What the NAR Settlement means to YOU
As we march into spring, the real estate landscape is abuzz with activity, marked by exciting developments and significant shifts. At The Shanahan Group, we're not just witnessing change – we're embracing it head-on. This is the first in a series of communications from The Shanahan Group about how the industry is changing and how we adapt with our clients’ needs as our sole priority.
Last Friday, a proposed settlement between the National Association of Realtors and plaintiffs in several national lawsuits was announced. While the timing of the announcement was a surprise to many of us, the structure of it was not. At The Shanahan Group, we anticipated these changes and have been diligently preparing since the beginning of the year. Through comprehensive training initiatives, we've equipped ourselves with the knowledge and skills necessary to adapt to this evolving landscape. Our focus has been on perfecting our buyer services, exploring innovative ways to enhance the buying and selling experience, and anticipating the needs of our clients in a rapidly evolving market.
Key Terms of the Proposed Settlement/What This Means to You:
- Buyer Clients can expect a more formalized relationship with their agent, similar to the work we do for Seller Clients. A big piece of this will be an updated Buyer Services Agreement, so our Buyer Clients are clear on what they can expect from their agents, how we will work together and what our fees are for this service.
- Today, buyer agent fees are communicated through listings in our Multiple Listing Service (MLS) and are specific to each property. Going forward, buyer agent fees will not be communicated via MLS in this way. While we aren’t sure yet of the new mechanics, this fee will likely be included as part of an Offer to Purchase, similar to how fees are handled in commercial real estate today. We are working closely with our lender and attorney colleagues to find strong solutions that allow for a smooth transaction.
- Sellers will have a few options when considering to offer buyer agents fees as part of their listing process. This is also an evolving area, where we are exploring options that will create transparency for all parties.
Finally, a word of caution: beware of bad information. When the news broke last week, there were several well-established news outlets that reported false information, and not the actual terms of the settlement itself. This kind of reporting is not unique to real estate or this story unfortunately, and is a good reminder for all of us to learn from trusted sources and to ask questions, where needed.
As we embrace change and adapt to the evolving landscape of our industry, we invite you to rely on us as your trusted partner in all your real estate endeavors. Whether you're buying, selling, or simply seeking guidance, we're here to provide you with the expertise, professionalism, and personalized service you deserve. Reach out to us today to learn more about how we're navigating through these changes and how we can help you achieve your real estate goals.
