To me, the nar lawsuit verdict is one of those moments in our lives similar to the pandemic, the global financial crisis, or the tech bubble burst…
It’s a moment of uncertainty that leaves us with a choice.
When you start with a free real estate coaching consultation, chances are we can help scale yours as well. Schedule yours today!
What will you decide? Find out in this quick video message and make sure you’re following me on Instagram to stay dialed in as this all unfolds.
Whatever you do, remember this: The verdict has been read for the nar lawsuit verdict, but you are your own jury who ultimately decides your fate.
The Sitzer-Burnett class action lawsuit has been in litigation since 2020 and centers around the National Association of REALTORS’ rules for including buyer broker compensation when listing properties on the MLS – which the DOJ deemed anti-competitive. Near the end of 2023, NAR was found liable, and in March 2024 NAR offered a 110-page settlement with the proposed changes in business operations.
If you haven’t read the settlement, I encourage you to do so, but I want to be clear that as of the writing of this article, nothing is set in stone yet. The settlement will very likely get passed through and I’ve been anticipating something just like this for years, but it just hasn’t happened quite yet.
With that said, the settlement proposes that agents will no longer be able to list buyer broker commission on the MLS. That means that buyers agents will now be negotiating their fees every time – just like listing agents do. Working with buyers is a lot more like working with sellers.
On top of that, you can no longer show properties without a written agreement beforehand. Yup, you’re applying for the job every single time. No more showing one property for free. Of course, all this depends on your state’s particular laws (which you must become VERY familiar with).
Long story short, it’s time to start updating your knowledge, your processes, your conversations, your marketing, and your contracts.
At Tom Ferry, our team has decades of experience helping realtors grow their businesses. Discover invaluable insights, customized strategies, and expert guidance to supercharge your lead generation, marketing, and more!