There's big news for the real estate industry

The National Association of Realtors (NAR) announced a settlement of a class action lawsuit to avoid further legal wrangling. The core components of the settlement include: Sellers will not be required to offer any Buyer Agent Commission to list their home on the MLS. Buyers and Buyer's Agents will be required to have a Broker Representation Agreement that outlines what a buyer is willing to pay a buyer's agent should the seller not offer commission. There is no "standard" fee that a seller or buyer has to pay. The Multiple Listing Services will not be allowed to show if a seller is willing to offer compensation to a buyer's agent.

MY Position - The lack of transparency in how real estate agents are compensated has been an issue for a very long time. Buyer Broker Agreements between the buyer and buyer's agent, much like listing agreements with sellers, have not been required but should be. Compensation should always be openly discussed at the very beginning of any business/services relationship. We feel consumers should have choices and full transparency of the costs associated with who they choose to work with.

Going forward, consumers should interview and be thoughtful of who they choose for representation as they could be responsible for paying their buyer's agent.

We welcome those interviews and conversations. There are sure to be many more changes as this all evolves. We want to have conversations about this! Buying and selling real estate is expensive, we understand that and know we have to continue to prove that the work, and more importantly the knowledge, we offer is commensurate with the fee.

Let's talk!