How the NAR settlement will change the real estate industry?
NAR Settlement Bill Ryan August 18, 2024
NAR Settlement Bill Ryan August 18, 2024
On March 15th, the NAR agreed to settle a class action suit for $418 million. Yesterday, the new rules went into effect, changing how Agents conduct their business.
In a country of over 1.5 million Agents, each would probably share a different perspective about the settlement and the future of real estate. Simply, compensation of Agents will be forever changed. There is no obligation for a Seller to offer compensation to the Buyer’s Agent. Going forward, Buyer’s Agents will be required to enter into agreements with their clients before touring homes offered for sale.
There is much speculation about the impact of these changes. Many expect many Agents to find a new line of work. Others welcome the disruption, a harbinger of opportunity. Regardless of where you stand as an Agent, Homeowner, or prospective Home Buyer, we must accept this change and move forward. In my experience, professional Agents place their focus on the service they provide the Client. That should not change.
It may feel like this change will introduce even more paperwork. Despite this reality, communication must change. As Agents, we must navigate this market turmoil, and shield our Clients from any added stress.
For Agents, our world has changed, to be sure. In three months, we will have stories to tell. Don’t we always?
We have a choice. Mine is to embrace this change. I want the stories to be as they have always been, Clients happy with my service while conducting a life-changing decision.
More to come.
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