NAR Settlement Revealed: What You Need to Know

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The NAR Settlement Changes
In this insightful video, we discuss the ongoing changes within the National Association of Realtors (NAR) and their impact on the real estate industry. As the dust settles, we explore the implications of removing the commission box and introducing the buyer broker agreement. Discover how different MLS regions are responding, with some choosing to retain the commission box for clarity. Learn about the potential shift towards statewide MLS systems and the need for real estate professionals to adapt to these evolving standards. Stay informed and prepared for the future of real estate transactions.
#NAR #narsettlement #narchanges
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CHAPTERS
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0:00 - NAR settlement changes and industry impact
1:08 - August 17th implementation date
1:29 - Commission box removal from MLS listings
1:52 - Some MLSs not participating in changes
2:53 - Northwest MLS keeping commission box
4:24 - Confusion created by changes
5:57 - Need for buyer consultation and seller consultation
8:27 - Importance of having a guidebook for clients
10:24 - Developing talking points about the settlement
12:26 - Negotiating commission in new scenarios
14:39 - Handling multiple offer situations
18:38 - Writing commission into offers
20:15 - Balancing client needs and commission in competitive situations
23:30 - Starting to implement changes now rather than waiting
24:36 - Staying positive about the changes
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Enjoy Watching!

[@JustinRobertsLandForSale]

Great podcast! We had a meeting yesterday at our board where a representative from the state association of REALTORS was there. They said for example if you did a flat fee of $2500 on your buyers agency agreement but the seller is offering 3% buyer agent compensation, you are only allowed to take $2,500 from the seller. They said NAR would view it as a sham contract if you were taking more compensation from the seller than you agreed to with the buyer. Left with more confusion than I went into it with

[@theagentbridge]

We have asked about this very scenario and received a different response. You are correct. A LOT of confusion remains. I think all entities are trying to feel their way through this at the moment, and it seems NAR will remain largely silent until they receive enough data to make some judgment calls on these scenarios. This is what happens when you make decisions in a vacuum!

[@JustinRobertsLandForSale]

@@theagentbridge completely agreed. I’ve been spending some time trying to figure this scenario out since we have received multiple answers around it. While I have not heard back from anyone directly, I did find this statement on NARs website “The buyer broker may not receive compensation for brokerage services from any source that exceeds the amount or rate agreed to in the agreement with the buyer.”

[@AnchorPointRealEstate]

Our local MLS here in Southwest Florida tells us that if we mistakenly put commission in confidential remarks, MLS attachments, or in property description, they aren't giving us a warning. It's $1,000 fine first offense.

[@theagentbridge]

Well, I guess the good news is that they are being very clear about how they plan to handle it. We have spoken with some MLS organizations in which it is still very gray.