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Understanding the

NAR Lawsuit Settlement

What You Need to Know

In March 2024, in response to a pending lawsuit judgment against them, the National Association of Realtors® released a set of proposed policy and practice changes that will reframe the relationship between real estate professionals and buyers. To be clear, the industry’s fiduciary commitment to the best interests of clients hasn’t changed, but the way agents and buyer clients formalize professional relationships will.

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Changes to the Homebuying Experience

As a homebuyer, this proposed settlement means there will be some changes to your real estate experience:

1. Required Buyer Agreements

Prior to this settlement proposal, it was acceptable (though not widely practiced) for buyer’s agents to forge relatively informal, unwritten agreements with their clients regarding service. Following these proposed changes, buyers must sign a service agreement with a real estate professional in order to be shown homes. 

2. Buyer’s Agent Compensation

Prior to the proposed changes in the settlement, buyer’s agents were compensated via a cooperation agreement with the seller and seller’s agent facilitated by the multiple listing service. While this sort of cooperation is still allowed, the MLS is no longer allowed to coordinate it. Buyer’s agents will now be responsible for negotiating their own compensation with clients.

FAQ

As a homebuyer, these changes will require new, important conversations between you and your real estate professional. A buyer service agreement will formalize your agent’s fiduciary responsibility to you, further protecting your interests. It will allow the opportunity for real, transparent communication with your agent around compensation, offering you a clear understanding of the cost of services and how those services benefit you. 

These conversations will ultimately set buyers up for greater success in their transactions. More buyers will start the home search process with a clear understanding of their strategy, how their agent will support them, and what it will take to get to the closing table. 

Two major changes: First, compensation offers to buyer’s agents will no longer be displayed on the MLS, and the MLS won’t be allowed to facilitate commission cooperation between the buy and sell sides of transactions. Second, all buyers will be required to sign a buyer agreement with their agent outlining service terms, including commission requirements.

Yes. Luxury Presence has created a strategy guide for agents seeking advice on negotiating buy-side compensation. Get your copy of The Future of Buy-Side Compensation here

The best agents have shifted their thinking from the top line to the bottom line. They're obsessed with the client experience. They're taking action very quickly to level up the technology in their businesses because they understand it's the only way to deliver strong profitability and a world-class client experience.

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How I Work With Buyers

As my client, you can expect nothing but the highest level of service and counsel. I take my fiduciary commitment to you extremely seriously and believe that the best way to advocate for your best interests is through preparation. For each property my clients consider, I create a complete set of market research, potential pricing and offer strategies, contract negotiation tactics, and more.

Before the NAR lawsuit settlement proposal, some buyer’s agents were able to get away with doing the bare minimum. Thanks to assumed cooperation with the seller, they might get paid for simply showing up, unlocking doors, and pushing papers. 

While that was never my approach, it is now no longer the world we live in. As my client, you can rest assured that I will provide you with expert-level service and advice throughout our professional relationship.

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Testimonials

Read what our clients have to say about working with us.

