Enough sharing about what I have been up to. I want to briefly talk about changes in real estate policy and what it really means for you as a seller or a buyer. I will not go into a long-winded (we have lawyers for that lol) explanation. I just want to educate you and encourage anyone who wants to talk more about it to call me directly.
I know many of you may have seen or heard talk about the NAR Settlement, though if you haven't, that is ok too, as really it is mostly the media who is talking about it. I wanted to take a moment and share some context that is based on the point of the Settlement. This next part is copied from the NAR site directly. My goal for sharing this is the same goal I always have with all of you as your agent, and that is to have transparency in what I do for you and to educate others on how to do it with the highest level of skill they can.
NAR: Following recent inaccuracies in media coverage, including the false representation or suggestion that the National Association of REALTORS® (NAR) requires a standard 6% commission, NAR has issued the following statement (found at https://www.nar.realtor/newsroom/correcting-the-record-nar-does-not-set-commissions):
"CHICAGO (March 19, 2024) – The National Association of REALTORS® (NAR) does not set commissions – they are negotiable. The rule that has been the subject of litigation requires only that listing brokers communicate an offer of compensation. That offer can be any amount, including zero. And other rules throughout the MLS Handbook and NAR policy expressly prohibit MLSs, associations, and brokers from setting or suggesting any such amount that should be included in that field. Again, the current rule that has been the subject of litigation does not set commissions. (Emphasis mine.) As reflected in our release about the proposed settlement agreement, NAR has agreed to put in place a new MLS rule prohibiting offers of broker compensation on the MLS. Commissions remain negotiable, as they have been." (Emphasis mine.)
Below is a picture from one of my listings that shows the commission amount they are saying we will likely not be able to show on the MLS anymore (starting mid-year).
The settlement is not court-approved yet and we do not have all the rules yet, so stay tuned.
-Angela April 2024
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