The recent National Association of Realtors (“NAR”) settlement has generated headlines and sparked numerous discussions within and outside of the real estate industry. At Keller Williams Jackson Hole, our top priority is to empower our clients, agents, and community with the most accurate and up-to-date information regarding all things real estate—so we’re here to break it down for you.
How did the NAR settlement come about?
Four class action lawsuits were filed claiming “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”. (Source)
What are the implications of the NAR settlement?
“NAR agreed to create a new MLS rule prohibiting offers of compensation on the MLS. This would mean that offers of compensation could not be communicated via an MLS, but they could continue to be an option consumers could pursue off-MLS through negotiation and consultation with real estate professionals.” (Source) According to NAR, this settlement preserves the choices consumers have regarding real estate services and compensation and provides a path for the organization to move forward and continue the work to preserve, protect, and advance the right to real property for all.
What does this mean for Keller Williams Jackson Hole?
- We have always believed that clarity and transparency lead to better experiences for everyone involved. Wyoming already requires full transparency and buyer representation for real estate transactions and, now more than ever, we are dedicated to demonstrating and communicating our essential role throughout the buying and selling process.
- This settlement presents an opportunity for positive changes and elevated professionalism within our industry. We take pride in the historical knowledge and market insights our office and agents bring to our clients, and the professional services we provide and will continue to advocate that sellers and buyers are better protected and represented by hiring a professional Realtor.
We are proud of our profession and look forward to continuing to serve Jackson Hole and the Greater Teton Region. If you have any further questions or concerns about the state of the settlement, please review NAR FAQs or contact one of our trusted Keller Williams Jackson Hole agents.
Note: NAR received preliminary approval of the settlement on April 24, but it is still subject to final court approval. The final approval hearing is scheduled for November 26, 2024.
