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NAR Settlement Explanation and What Sellers Need to Know

Wednesday, March 27, 2024   /   by John Salkowski

NAR Settlement Explanation and What Sellers Need to Know

     
Understand the NAR Settlement and be informed of your choices as a seller.


Are you worried about how the National Association of Realtors (NAR) settlement will impact most sellers? The recent headlines around NAR settling a lawsuit about commissions have stirred a significant amount of discussion in the real estate industry. But much of what’s circulating in the new news may not be entirely accurate. So, today, I’ll be sharing some of the changes you can expect from this settlement.

Currently, sellers typically pay the buyer’s agent commission through the Multiple Listing Service (MLS). This means that when a buyer’s agent brings a qualified buyer to your property, the seller covers their fees.

Starting in July, however, the buyer's agency commission that sellers typically pay will no longer be mandatory, and the seller will have the choice to:

  • Offer compensation to the buyer’s agent, incentivizing agents to show your property to their clients.
  • Let the buyer cover their agent’s fees which can potentially attract buyers willing to take on this cost.

Essentially, this change shifts the responsibility of paying the buyer’s agent from the seller to the buyer. The question is: Are you willing to compensate the buyer’s agent for their representation? This is a decision you’ll need to make with your agent based on your specific market and selling goals. 

While it may not directly impact every transaction, it is important to be aware of these upcoming changes. And some stakeholders are expressing dissatisfaction about paying a buyer’s agent fee as a seller. Nevertheless, rest assured that we will continue to prioritize value for our clients.

If you have any questions or concerns about this settlement, please don’t hesitate to reach out by calling us or sending an email. There is no cost or obligation attached to this, as we are always happy to help you in any way we can.
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