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Update on the NAR Settlement

Posted by Jenny Maraccini on March 22, 2024

There’s been a lot of talk in the media regarding the National Association of Realtors (NAR) and a settlement related to how buyer agents are compensated. It’s important to IRPINO Real Estate that you have accurate information, we wanted to share some key points and how they might affect you as a Buyer/Seller.

Firstly, the NAR has reached a proposed settlement in response to litigation concerning transparency and the structure of buyer agent compensation. This settlement is designed to enhance clarity and flexibility in real estate transactions. However, it’s crucial to note that this settlement is still pending court approval, meaning the final details could change.

Key Changes Explained:

  1. Compensation Offers Off MLS: One of the proposed changes is that offers of compensation to buyer agents will no longer be listed on the Multiple Listing Service (MLS). Instead, these will be negotiated directly, allowing for greater flexibility and potentially better alignment with your interests as a buyer/seller.
  2. Written Representation Agreements: Another significant change is the requirement for written agreements between buyer agents and their clients. This ensures that as a buyer, you’ll have a clear understanding of what services your agent will provide and how they’ll be compensated, promoting transparency and trust.

Benefits to Consumers

The aim of these changes is to preserve and enhance the choices you have when it comes to real estate services. For sellers, it could mean more control over how you offer incentives to buyers. For buyers, it means a clearer understanding of your agent’s role and how they are compensated, ensuring that your interests are always the priority.

We want to reassure you that regardless of these changes, IRPINO Real Estate’s commitment to providing you with exceptional service remains unchanged. The real estate industry is adaptable, and we’re prepared to navigate these changes to continue delivering the best outcomes for our clients.

In Conclusion:

We hope this overview helps clarify what you might have heard in the media. Please remember, these changes are still pending approval, and we will keep you updated as more information becomes available. If you have any questions or concerns, we are here to help. Your trust and confidence in us to guide you through your real estate journey are our top priority. Contact us any time.

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