The recent settlement of the National Association of Realtors, that's NAR, lawsuit, has resulted in a lot of changes in the real estate industry. It's aiming for more transparency, consumer empowerment and accountability. But it's not yet completely clear what the effects of the settlement will be on the industry as a whole.
At its core, the NAR settlement aims to address long standing concerns about accountability and competition in the real estate market. Key terms include removing compensation information from the MLS and mandating written representation agreements with buyers. While these changes are aimed at creating a fairer, more competitive and more transparent process, they also raise questions and concerns for both buyers and sellers.
For buyers, the NAR settlement has some pros and cons. On the positive side, the removal of compensation information from the MLS may lead to a higher standard of buyer's agent. Before the settlement, it was customary for the seller to pay the Commission for both the listing agent and the buyer's agent, which was typically split from the Listing Agents Commission.
