Leave a Message

Thank you for your message. We will be in touch with you shortly.

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.

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.

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.

If I could give Camrin more than a 5-star rating I would. She is very knowledgeable, as well as approachable, and available. She always answered my texts or calls right away. When we experienced a few hiccups in the leasing process, Camrin was always there to encourage me, advocate for me, and get me the best deal in a beautiful place. You honestly can't beat a realtor who is willing to work hard for you. If you are looking for a good realtor look no further Camrin is your girl.

— Raven P.

Camrin was great in helping me find an apartment when the one I had from someone previously fell through. She was able to accommodate me on short notice, included my must-haves, and helped me find the perfect place. Thanks so much, Camrin for your help!

— Danielle A.

We just closed on our first home and I highly recommend Elena! She was extremely helpful to us through each step of the process and was always available to answer questions. She made the home-buying process so easy and I’m so thankful that she was our realtor!

— Laura O.

Elena is a wonderful realtor and worked so hard to find a home for my son and his fiancé. Trying to find the right home can be very stressful. Working with Elena took a lot of the stress off of us. She answered all our questions and made sure that all our needs were met. It is important for me to let anyone looking for a realtor know that Elena is on your side and will make sure you find the home you are looking for!

— Daniel N.

We just closed on our home. Elena was incredible, and patient. Wonderful with my children. Would refer her in a heartbeat!

— Lindsey H.

The best around! Very friendly, knowledgeable, and informative! The best part is they are super supportive of teachers! Call Elena or Sefe for quick, awesome service!

— Tracy S.

We closed on our new home! Could not be more thankful to have Sefe by our side. She was ready to answer all our questions as first-time buyers at all times day or night! She was extremely patient with us and took the time to help us look for exactly what we wanted and for that we are thankful. Thank you, Sefe!

— Lupita O.

We are first-time home buyers and were super excited to close on our brand-new home! Sefe walked us through the entire process and gave us an idea of what to expect, she made it easy for us from the start! Sefe was very patient and understanding with us. It was a long on-and-off process looking for a new home and she was there for us. She always had a smile on her face and a positive attitude. Any questions we asked she would answer or get back to us with an answer. She also advised on getting an inspection done even though it was a new build, and boy was she right to say so. The house had so many little things that were overlooked by the builder so in the end we were very happy that we got the inspection done outside the builder. We also would recommend it. Sefe is an amazing agent and I’m sending over anyone I know looking for a new home! Thank you Sefe and we appreciate you so much!

— Christine E.

Logan helped me buy my first home and I could not have had a better experience. He helped me understand what was realistic in my price range and I was comfortable and confident that we would find the perfect place, which we inevitably did. He allowed me to go at my own pace, which started at a standstill but moved at lightning speed once I was ready, landing me exactly what I was looking for. I absolutely recommend working with Logan, he made things so easy for me throughout the entire process.

— Nicky

Logan was a tremendous help in relocating for my fiance and me. He first got to know us and what matters to us most. He then provided broad choices and recommendations based on who we were and what we wanted. He was never pushy, but always responsive. We both appreciated how he presented the pros and cons of each location. He also was willing to record videos of each since we were remote. He has a sense of humor and clearly enjoys what he does. I would recommend him highly.

— Dave

Logan helped us find and buy our first home. His help in navigating the process, understanding timelines, customizing and negotiating contracts, and interpreting the market or properties was invaluable. Logan was always responsive, professional, and approachable. We would absolutely recommend him to friends and family looking to buy or sell a home.

— Lizzie

Myriah came highly recommended to us and for good reason. She was always there for us whenever we had any questions or concerns throughout this home-buying process. We were selling our home out of state in Idaho and buying a new one in Texas and it was very stressful for my husband and I. Our Idaho realtor and Texas realtor Myriah worked well together to keep the process as smooth as possible for us. Anytime I felt overwhelmed, Myriah was there to help me breathe and guide me along. While we were making the three-day drive to Texas, she was in regular contact to let me know how things were moving along. She gave me a list, thankfully, of the things I needed to do. It's hard enough selling your home, but harder when buying another one AND with it being out of state! She was absolutely key to making this all work. Her knowledge of this area of Texas was also key to helping us find the home that best suited our family's needs. My husband and I are so incredibly grateful to Myriah. Her pleasant disposition, humor, and professionalism helped keep us at ease throughout this entire process. We highly recommend Myriah Boles to help you buy or sell your house.

— Michelle

I have used Myriah 3 times for both buying and selling. She is so knowledgeable about every aspect of the whole process, either buying or selling. She always responds, never leaves you wondering or waiting for an answer. She works well with and has contacts in all areas, before the sale (repairs that you may need to get done before the sale or updates/remodeling you may want to do after purchase). Myriah will always be my realtor. After using her, you will know why.

— Lisa

What a pleasure it was to have Myriah handle the sale of our home! We appreciated her straightforward manner and her ability to explain the details of listing and showing of our home and guiding us through comparing multiple offers. She made excellent suggestions on how to make our home attractive to buyers and created a fantastic listing with beautiful photographs. She promptly returned our phone calls and emails and was always able to provide whatever information we needed. We felt that we were in very capable hands and were extremely pleased with the final offer. We would definitely list with Myriah again and recommend her wholeheartedly!

— Mike & Cindy