EMBRACING TRANSPARENCY; The NAR settlement explained
Changes Within The Real Estate Landscape To Be Implemented By August 17th
Real estate is an ever-evolving industry, and recent headlines about the National Association of REALTORS® (NAR) settlement have created misconceptions and many questions. Here at the Carol Downing Group, we’ve been actively engaging in multiple conversations daily with both our clients and colleagues to address this very topic. With so much misinformation circulating, it's important to distinguish myth from truth regarding the NAR settlement. As dedicated real estate professionals committed to the highest standards of service, we feel it's our responsibility to provide clarity and truth to our valued clients and community.
Myth: The settlement will eliminate the practice of Buyer Agent or cooperative compensation.
Truth: Cooperative compensation remains an option. The settlement ensures that offers of compensation, while no longer communicated through MLS, can still be part of the negotiation process outside of MLS. This maintains flexibility and choice for consumers, enhancing how they engage with real estate services.
Myth: The settlement will drastically change how real estate professionals operate, limiting services and consumer choice.
Truth: The settlement introduces positive changes designed to enhance transparency and understanding between real estate professionals and their clients. Starting August 14th, compensation offers will be communicated agent to agent via phone, rather than through the MLS. Additionally, written buyer representation agreements will become standard, much like listing agreements for sellers. These changes ensure clear commitments and expectations, benefiting both buyers and agents. With extensive experience in professional negotiation, I am dedicated to securing the best possible outcomes for you. Your best interests are my top priority, and I negotiate vigorously, always with the utmost professionalism on your behalf.
Our Approach: Leveraging my background in corporate business development, I have successfully implemented buyer broker agreements in my business since 2022. We welcome written agreements as a standard practice, as they provide clear commitments and strengthen the relationship between buyers and their agents. Buyers can also customize these agreements to a specific time commitment.
In Conclusion: While change is inevitable in any industry, our commitment to you remains steadfast. We are here to navigate these changes with you, ensuring your home buying or selling experience is informed, transparent, and aligned with your best interests. We welcome your questions and comments as we move forward together in this evolving real estate landscape.
