NAR Settlement truths and myths
Hello everyone! I wanted to share some truths about the recent settlement news from The National Association of Realtors which have been widely misinterpreted by the media
It’s time to set the record straight and debunk some of these misconceptions.
2 Big changes from NAR
- Offers of compensation will be prohibited from MLS – although Realtors will still be able to display compensation in their own websites and their own listings.
- Realtors working with buyers will be required to enter into written buyer broker agreements that show amount of compensation, how the amount will be determined and where said amount will come from
MYTH #1
Realtors will no longer be able to set commissions
FALSE – commissions have always been negotiable and will continue to be negotiable
MYTH #2
“Americans will be able to negotiate real estate commissions for the first time” – this one via President Joe Biden
FALSE – will all due respect Mr. president – real estate commissions have always been negotiable. This settlement will not alter that
MYTH #3
Settlement Forces Brokers to reduce their compensation
FALSE
The market has always had a wide variety of fees, reflecting different levels of service, marketing, and competence. This settlement doesn’t dictate how brokers set their fees
MYTH #4
Sellers will no longer offer compensation to buyer’s agents – or prohibits sellers from paying a commission to buyer’s agent
FALSE
Sellers will still offer compensation to buyer’s agents. The settlement prohibits offer of compensation to be displayed in MLS, but not to be removed altogether. Sellers may still elect to pay buyer compensation and differentiate their properties.
There you have it, four debunked myths about the NAR settlement. We hope this discussion has helped set the record straight and brought some clarity to the topic
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