What's Real About the Recent Real Estate Headlines?

As you may have heard, there are practice changes by the National Association of REALTORS® (NAR)  are in effect as of August 17, 2024.

Compass sees these updates as being positive both for our clients and for the brokerage community, as they provide enhanced transparency and clarity, that will encourage the most professional agents to thrive.

There have been plenty of headlines in the media causing confusion. To clarify some of the misinformation about the settlement, I want to provide a few facts:

Sellers retain, as they always have, the discretion to offer compensation to buyer’s brokers. The settlement does not prohibit their ability to do so.

Commissions have always been and will continue to be negotiated through transparent conversations with our clients. We strongly believe in transparency around broker compensation. While buyer's agent commission can no longer be displayed on the MLS, it can still be advertised, offered, and negotiated outside of the MLS.

Every buyer represented by a NAR-affiliated agent is now required to sign a Buyer Representation Agreement formalizing the relationship between the buyer and broker before touring properties, something that has been required in many states for over a decade.

Buyers deserve representation at every income level. Our experience has shown that transactions flow more smoothly when there is professional representation on each side, facilitating clear lines of communication, which benefits all parties involved.

Compass agents provide tremendous value to our clients. As a result, we will continue to encourage a transparent commission conversation that reflects the time, effort, expertise, and support we invest in each transaction.

Real Estate is a relationship-based business, and the trust we’ve earned with our clients is something we greatly value. Together, we will navigate any changes to rules and regulations in our industry while continuing to provide the same exceptional service we

always have.