With NAR reaching a massive $418 million settlement, everything you know about commissions is about to change.
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Each week on Download, Inman’s Christy Murdoch goes deeper into the week’s hottest stories to give you the information you need to face Monday. This week: Everything you know about commissions is about to change as NAR reaches a massive $418 million settlement.
Well guys, if you thought you would slide all the way to the weekend without commission issues, you are dead wrong. The news that NAR had agreed to settle with Sitzer excited everyone from agents to consumers to the stock market. Burnett and a series of alleged copycat sellers filed the lawsuit following the Halloween ruling.
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In addition to $418 million in cash deployment over the next four years, NAR also agreed to new rules on compensation proposals, which will take effect in mid-July.
The National Association of Realtors has agreed to settle a slew of commission lawsuits, a move that promises to change how agents operate and how clients buy and sell homes.
NAR said Friday that the organization will pay $418 million in damages over the next four years and agree to a number of reforms as part of the settlement. Among other things, NAR said it would agree not to create rules that would allow listing agents to set compensation for buyer agents. Additionally, compensation quotes will no longer appear in the Multiple Listing Service.
NextHome CEO James Dwiggins, Chief Strategy Officer Keith Robinson and California MLS General Counsel Ed Zorn specialize in handling NAR’s large settlement matters at Inman.
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Ahead of Friday’s National Association of Realtors commission settlement, some agents are re-evaluating their memberships and considering joining the National Association of Realtors.
Christy Murdock is a freelance writer, coach, and consultant, and write about real estate.Contact Writing Real Estate Instagram and subscribe to the weekly roundup, ketchupin the newsletter or podcast form.
