VIDEO UPDATE FROM NAR

National Association of REALTORS® President Kevin Sears and Chief Legal Officer Katie Johnson hosted a recorded town hall. They discussed the settlement agreement and its implications for the association and its members.

This video has also been posted to facts.realtor, along with additional resources.

PRESS FROM NAR

The Truth About the NAR Settlement Agreement

Misinformation has been pervasive in the media over real estate commissions.

Here are the facts you should know.

Click here to read the article.

Correcting the Record: NAR Does Not Set Commissions

NAR issued the following statement regarding media inaccuracies, including the false representation or suggestion that the National Association of REALTORS® (NAR) requires a standard 6% commission.

See the full statement here.

HELPFUL RESOURCES

PENDING MLS CHANGES

In addition to the financial payment, NAR has agreed to put in place a new MLS rule prohibiting offers of broker compensation on the MLS.

• Offers of compensation could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. And sellers can offer buyer concessions on an MLS (for example - concessions for buyer closing costs) via the MLS provided that such concessions are not conditioned on the use of, or payment to, a buyer broker. This change is expected to go into effect in July of this year. 

• Further, NAR has agreed to enact a new rule that would require MLS participants working with buyers to enter into written agreements with their buyers. Using buyer brokerage agreements will mandate what we have long encouraged our members to do - enter into written agreements that help consumers understand exactly what services and value will be provided, and for how much. This change is also expected to go into effect in July of this year.

Despite what the media is saying or what you may have heard, cooperative compensation is NOT going away. However, NAR has agreed to remove the offer of compensation from the MLS. Any rule change will NOT go into effect until July 2024.