Why? You do it because it is in your best interest
There’s much the media has gotten wrong about NAR’s settlement, which would require the association to pay $418 million over four years. Some outlets have suggested that NAR previously set or guided commissions to a standard rate of 6%.
NAR does not set commissions, and commissions were negotiable long before this settlement. They are and will remain entirely negotiable between brokers and their clients. And housing prices are dictated by market forces beyond members’ control.
The settlement achieves two important goals: protecting members to the greatest extent possible and preserving consumer choice. The proposed settlement, which would come into effect in July 2024:
- Resolves claims against NAR and nearly every member; all state, territorial and local REALTOR® associations; all association-owned MLSs; and all brokerages with an NAR member as principal whose residential transaction volume in 2022 was $2 billion or below.
- Preserves cooperative compensation as an option for consumers looking to buy or sell a home—as long as such offers of compensation occur off the MLS.
The settlement still has to be accepted by the DOJ, and issues remain to be resolved.
So, what should a home seller do now?
In this video, I explain that paying a Buyers agent commission may be the best decision a Seller can take.
Watch the video and comment to me afterwards.
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