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Breaking down what's real about the recent real estate headlines
As you may have seen or heard, there is a proposed settlement by the National Association of REALTORS® (NAR). While the settlement still requires final approval, there have been plenty of headlines in the media causing confusion about the future of home buying and selling.
To clarify some of the misinformation about the settlement, I want to provide a few facts:
Sellers retain, as they always have, the discretion to offer compensation to buyer’s brokers. The proposed settlement does not prohibit their ability to do so.
Commissions have always been and will continue to be negotiated through transparent conversations with our clients. We believe strongly in transparency around broker compensation.
Commissions have always been negotiable, and are not set by law. Reduced fee alternatives have been and will continue to be available for consumers seeking those options.
The proposed settlement would require that every buyer represented by an NAR-affiliated agent sign a Buyer Representation Agreement outlining the relationship between the buyer and broker before touring a property - something that has already been required in many states -- including Virginia -- for over a decade.
Buyers deserve representation at every income level. Our experience has shown that transactions flow more smoothly when there is professional representation on each side, creating open lines of communication, which benefit all parties involved.
Trust is central to real estate. I, along with my fellow Compass relators, prioritize the trust earned with my clients. I'm committed to providing unmatched precision and empathy, clear communication, savvy negotiation, local market insights, and integrity at every step of the way.
If you have any questions or concerns as more details emerge, please don’t hesitate to reach out!
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