North Columbus News

For months, discussions have centered on upcoming changes to the real estate industry resulting from a national settlement agreement related to broker commissions.

Starting no later than Aug. 17, two significant changes will affect business operations.

First, offers of compensation will be prohibited from appearing on Multiple Listing Services (MLSs). However, home sellers and brokers may still offer compensation off MLSs. Compensation options include a fixed-fee commission paid directly by consumers, concessions from the seller such as buyer closing costs, or a portion of the listing broker’s compensation. Commissions and fees remain negotiable.

The second change mandates that agents working with buyers must enter into a written agreement before touring a home. This agreement must clearly specify the amount or rate of compensation. The requirement for a written agreement does not necessitate any professional relationship between real estate professionals and buyers.

These new rules aim to enhance transparency and fairness in the industry by emphasizing clear, negotiated agreements that protect both agents and buyers.

Despite these changes, REALTORS® will continue providing invaluable services, guiding clients through complex transactions with expertise and dedication. They remain committed to offering exceptional service and building trusted relationships with buyers and sellers under clearer guidelines.

For additional resources and answers to frequently asked questions, visit FACTS.REALTOR. The information provided is for informational purposes only and is not a substitute for legal advice or the terms of the NAR settlement itself. Please consult your legal counsel.