🏡 The National Association of Realtors (NAR) lawsuit settlement is currently the talk of the town in the real estate industry. A landmark ruling has emerged, mandating that real estate agents need to have signed agreements with buyers to represent them effectively. Furthermore, it dictates that listing agents cannot disclose the fee split offered to the buyer's agent on the MLS. Since the announcement, I've been inundated with questions about how this pivotal change might impact my business operations. Here's the thing - it won't. My team and I have always upheld the highest standards of professionalism and transparency. Securing agreements from those we represent has been a cornerstone of our practice, ensuring that every party is clear about the terms of our relationship from the get-go. Additionally, we have never resorted to publicizing our commission splits. This ruling, in many ways, aligns with our longstanding approach to real estate transactions. It reinforces the importance of clarity, mutual agreement, and respect in every professional relationship we build. So, to all our clients past, present, and future, know that our commitment to your best interest remains unwavering, no matter how the industry standards evolve. #RealEstate #NARSettlement #ProfessionalismInRealEstate #Transparency #ClientFirst #KWCIG
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Today the National Association of Realtors has agreed to a landmark settlement that will create greater transparency with real estate brokerage, including how commissions are paid by both Buyers and Sellers. Starting in July 2024, the settlement will no longer allow for co-op Buyer commission to be marketed in MLS. So, what does all this mean for consumers? The change will result in great transparency with brokerage costs, as well as require real estate agents to demonstrate why they are the best choice to represent someone in both the purchase and the sale of a home. There will be no more free rides for agents, and I for one am excited about this change. As a result of this settlement, there will ultimately be a lot of contraction with the number of real estate agents in the country. But the agents who are the hardest working, best educated in real estate practice and law, and the most committed to their clients will not just survive, but thrive! As most of you know, I have a passion for real estate law and education, so if you'd like to discuss any of this in greater detail, please give me a shout. Upward and onward! READ LANDMARK SETTLEMENT ARTICLE HERE... https://lnkd.in/gErBz-Hf #irisrealtygroup
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Here are the key points you need to know: Assessment of Impact: Texas REALTORS® is actively evaluating how this settlement could affect ongoing litigation in Texas, our organizational policies, and the documents we use in real estate transactions. Compliance and Transparency: Should the settlement receive court approval, Texas REALTORS® is committed to ensuring compliance with its terms. We are particularly focused on issues related to client representation and broker compensation, striving to address them transparently and effectively. Commission Negotiation: It's crucial to dispel any misconceptions about standard commissions. Before and after this settlement, commission fees and compensation structures have always been subject to negotiation. This settlement does not change that fundamental aspect. The Role of REALTORS®: In today's competitive real estate market, the expertise and advocacy of REALTORS® are more valuable than ever. Whether you're buying or selling, having a knowledgeable professional by your side can make all the difference in navigating complex transactions and securing the best possible outcome. Rest assured, as your dedicated real estate advisor, I am here to keep you informed every step of the way. #narlawsuit #narupdate #news #dallasnativeteam #realestate #texasrealestate
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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
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Today the National Association of Realtors has agreed to a landmark settlement that will create greater transparency with real estate brokerage, including how commissions are paid by both Buyers and Sellers. Starting in July 2024, the settlement will no longer allow for co-op Buyer commission to be marketed in MLS. So, what does all this mean for consumers? The change will result in great transparency with brokerage costs, as well as require real estate agents to demonstrate why they are the best choice to represent someone in both the purchase and the sale of a home. There will be no more free rides for agents, and I for one am excited about this change. As a result of this settlement, there will ultimately be a lot of contraction with the number of real estate agents in the country. But the agents who are the hardest working, best educated in real estate practice and law, and the most committed to their clients will not just survive, but thrive! As most of you know, I have a passion for real estate law and education, so if you'd like to discuss any of this in greater detail, please give me a shout. Upward and onward! READ LANDMARK SETTLEMENT ARTICLE HERE... https://lnkd.in/gErBz-Hf #irisrealtygroup
