NAR Settlement : Today, we're here to talk about the NAR settlement and what it means for you as homebuyers and sellers.
Julie Whitesell, our Broker-in-Charge is joining Brandi + Vikki to provide more clarity and valuable input since there’s been a lot of misleading headlines and confusion on what this settlement is really about.
Confusion & Misleading Information: This settlement has stirred up some questions and concerns, so let us break it down together.
What’s the NAR settlement about? Well, it's a resolution between NAR and various parties regarding certain practices in the real estate industry. And it's important for the public to understand its implications so there is not a lot of misinformation out there.
Big Misconception:
We need to clear up about commissions. Some think NAR aka National Association
of Realtors sets the commission rates, that is not the case and never has been.
Commissions: have always been negotiable between brokers and clients, and that will not change with this settlement.
Cooperative fee: Let us explain what a coop or cooperation fee is just in case its unclear. A cooperative real estate fee is a commission offered by a listing broker to a buyer's broker for bringing a successful sale or lease transaction.
Consumers Choice: Despite some changes and what is in the headlines, cooperative compensation still is an option for sellers and there are many reasons why sellers will want to continue.
What we expect is most of our sellers will want their listing agency to continue to offer a coop fee to buyer’s agents to encourage more buyers to view or better yet buy their home. We already have been discussing this for years with our sellers as we list properties.
MLS Change: There are a few changes, like new the rule in regards to MLS aka multiple listing system. The main change is the cooperation fee; if one is offered it cannot been displayed in the MLS anymore effective in July of this year. Ironically, it can be shared in other NON-MLS platforms.
Buyers News: Headlines are alarming buyers stating they will have to pay their own agent. Each situation will be unique and in fact for us the buyer could pay us as their buyer’s agent and have; this has been the case for many years. It is true most of our transactions involve a coop fee.
Buyers Written AGREEMENT: Before a REALTOR® can show a home or property to a potential buyer there must be a signed buyer’s agreement. Interesting Georgia and South Carolina have had a buyer’s agency agreement in their real estate law for years; which are 2 out of 18 states who do. Interesting fact.
Value: A REALTOR® value has changed over the years; personally, I have never considered myself a salesperson its always bothered me that title; we are so much more. Brandi and Vikki are trusted advisors who guide our clients to make the best decision for them. Often that may mean our guidance brings to conclusion to not buy or sell. We are good with that; even though we are not earning any income.
Talk to YOUR Trusted Realtor®: For some buyers especially first-time buyers this settlement may sound very scary but talk to an experienced, knowledgeable REALTOR® who can guide you, explain your options and provide you with the representation you need.
At the end of the day, despite these adjustments, consumers will still have plenty of choices in the real estate market. Remember, knowledge is power when it comes to navigating the real estate world. Stay informed, stay empowered, and happy house hunting!
803.645.3325 | info@aikenhomes.com
Meybohm Real Estate
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