Important Changes in Real Estate
What You Need to Know About the NAR Settlement
Dear Valued Clients,
We wanted to take a moment to explain the recent National Association of Realtors (NAR) settlement, how it affects us, and why the media coverage may have caused some confusion. Your understanding of these changes is important to us, and we aim to provide you with the clarity you deserve.
We will continue to add updates, as we are made aware of the changes.
UPDATE 8.16.2024: If you've purchased a home in the last 5 years, you will be receiving a postcard in the mail regarding this settlement. Go to: www.RealEstateCommissionLitigation.com for more information.
I DON'T HAVE TIME TO READ THIS LETTER, TELL ME WHAT I NEED TO KNOW
- Class action lawsuit and settlement happened.
- If you are a past client and bought or sold a home in the last 4 years, you and 25 million other people are going to get a post card in the mail to be able to file a claim for an estimated $10-$25 award.
- Buyer agents must have a written agreement before they show clients homes and Buyer Agent commission will not be disclosed in the MLS by August 17th.
What happened?
The NAR recently settled a class-action lawsuit in a different state that alleged certain practices were unfair to home buyers and sellers. This lawsuit focused on the way real estate agents disclosed their commissions and how those commissions were negotiated. The settlement aims to increase transparency and fairness in all real estate transactions across the nation.
What will be changing?
Previously, it was common practice to include the buyer agent's commission in the MLS listings, which could be seen by other agents but not necessarily by buyers and sellers. Under the new agreement, this practice will change. Starting August 17, 2024, commissions for buyer agents will no longer be included in MLS listings. Additionally, buyer agents must have a written agreement with their clients before showing homes.
What does this mean for you?
Previously, it was common practice to include the buyer agent's commission in the MLS listings, which could be seen by other agents but not necessarily by buyers and sellers. Under the new agreement, this practice will change. Starting August 17, 2024, commissions for buyer agents will no longer be included in MLS listings. Additionally, buyer agents must have a written agreement with their clients before showing homes. Minteer Real Estate Team has diligently focused on transparency with our clients over the years, and we're pleased to see this practice being adopted nationwide.
Our thoughts regarding the case:
Minteer Real Estate Team feels that the changes are a great thing moving forward for transparency and ensuring consumers understand the value they are receiving. We are here to help provide clarity with these changes. If you have any questions, please call us at 817-481-8890.
