What the NAR Settlement Means for Home Sellers

What the NAR Settlement Means for Home Sellers

As a home seller, you have many options for listing your property.

Here’s what the settlement means for home sellers:

Compensation to Buyer Brokers: You can still choose to offer compensation to buyer brokers as a way to market your home or enhance its appeal to potential buyers.

Disclosure and Approval: Your agent must clearly disclose any payment or offer of payment to another broker representing buyers, and obtain your approval in writing before any such payment is made. This disclosure must include the specific amount or rate of the payment.

Offer Changes: While you can still make a compensation offer, your agent cannot list this information on a Multiple Listing Service (MLS). However, your agent can promote your listing through other channels like social media, flyers, and websites.

Buyer Concessions: You can still offer concessions to buyers, such as covering closing costs, and include these offers on an MLS.

These changes will take effect on August 17.

What the settlement doesn’t change:

Negotiable Compensation: Agent compensation remains fully negotiable. If your agent is a Realto®, they must adhere to the Realtor® Code of Ethics and have clear, transparent discussions with you about compensation. Be sure to ask about compensation and discuss what you would like to offer to buyers.

Your Choices: You have a range of options when selling your home. Work with your agent to explore these options and make the best decisions for your needs. (National Association of Realtors®)

For the full, original article please see:
Home Sellers: Here’s What the NAR Settlement Means for You