Market Info April 3, 2024

The NAR Settlement: A REALTOR®’s Take

If you’re not actively part of the real estate community, you might have missed the recent buzz. The National Association of Realtors’ proposed settlement to address a lawsuit by Sitzer/Burnett made headlines in The New York Times on March 15th. For those curious, a plethora of articles on this lawsuit are available online.

In essence, the lawsuit revolved around sellers feeling misled about paying a buyer’s agent and buyers assuming services were free. While this misconception may have lingered or even perpetuated by some, it is just not the case. Real estate professionals play a crucial role in bringing buyers and sellers together successfully. Additionally, their work does not stop there. There is an extensive list of services that they provide from contract to closing. Agents are then compensated for their professional services performed during the transaction. The seller covers their portion of the real estate fees, and in some cases, part of the buyer’s fee. If the seller doesn’t cover the full fee, the buyer is responsible for the difference if no all of their fees at the closing of the transaction.

The lawsuit settlement aims to bring positive changes to the industry by enforcing rules and enhancing transparency. Despite some challenges ahead, as a real estate professional, I am dedicated to guiding you through any obstacles. My commitment to offering valuable advice remains unchanged.

If you have questions about the settlement or any real estate-related inquiries, feel free to reach out. I’m here to assist you every step of the way.