NAR Settlement Revealed: What You Need to Know

[@theagentbridge]

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[@JustinRobertsLandForSale]

Great podcast! We had a meeting yesterday at our board where a representative from the state association of REALTORS was there. They said for example if you did a flat fee of $2500 on your buyers agency agreement but the seller is offering 3% buyer agent compensation, you are only allowed to take $2,500 from the seller. They said NAR would view it as a sham contract if you were taking more compensation from the seller than you agreed to with the buyer. Left with more confusion than I went into it with

[@theagentbridge]

We have asked about this very scenario and received a different response. You are correct. A LOT of confusion remains. I think all entities are trying to feel their way through this at the moment, and it seems NAR will remain largely silent until they receive enough data to make some judgment calls on these scenarios. This is what happens when you make decisions in a vacuum!

[@JustinRobertsLandForSale]

@@theagentbridge completely agreed. I’ve been spending some time trying to figure this scenario out since we have received multiple answers around it. While I have not heard back from anyone directly, I did find this statement on NARs website “The buyer broker may not receive compensation for brokerage services from any source that exceeds the amount or rate agreed to in the agreement with the buyer.”

[@AnchorPointRealEstate]

Our local MLS here in Southwest Florida tells us that if we mistakenly put commission in confidential remarks, MLS attachments, or in property description, they aren't giving us a warning. It's $1,000 fine first offense.

[@theagentbridge]

Well, I guess the good news is that they are being very clear about how they plan to handle it. We have spoken with some MLS organizations in which it is still very gray.

[@RingoDGD]

Agree 100% with RL. Intention was to provide clarity. Result is opposite, Buyer's Agent will simply make a phone call or text Listing Agent to inquire about agent commission available. All of this is really the same as it's always been, but it removes the written clarity of simply putting it on the listing. Good Buyer's agents always put their client(s) first and will find and show the right property that meets their client's needs. They're not going to avoid properties because they fear a lower commission. This rule is designed for the very low percentage of agents that would do this, and negatively impacts everyone as a result.

[@theagentbridge]

Totally agree. It is terribly vague and confusing now for all involved. This had the absolute opposite result from what was intended. It literally couldn't have been more clear on the listing agreement. Someone who signed it and didn't read it carefully shouldn't have won a massive lawsuit. At most, it could have been an additional document to sign acknowledging that you are paying the buying agent commission per the listing agreement. Alas, here we are. We have to roll with the punches and work to get better!