worry; sellers and their agents can still offer buyer agent commissions through off-MLS negotiations. NAR is also rolling out a new rule: MLS participants working with buyers must have written representation agreements. What does this mean for you? 👉 Buyers: Get ready for buyer broker agreements, clearer services from your agent, and more flexible commission structures. 👉 Sellers: Enjoy more control over commission negotiations, potential cost savings, and personalized service agreements. Exciting times ahead for the real estate market! 🌟 𝗝𝗶𝗹𝗹𝗶𝗮𝗻 𝗞𝗹𝗮𝗳𝗳 | 𝗖𝗼𝗹𝗱𝘄𝗲𝗹𝗹 𝗕𝗮𝗻𝗸𝗲𝗿 𝗥𝗲𝗮𝗹𝘁𝘆 jillian.klaff@cbrealty.com | (203) 858-2095 State Licensed in CT #RealEstateNews #BuyersAndSellers #NARLawsuit
-
