Everything you know about fees is about to change as NAR reaches a massive $418 million settlement.
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Each week on The Download, Inman’s Christy Murdoch takes a deep dive into the week’s most-read articles to give you what you need to face Monday head-on. This week: Everything you know about fees is about to change as NAR reaches her massive $418 million settlement.
Well, ladies and gentlemen, if you thought your weekend would go smoothly without any committee questions rearing their heads, you were sadly mistaken. Everyone from agents to consumers to the stock market is excited about the news that his NAR has agreed to settle the Sitzer lawsuit. Barnett and the organizers of the so-called copycat seller fee lawsuit that followed the Halloween verdict.
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In addition to a $418 million funding plan over the next four years, NAR also agreed to new rules for providing compensation that are scheduled to go into effect in mid-July.
In a move that promises to change nearly everything about how real estate agents operate and how their customers buy and sell homes, the National Association of Realtors has agreed to settle a flood of fee lawsuits.
NAR will pay $418 million in damages over the next four years and agreed to several reforms as part of the settlement, the group announced Friday. Of these, NAR said it agrees not to establish rules that would allow listing agents to set fees for buyer brokers. Additionally, your compensation offer will no longer appear on multiple listing services.
NextHome CEO James Dwiggins, Head of Strategy Keith Robinson, and California Regional MLS General Counsel Ed Zorn will work exclusively on Inman’s large NAR settlement.
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Christy Murdock is a freelance writer, coach, and consultant. real estate writing.Connect to Real Estate Writing Instagram Subscribe to our weekly roundup, ketchupnewsletter or podcast shape.
