Will Real Estate Agents Leave NAR | Will The National Association of Realtors Lose Real Estate Agents Following The Real Estate Settlement In The Sitzer-Burnett Case? #nar #narlawsuit #narsettlement
In today's video I breakdown if we will begin to see real estate agents and realtors disassociate with The National Association of Realtors (NAR) following the $418 million settlement that NAR agreed to in the Sitzer-Burnett case, which revolved around buyer agent compensation.
At this point, most of us real estate agents have heard of the major update in recent headlines, pertaining to the real estate settlement in the class action lawsuit against NAR that alleged real estate agencies were engaged in practices such as price-fixing, etc in relation primarily to the buyer agent compensation and the factoring of this buyer agent compensation in the total commission a seller has to pay in order to list and sell their home through a real estate agency,
With many large franchises, such as Keller Williams, Remax, and others reaching huge eight-figure settlement agreements in this case, NAR, the National Association of Realtors, which is the governing association of most real estate agencies in the nation, was in line to reach a settlement, which toppled nine-figures sitting at a massive $418 Million agreed upon settlement. While this number is uneasy for many to sit with, the biggest impact to our industry that real estate agents will feel most, are all the agreed upon practice changes contained in this settlement.
Of those changes, the most significant being that: sellers are no longer required to offer any form of compensation to a real estate agent bringing a buyer, there will be no mention of a cooperative compensation offer being listed on the MLS and it will have to be negotiated off-platform, and that a realtor will need to have a signer buyer - broker agreement established with the buyer prior to the showing of any properties.
By NAR agreeing to these changes, it raises the question of where do real estate agents draw the line of how much value they expect from The National Association of Realtors (NAR) to continue to remain loyal and renewing their NAR membership and paying NAR Association dues?
#nationalassociationofrealtors
14 апр 2024
