NAR Lawsuit 2024 Update For Home Sellers | Ep 25
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This episode dives into the effects of recent NAR lawsuit settlements and changes in real estate commission structures. Home sellers learn the latest on buyer-agent commission transparency, essential negotiation tactics, and how these updates can impact their bottom line. We’ll cover strategies to maximize showings, navigate commission discussions, and leverage new flexibility to ensure a successful sale in today’s market.
In this episode of Talking Realty, host Glen Whitten, a seasoned realtor and founder of the Ohio Property Group, provides an in-depth analysis of the recent changes in real estate commission regulations and their impact on home sellers and buyers.
Glen addresses key developments such as the 2020 lawsuit resulting in a $1.8 billion verdict against realtors, the National Association of Realtors’ $418 million settlement, and the subsequent rule changes effective since August 17th. These include the removal of mandatory commission disclosures in MLS listings, the necessity for written agreements detailing buyer agents’ service charges, and debunking myths around standard commission rates. Glen offers practical advice for sellers on managing commission negotiations, maintaining flexibility, and focusing on net proceeds to secure successful deals. The shifts in the commission landscape aim to ensure fairer dealings, level the playing field, and foster greater transparency in the market.
Key Points:
- Background on the NAR Lawsuit: Overview of the changes following the August 2024 settlement and how it impacts seller-paid commissions.
- Negotiation Strategies for Sellers: Tips for keeping offers competitive, negotiating commissions, and focusing on the bottom line.
- New Rules for Buyer-Agent Commissions: Details on transparency, the prohibition of steering, and commission negotiations during offers.
- Seller Benefits: How recent shifts have led to a drop in average commission rates and increased flexibility for FSBO and traditional sellers.
Key moments:
- 00:00 Introduction and Podcast Overview
- 01:33 Recent Changes in Real Estate Commissions
- 02:55 Impact of DOJ and NAR Settlement
- 06:59 New Rules for Buyer Agents
- 10:05 Commission Transparency and Seller Strategies
- 12:53 Practical Advice for Home Sellers
- 17:33 Current Trends in Commission Rates
- 20:23 The Evolution of Buyer Agent Commissions
- 20:51 New Legal Requirements for Buyer Agents
- 21:01 Impact of House Bill 466 in Ohio
- 21:56 Negotiating Buyer Agent Commissions
- 23:54 Flat Fee Services and Market Changes
- 25:13 The Shift in Buyer and Seller Dynamics
- 26:40 The Role of Flexibility in Negotiations
- 30:17 Increased Transparency and Education
- 32:48 Creative Solutions for Closing Deals
- 37:20 Final Thoughts and Market Outlook
Resources Mentioned:
- Episode 23: Karma and Consequences
- Episode 18: Negotiating Buyer Agent Commissions in 2024
- Episode 14: How NAR Lawsuits Impact Sellers in 2024
- “You Can Sell It” by Glen Whitten
- Free Seller Net Sheet / Closing Cost Estimator
- Living To Listing: Home Prep Digital Course
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