The National Association of Realtors (NAR) is working diligently to ensure a smooth transition for the real estate industry following the recent settlement agreement that will reshape the way commissions are offered and paid. With the August 17th deadline looming, NAR is providing a comprehensive suite of resources and support for its members.
What’s Changing?
Key changes mandated by the settlement include:
- Prohibition of broker compensation offers on the MLS: This eliminates the practice of advertising commissions on listings, requiring a shift towards buyer-seller negotiations for commission structure.
- Requirement for written buyer-agent agreements: Buyers will now need formal agreements with their agents before touring properties, solidifying the representation relationship.
How is NAR Supporting Members?
To help its members navigate this period of change, NAR is offering a variety of resources:
- New resources and content: Regularly updated information will be available across NAR Magazine, newsletters, social media, webinars, and industry events.
- Free ABR® course: To equip members with enhanced buyer representation skills, NAR is offering the Accredited Buyer Representative (ABR®) designation course free through the end of 2024.
- Settlement resource center: A dedicated webpage, facts.realtor, provides a comprehensive FAQ, key dates timeline, explainer videos, and outlines of changes for brokers and consumers.
- Media engagement and communication guidelines: NAR is proactively engaging with media outlets to ensure accurate reporting on the new practices. Additionally, communication guidelines for members assist them in informing their clients about changes.
Looking Ahead:
While the full impact of these changes remains to be seen, NAR emphasizes the ongoing value of REALTORS® in the home buying and selling process. Consumers can still rely on the expertise and ethical commitment of REALTORS® to navigate the complexities of real estate transactions.
Brazoban Realty Group is committed to staying abreast of industry developments and providing our clients with exceptional service in this evolving landscape.
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