What the proposed NAR settlement means for all of us.

by Laurie Field

News stories, articles, and social media posts about the proposed National Association of Realtors settlement are everywhere, however most contain exaggerated or incorrect information. While many individuals want to become part of the story now by sharing their two cents, they are creating significant confusion. While there will be changes in the real estate industry, nothing has been settled yet and no one knows what exactly is to come.

Here is what I DO know...

- Working with a professional Realtor will continue to be vital in ensuring the best representation in a real estate transaction.
- Commissions have always been negotiable, and they will continue to be. There is no rule that establishes what all brokerages must charge. Each brokerage determines their own buyer and seller commissions, and each broker has the ability to negotiate that amount. As an Engel & Völkers advisor, I am passionate about protecting and representing your best interest - with unsurpassed premium service.
- The sellers I represent will continue to have the ability to determine how competitive they want to be in what they offer as compensation for the brokerage who represents the buyers of their home. It is their decision, and my duty to explain market variables that may inform that decision.
- Per the proposed NAR settlement, the buyers I represent will be required to sign a Buyers' Representation Agreement, committing to working with me exclusively and agreeing to pay a commission (or the difference between the commission that is being offered by the seller and the amount in our agreement) to Engel & Völkers.
- The amount sellers will pay to buyers' brokerages will no longer be included in the MLS, but it will be communicated in other ways so that buyers are aware of the buy-side compensation being offered.
- Finally, in working with me, as an Engel & Völkers advisor, you can rest assured that you have someone dedicated to the highest standard of service, always putting your best interest first and providing an undeniable value in ensuring your next move goes as smoothly and feels as simple as possible.