Since the announcement of the proposed settlement agreement related to broker commissions in March, the National Association of REALTORS® has been communicating the impacts of the settlement and the practice changes it requires to members and stakeholders, working alongside state and local REALTOR® associations and many partners across the real estate industry.
Aug. 17 is the deadline for the industry to implement the practice changes, including changes to MLS policy related to offers of compensation and the requirement for home buyers and their agents to enter into written agreements prior to touring a home.
“We have been communicating with our members to ensure they have all the information they need on the settlement,” says NAR Interim CEO Nykia Wright. “With the Aug. 17 deadline to implement practice changes approaching, we are providing a range of resources to help our members navigate the changes, such as making our Accredited Buyer Representative course free through the end of the year. We want our members to understand we are here to support them in the midst of these changes and provide the tools they need to best serve their clients.”
Here’s what to expect:
New resources and content across NAR channels: You can expect to see new and updated content and resources on the settlement across all NAR channels, including REALTOR® Magazine, newsletters, social media, webinars and industry events. Make sure you’re subscribed to NAR’s newsletters, including Edge Up and Navigate, which will feature updates and links to these resources. Keep an eye out for upcoming webinars from the NAR legal team on how members can navigate the practice changes. If you’re an NAR member, you also will continue to receive weekly reminder emails on the settlement practice changes, which will include links to key resources you should know about.
Settlement resources: If you’re looking for information and resources on the settlement, facts.realtor should be your first stop. The site has been continuously updated with resources, such as a comprehensive FAQ on the settlement, a timeline of key dates in the settlement process, videos explaining various aspects of the settlement, and outlines of the changes for brokers and consumers. Bookmark facts.realtor for settlement updates in the weeks ahead and beyond.
Engaging with communities and consumers: As media attention on the settlement and practice changes increases, NAR will proactively engage with national and local journalists across the country to communicate accurate and up-to-date information on the settlement. A group of dedicated REALTORS® in communities nationwide will be sharing NAR’s message on the settlement and practice changes. However, NAR’s most important messengers are members who are speaking every day to consumers. NAR has prepared guidelines for what home buyers and home sellers should expect from the settlement changes, which you can use when engaging in client conversations.
Underscoring the value of REALTORS®: Throughout NAR’s communications on the settlement, the association has been underscoring what isn’t changing: the value that REALTORS® provide every day to consumers navigating what, for many, is the largest financial transaction of their lives. REALTORS® are here to help consumers navigate the process of buying and selling a home and are ethically obligated to work in consumers’ best interests. When it comes to the settlement, consumer choice is paramount, and REALTORS® stand ready to help home buyers and sellers make the best choices for themselves and their families.
For the latest settlement updates, reminders and content, continue to read REALTOR® Magazine and check out facts.realtor.
