NAR Settlement | What Does This Mean For Buyers And Sellers?
Buying or selling a home is one of the largest financial transactions most people will ever undertake. The Global Real Estate Advisors at Realogics Sotheby’s International Realty are a trusted source of advice and stand ready to help you navigate your real estate journey.
If you’ve been following market news, you’ve likely come across articles about the National Association of REALTORS® (NAR) recent settlement, leading to several changes for the home-buying and selling process.
We have great news for anyone buying or selling in the state: Washington has been ahead of the curve and already implemented many of the changes before the settlement required them. To clarify, the NWMLS (Northwest Multiple Listing Service) opted to not enter into the lawsuit. Because of their already transparent practices, they did not feel it was necessary.
The requirements that the settlement put into place were ones that were already largely followed by the NWMLS. So, as someone buying or selling property in Washington, this settlement will not have much of an effect on your real estate journey. However, we understand that it’s still important to be informed of what this means for the industry, so we’re laying out what buyers and sellers should know.
What Buyers Should Know:
You must sign a written agreement with your agent before touring a home, ensuring terms, services, and compensation are clear and agreed upon. Remember to ensure the agreement reflects your terms and clearly outlines services and compensation.
The agreement must specify the agent’s compensation, which must be clear, objective, and negotiable.
The agent’s compensation cannot exceed what you agreed to in writing.
Written agreements apply to both in-person and live virtual tours.
No written agreement is needed to chat with an agent at an open house.
Sellers may still offer to pay your agent, but this info won’t be shared on MLS (Multiple Listing Service).
Compensation is fully negotiable—discuss with your agent to understand your options.
REALTORS® must act in your best interest and are committed to transparency.
What Sellers Should Know:
Compensation is fully negotiable—discuss with your agent to understand your options.
Your agent must disclose any payment to buyer brokers in writing, and you must approve it before it’s made.
If you offer compensation, it can’t be included on MLS listings, but your agent can still promote your listing off-MLS through other platforms like social media and flyers.
RSIR agents continue to work in your best interest, offering clear and ethical guidance throughout the home selling process.
At RSIR, our advisors expertly guide our clients’ real estate journeys to extraordinary results, prioritizing integrity and transparency at every turn. If you’re ready to begin your home-buying or selling journey, reach out to one of our experienced brokers today.