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🔹️One lawsuit alleges sellers have been damaged because their listing broker compensates the buyer's representative. Alleges inflated commissions. Has been certified as a class action. Ongoing.
🔹️Another suit alleges inflated buyer's costs(similar to the suit above but on behalf of buyers instead of sellers) leading to higher home prices. Dismissed initially. Plaintiff amended. Working on a dismissal currently. Ongoing.
🔹️Another suit challenges the NAR Clear Cooperation Policy. Ongoing.
(Note the Clear Cooperation Policy aims to ensure that consumers have equal access to all available properties through a transparent process that promotes Fair Housing. See the full policy in the files tab on this page. Example from Clear Cooperation Policy - Within 1 Business Day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS Participants....) 👉We know the Clear Cooperation Policy makes listing widely available and accessible and without it, consumers would be disadvantaged. It also promotes equal housing opportunities.
🔹️Department of Justice(DOJ) ... in 2020 NAR reached an agreement with the DOJ regarding some changes that would advance greater transparency for consumers in local broker marketplaces. In an unprecedented move, the DOJ backed out after NAR had begun implementing the recommendations of the agreement. NAR asks DOJ to honor their agreement. Ongoing.
📝 above is 4 of 15 current Lawsuits
➡️➡️ What we can continue doing to show our consumers we work in their best interest...
1. Stay engaged. Use your voice and work together to share the REALTOR®️ difference. Check out TheDifference.realtor If you love our industry and want it to remain strong for many generations to come ... ask me or Melissa Mckinney about RPAC. This is how we elevate our united voice.
2. Use of Buyer Representation Agreements. Continue to explain these to the consumer.
3. Continue to formalize your professional working relationship with the client.
4. Detail your services.
5. Detail what a buyer's agent expects from their client.
6. EDUCATE consumers, policymakers, and other 3rd party interests about how our MLS Broker Marketplaces work and how they promote equity, transparency, and market-driven pricing for consumers.
7. Be an informed ambassador for consumers in your community. Share the value of local competitive, efficient, and pro-consumer markets. Local broker MLS marketplaces are in the best interest of our clients.
👉👉👉FYI Check out Competition.Realtor for important information (seriously, Go 👀 )
I ❤️ what I do and I know you do, too. NAR® is confident we will prevail but we must leave no doubt about how transparent we are.
Amanda Smith, 2022 President of Longleaf Pine REALTORS®
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