This blog series attempts to break down the recently proposed NAR settlement and its impact on the industry. In this article, we provided background information on the case that led to the settlement, which still needs court approval. Now, let’s dive deeper into the changes outlined in the proposed settlement.
For more information on the NAR Settlement – including advice for current and want-to-be real estate agents, download our free report.
Key Changes Mandated by NAR’s Proposed Settlement
In addition to the nearly half-billion-dollar settlement that the NAR will pay in installments, the proposed settlement includes the following mandates:
- Listing agents are prohibited from advertising offers of compensation to buyers agent in the MLS.
- Buyers agents who are REALTOR®️ members will be required to enter into written buyer agency agreements with the buyers before providing them brokerage services.
As you can see, increased transparency is the goal of these proposed rules. However, there are no changes in regard to commission rates. It is expected that the rates will adjust accordingly according to your services, consumer preferences, and the free market.
What the Proposed Changes Mean to Prospective Real Estate Agents
As you can see, the proposed changes do not reduce the need for licensed real estate agents. Nor do they change the licensing requirements for agents or brokers. We are staying abreast of this developing story and will make necessary changes to our curriculum should the need arise.
Learn more about the developing story by downloading our free ebook: A Guide for New Real Estate Agents: How to Navigate the National Association of REALTORS® Settlement.
If you are interested in becoming a real estate agent, there’s no need to hesitate. Colibri Real Estate has been (and will continue to be) an excellent source for real estate licensing courses. Start your journey to success with Colibri today.
