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What do you need to know about the NAR Settlement?

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Just a few more weeks until we get into our favorite time of the year, as Floridians... Summer time! 🫠
 
All jokes aside...let's talk about the National Association of Realtors settlement. 
 
First things first...
 
If you haven't heard, the NAR has decided to settle for $418MM, which will resolve claims in four antitrust class action lawsuits. Those class actions allege that NAR and several of the nation’s largest residential real estate brokerage companies adopted illegal rules requiring home sellers to pay buyer broker fees – at an inflated rate – in addition to their own brokers’ commissions.
 
You may be wondering what this means to you, as a buyer or seller, moving forward?
 
Simply put, it means more transparency.
 
In my professional opinion, I believe this is a great change for the real estate industry. With a relatively low barrier to entry & such a financially large purchase at stake, I believe it is paramount that you be represented by someone knowledgeable, diligent, & honest. That is why I am excited about this transition, & the future to come.
 
What will change?
 
Starting August 17th, before looking at any properties - virtually or in person - an executed buyer representation agreement will be legally required. The agreement is going through some final tweaks now. However, you should expect to have a conversation around compensation.
 
As always, if you have any questions, please reach out!

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David is dedicated to helping you find your dream home and assisting with any selling needs you may have. Serving St. Pete and the Gulf Coast as the premier real estate advisor of choice. Contact him today so he can guide you through the buying and selling process.

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DAVID COOK III
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