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Market Update • August 5, 2024

Upcoming Changes to the Real Estate Industry: NAR Settlement Update

by Luke DeLacey
Starting on August 17th, new practices resulting from the National Association of Realtors (NAR) settlement will take effect. Here are the two main changes that you should be aware of:
– A buyer’s agent’s compensation for selling a house listed on the Multiple Listing Service (MLS) will no longer be advertised on the MLS, the primary platform used for marketing properties for sale. This means that a buyer’s agent will need to reach an agreement with their client, the listing agent, and/or the seller on how they will be compensated. Sellers may still choose to offer compensation to the agent who brings in the buyer, but this will need to be communicated outside of the MLS. Agents and their clients can also negotiate compensation from the seller as part of the purchase agreement for a property.
– A buyer’s agent and their client must have a written agreement in place before the agent begins working on their behalf, including showing any properties. There are various ways a buyer’s agent and their client can structure this agreement, including exclusive or non-exclusive arrangements. The duration of the agreement is also negotiable.
Feel free to reach out with any questions. I’m happy to be a resource and provide any additional information you may need about the upcoming changes.
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