By now, the entire United States is talking about the National Association of Realtors settlement. A lot of misinformation is being pushed to the public. Let me break down the 2 big take aways from the lawsuit.
1)The listing agent can not list the compensation for a buyers agent anywhere in the MLS. The seller can still offer to compensate the buyer’s agent, but it can’t be advertised in the MLS. It can be advertised on agent’s individual websites, flyers and verbally.
2)A buyer’s agent and a buyer must have a written agreement before an agent shows them homes. This must also highlight how much the agent will be seeking in compensation and the means by which they will be paid. This can be a combination of either the seller offering it, the buyer paying it or both.
Right now, it is still business as usual. The settlement is just being proposed, it isn’t official yet.
A lot of people are stating that buyer’s agents won’t get paid any longer. That is false. Sellers will still likely want to have a buyer’s agent involved. They won’t want to reduce their buyer pool, so it will be in their best interest to still offer compensation.
Commissions have always been negotiable. This lawsuit isn’t changing that. Sellers have the right to negotiate terms that are in their best interest.
If you have any questions, please feel free to reach out to me at 480.734.3644.
In the meantime, I am still working diligently to help my clients build wealth, have the chance at the American Dream, and create a safe place to enjoy their life.