Knowledge and Service. We have used several realtors in the past, but Stephanie is in a totally different league! Her knowledge and research is outstanding! Never seen anything even close to her level of service during this sale. Highly recommend and I know you will see the difference.
Knowledge and Service. We have used several realtors in the past, but Stephanie is in a totally different league! Her knowledge and research is outstanding! Never seen anything even close to her level of service during this sale. Highly recommend and I know you will see the difference.
Greg C.
Understands the Data. Stephanie did an excellent job for us and the home sold very quickly. She was able to research the data to give us guidance on pricing and marketing the property. It’s really important to have somebody who understands the data in this competitive market.
Understands the Data. Stephanie did an excellent job for us and the home sold very quickly. She was able to research the data to give us guidance on pricing and marketing the property. It’s really important to have somebody who understands the data in this competitive market.
Brian M.
Stephanie was absolutely wonderful at finding homes that met all of our requirements. She took the time to thoroughly explain a home’s details before we decided to move forward with it. She also ensured that we knew of any potential risks associated with purchasing a particular property. Stephanie went above and beyond what was expected to help us find exactly what we needed. She showed us properties that many other realtors required to learn about and gave us valuable insights into the local market. She was extremely accommodating regarding scheduling viewings and making herself available on short notice when necessary. Stephanie’s expertise in negotiation was invaluable during the purchase of our home. Her knowledge of local market trends allowed her to get us a great deal while ensuring that both parties felt like they had a fair outcome from the transaction. Thank you so much for your help in finding our dream home. You have been patient and kind throughout the process, and we really appreciate it! Your expertise and understanding have made this a smooth transaction, even in the face of difficulties. We couldn’t be happier with our new home, and we thank you for making it possible.
Stephanie was absolutely wonderful at finding homes that met all of our requirements. She took the time to thoroughly explain a home’s details before we decided to move forward with it. She also ensured that we knew of any potential risks associated with purchasing a particular property. Stephanie went above and beyond what was expected to help us find exactly what we needed. She showed us properties that many other realtors required to learn about and gave us valuable insights into the local market. She was extremely accommodating regarding scheduling viewings and making herself available on short notice when necessary. Stephanie’s expertise in negotiation was invaluable during the purchase of our home. Her knowledge of local market trends allowed her to get us a great deal while ensuring that both parties felt like they had a fair outcome from the transaction. Thank you so much for your help in finding our dream home. You have been patient and kind throughout the process, and we really appreciate it! Your expertise and understanding have made this a smooth transaction, even in the face of difficulties. We couldn’t be happier with our new home, and we thank you for making it possible.
Jim & Laura A.
We have sold many a home in our lifetime and Stephanie is by far the best agent we have ever used! We got more than an agent representing our home, we received an education in Economics! This lady knows her stuff, from her business acumen to the ever-changing market, and all that goes into that. From the first conversation on the phone, she provided us with backed-up sources and data on the housing market and what to possibly expect in the next few months. We were on the fence if it was the right time for us to sell or wait. We have never received the plethora of knowledge and expertise, such as this caliber, from previous agents; it was more of a robotic canned response, a few niceties, and a "sign here," kind of experience. Our time with Stephanie was professional and personal, and we appreciated that! Thank you, Stephanie and team, job well done!
We have sold many a home in our lifetime and Stephanie is by far the best agent we have ever used! We got more than an agent representing our home, we received an education in Economics! This lady knows her stuff, from her business acumen to the ever-changing market, and all that goes into that. From the first conversation on the phone, she provided us with backed-up sources and data on the housing market and what to possibly expect in the next few months. We were on the fence if it was the right time for us to sell or wait. We have never received the plethora of knowledge and expertise, such as this caliber, from previous agents; it was more of a robotic canned response, a few niceties, and a "sign here," kind of experience. Our time with Stephanie was professional and personal, and we appreciated that! Thank you, Stephanie and team, job well done!
Lisa S.
Market Opportunity Navigator. We highly recommend Stephanie Anson if you want a courteous and prompt professional. Stephanie has handled two sales and one purchase for us. She listened to our concerns and answered our questions timely, and accurately. Even follow up questions when her job was done. Once Stephanie has worked for you we are sure you will know you have your own professional realtor.
Market Opportunity Navigator. We highly recommend Stephanie Anson if you want a courteous and prompt professional. Stephanie has handled two sales and one purchase for us. She listened to our concerns and answered our questions timely, and accurately. Even follow up questions when her job was done. Once Stephanie has worked for you we are sure you will know you have your own professional realtor.
Susan M.
Great experience! Stephanie is a fantastic Realtor. She made the home-buying process as easy as it can be, even at a distance. Her knowledge of the local market and professionalism are second-to-none. I absolutely recommend her to anyone looking to buy or sell property in the area.
Great experience! Stephanie is a fantastic Realtor. She made the home-buying process as easy as it can be, even at a distance. Her knowledge of the local market and professionalism are second-to-none. I absolutely recommend her to anyone looking to buy or sell property in the area.
Ava B.
Amber was excellent to work with. I would definitely use again.
Amber was excellent to work with. I would definitely use again.
Buyer
Amber Smith has sold my vacant lot at record time. I recommend her for any real estate business.
Amber Smith has sold my vacant lot at record time. I recommend her for any real estate business.
Abul A.
Amber Smith went above and beyond each step of the process of buying our home. I cannot recommend her enough. She did thorough research for us on homes we were interested in and helped us find the perfect home!
Amber Smith went above and beyond each step of the process of buying our home. I cannot recommend her enough. She did thorough research for us on homes we were interested in and helped us find the perfect home!
Kim P.