Broker Message: NAR Settlement

1KWSL Family –

You all should have received an email from NAR this morning regarding the Settlement Agreement for the Sitzer-Burnett case.  If you didn’t receive this email, please sign into your Local Board of REATORS®, and make sure they have an active email address for you.

The link they sent, https://www.nar.realtor/videos/litigation-update-from-nar-president-kevin-sears-and-clo-katie-johnson, is an excellent video explaining where we are with this.

Please note that although part of this agreement is that we will no longer offer compensation to cooperating Brokerages in the MLS, we WILL be able to offer Seller Concessions in the MLS.  This has been our ‘work-around’ for listings offering less than your Buyer agreed to pay you. This will likely not go into effect until at least July of this year.

The other change that will go into effect at the same time is Mandatory Buyer Broker Agreements.  If you’re not already using them with every Buyer, you should be.

I (Broker Jeff) will be meeting personally with the NAR President next week, and will distribute additional information as it becomes available.