her first video appearance Since the jury verdict in the Sitzer/Barnett Commission case; National Association of Realtors President Tracy Kasper told NAR members that she shares their disappointment with this decision.
“The jury reached a conclusion that is neither supported by the law nor by the facts presented in this case,” Kasper said in a video posted Thursday.
She also addressed questions regarding the witnesses NAR’s team has called to the stand to support the industry’s case, and walked viewers through NAR’s witness list, which includes past NAR presidents and economists. .
Kasper said that while the plaintiffs are portraying the outcome as a victory for consumers, eliminating the cooperation fee will only harm homebuyers and sellers.
“This ruling goes against what we all know about the value we bring not only to our customers, but to the functioning of the real estate market for buyers and sellers more generally,” Kasper said. .
As she previously stated, NAR plans to appeal the verdict, and Sitzer and Barnett’s story is far from over. Even though Mr. Kasper remained adamant about the future of the Sitzer/Barnett case, he warned members that more plaintiffs may come forward to make similar claims in new cases.
“In short, we are in the midst of a very complex legal situation and we are working around the clock to assess the situation and obtain the best advice on the way forward,” Kasper said. he said.
With the final judgment and injunction not yet known, Kasper acknowledged there is a great deal of uncertainty within the industry. As NAR and the industry wait for answers, Kasper said it’s more important than ever for agents to “maximize transparency” with their customers, ensuring they have all the options and what agents offer them. He said they need to make sure they understand the service and value.
“Continue to state that the commission is negotiable and is set between you, the broker, and themselves,” Kasper said. “Be sure to clearly explain how you will pay and how much you will charge. For buyers, this includes direct payment for your services, as well as a portion of that fee through other means, such as a compensation offer from the listing broker.” or all options, all of which are specified in your buyer agency agreement.”
Kasper pledged to continue communicating with members and answering questions as information becomes available.