At KD Homes, our mission is to assist sellers, buyers, and renters with the real estate decisions that shape your lives. Recently, you may have come across news stories about the National Association of Realtors (NAR) lawsuit and how the settlement is affecting the real estate industry and consumers. We want to share our thoughts on what this news means for you and how we will continue to support you through these changes, which start on August 17, 2024.
The NAR settlement is centered around three practices outlined in the lawsuits.
- Commissions have always been and will continue to be negotiated through open discussions with our clients. We are committed to maintaining transparency regarding broker compensation. While the buyer's agent commission will no longer be displayed on the MLS, it can still be advertised, offered, and negotiated outside of the MLS.
- Sellers do not have to offer co-op compensation to buyer’s agents. This spotlights something that was already in place in our market. As always, the listing agent’s commission is negotiable, and the amount of compensation offered to a buyer’s broker, if any, is at the seller's discretion.
- In the future, the MLS will not advertise compensation offered to buyer’s agents. This changes the mechanics of how real estate brokerages share information. Sellers may still offer compensation, and brokerages may still advertise those offers. We want to assure you that sharing data and information is something we do well, and we are confident in our ability to create seamless solutions for our clients and colleagues in light of these changes.
- Buyers and agents must have a signed agreement that includes compensation terms before showing homes. We are in favor of increased transparency and education about buyer agency. Understanding all the financial aspects of a home purchase, including the buyer’s agent’s compensation, is important. We believe that establishing a clear and open relationship from the beginning is crucial for the best interests of our clients.
At KD Homes, our mission is to provide significant value to our clients, and will continue to work on their behalf. We take immense pride in offering exceptional service and consistently strive to exceed expectations every day. Our commitment to excellence is evident in everything we do, particularly in embracing innovative methods and approaches. The unparalleled service delivered by our agents is complemented by the extensive expertise of the KD Homes team, ensuring that your best interests are always our top priority.
We welcome the chance to talk to you about any questions you have about the NAR settlement and about how we can help make your real estate dreams a reality!