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A recent verdict found that the National Association of Realtors (NAR) conspired to inflate commissions paid to homebuyers’ real estate agents, sparking a national debate over agent commission fees. A federal civil jury determined that NAR and its co-defendants (some of the largest real estate companies in the country) owed almost $1.8 billion in damages to the plaintiffs, a class of buyers of real estate properties. In our latest blog post, Solal Wanstok discusses the facts of the case and how the verdict could bring significant changes to real estate agents’ commissions https://lnkd.in/eNXTGqHt #realestate #realestatecommission #NARlawsuit
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The $418 million settlement by the National Association of Realtors (NAR) marks a significant shift in real estate, particularly in commission handling. Removing commission rates from the MLS might initially seem transparent, but it risks a murky future where commission negotiations occur behind closed doors, potentially prioritizing agent compensation over buyers' interests. The settlement also restricts buyer agent incentives, possibly leading to higher commissions for buyers and limiting competitive practices. Furthermore, it opens the door for miscommunications about commissions and potential legal disputes, fundamentally altering the real estate landscape. ________ #neillrealtygroup #neillrealtygrouprealestate #annmarieneilldeals #realtyonegroupinclusion #savannah #realestate #realtor #narsettlement #realestatecommission #mlschanges #agentcompensation #buyerincentives #commissionnegotiations #transparencyconcerns #legaldisputes #realestatelandscape #marketshift #buyerinterests #competitivepractices
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How will the new NAR practice changes impact your real estate transactions? Florida Realtors® has introduced four new forms to align with the National Association of Realtors®' proposed settlement agreement. These forms, available on Form Simplicity, aim to offer greater flexibility in compensation arrangements. It's crucial to understand these updates as the effective date for practice changes is August 17. Make sure you're informed and prepared. Watch the video released by Juana Watkins, Florida Realtors vice president of law and policy & general counsel, for detailed insights. Staying updated ensures we continue to provide the best service to our clients while navigating these new requirements. #RealEstate #FloridaRealtors #NAR #Compensation #IndustryUpdates #ProfessionalGrowth
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Owner/Employing Broker at Orson Hill Realty. Realtor in Florida too! I can be a buyer agent or listing agent on any type of property from a small lot to luxury homes. Call With any questions 303-503-8793
National Association of Realtors (NAR) has proposed a substantial settlement The National Association of Realtors (NAR) has proposed a substantial settlement in response to lawsuits regarding broker commissions. This proposal is a notable event within the real estate industry, marking a shift in how transactions and compensations are handled. #NAR #NARCommissionLawsuit
NAR National Association of Realtors (NAR) has proposed a substantial settlement - Jenny Baghaen
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National Association of Realtors (NAR) has proposed a substantial settlement The National Association of Realtors (NAR) has proposed a substantial settlement in response to lawsuits regarding broker commissions. This proposal is a notable event within the real estate industry, marking a shift in how transactions and compensations are handled. #NAR #NARCommissionLawsuit
NAR National Association of Realtors (NAR) has proposed a substantial settlement - Jenny Baghaen
agentsgather.com
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Toronto Home Buyers/Sellers Have Every Reason To Be Upset Ontario's new Trust In Real Estate Services act allows a real estate brokerage to do something that prior to Dec 1, 2023, had been illegal. A brokerage is now allowed to have it's employees (agents at the brokerage) act for buyers to negotiate against the interests of the brokerage's selling clients. It's called designated representation, and it scares the daylights out of me. The real estate brokerage industry is already under legal siege. $1.76 billion in damages awarded in a recent US based lawsuit, and a new class action popping up seemingly every week. What are we doing passing this type of legislation? Interested readers are invited to explore the legalities of designated representation in this blog post by Douglas R. Miller, an attorney and real estate broker himself - https://lnkd.in/gjRXSaGr Paul Bates, John Syme, Garth Myers, Ridhima Pathak, Gordon Kallio, Michael Kades, Ellen Roseman
