What the NAR Settlement means for Home Buyers and Sellers

by Sarah Arlington

As we approach August 17th, when changes will come about in the real estate industry due to the NAR (National Association of Realtors) settlement many home buyers and sellers are asking for clarity.

Believe it or not, there are just TWO changes that you can expect. In order to meet early compliance standards The MLS is implementing their changes today. This way they can avoid any last-minute complications. Rooster Homes is taking a proactive approach when it comes to supporting our clients and will also begin following the new guidelines.

Starting today, the following updates will be implemented:

1. Removal of Compensation Information in The MLS: In accordance with the NAR settlement terms, all mentions of compensation will be removed from MLS listings. This change aims to promote greater transparency and fairness in the real estate industry.

2. Mandatory Use of Buyer Representation and Broker Compensation (BRBC) Agreement: As part of the settlement conditions, the use of the Buyer Representation and Broker Compensation (BRBC) Agreement is now mandatory for all Realtors. This agreement outlines the duties, obligations, and compensation terms between Realtors and their clients, ensuring a clear understanding and agreement in all transactions.

Rooster Homes takes pride in taking an education-forward approach to all things real estate-related. We know that informed clients succeed! The time we invest in bringing clarity, answering your questions, and taking your calls so you feel supported is part of our value system and we are always here to help.

Here are some resources you can access to get more information on what the NAR settlement means for home buyers and sellers.

https://www.nar.realtor/the-facts/what-the-nar-settlement-means-for-home-buyers-and-sellers

https://www.nar.realtor/the-facts/nar-settlement-faqs

Let's schedule a call or you can reach out via text or email so we can discuss your questions and what strategies I use to ensure your home-buying experience is a smooth one. 😊

Your Trusted Advisor

Sarah Arlington, MS, BCBA

(818) 296-7282

sarah@roosterhomes.com