“The Truth About the NAR Settlement Agreement. There’s much the media has gotten wrong about NAR’s settlement, which would require the association to pay $418 million over four years. Some outlets have suggested that NAR previously set or guided commissions to a standard rate of 6%. Even President Joe Biden, in recent comments, misspoke in suggesting that the settlement makes commissions negotiable for the first time.”
“You know that is false. NAR does not set commissions, and commissions were negotiable long before this settlement. They are and will remain entirely negotiable between brokers and their clients. And housing prices are dictated by market forces beyond members’ control.”
copyright NATIONAL ASSOCIATION OF REALTORS®. Reprinted with permission.
This lawsuit has been going on for a long time and Washington State was ahead of the settlement by implementing new forms as of January 1st, 2024. These forms help protect clients and make things more transparent. More specifically, who is paying the agent fees and how much are you paying? Well… our compensation has always been negotiable as well as who pays us. Realtor fees are not being slashed; they are being accounted for. Transparency and Accountability.