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
Related Posts
Join the Mosaic: Discover Your Place Among Miami’s Finest Realtors at Avanti Sunny Isles
At Avanti Way Sunny Isles East Miami, we’re not looking for the “standard” real estate agent. We’re in search of exceptional individuals who defy the status quo. Are you this? Innovative Thinker: You see beyond traditional methods and are excited by the power of technology and innovation in real estate. Value Creator: Your focus is [&hel
Trailblazing Success: Nadezda Infantyeva, Winner of the Most Transactions Award
At Avanti Way Sunny Isles East Miami, we celebrate those who go beyond expectations, delivering not just results but extraordinary experiences. This year, we’re thrilled to honor Nadezda “Nadia” Infantyeva with the Most Transactions Award, a recognition of her unstoppable drive, intelligent direction, and skillful execution. Nadia’s journey to this mile
When Your Branch Leader Invests in the Profession, It Means Something
At Avanti Way East Miami, we talk a lot about innovation, training, and strategy. But underneath all of that is something even more important—leadership that walks the walk. This month, our Branch Leader was inducted into the RPAC Hall of Fame. That recognition isn’t about the spotlight. It’s about putting real money, time, and effort […]
Avanti Way Sunny Isles is Now Avanti Way – East Miami
Same brokerage. Same cutting-edge tech. Same unparalleled service. Same amazing leadership. The only thing that’s changed? The name of our branch. We’ve outgrown “Sunny Isles” because we are so much more. Let me explain. Our first location was in Sunny Isles Beach, starting with just a handful of agents. It was the perfect launchpad for […]
Leave a Reply
You must be logged in to post a comment.