GAAR Greater Association of Realtors

Home Sellers

Here's What the NAR Settlement Means for You

Source: Greater Albuquerque Association of REALTORS

Want to know what this means for Home Buyers? CLICK HERE

As a home seller, you have a wide range of choices when it comes to listing your home. Brokers who are REALTORS® are a trusted source of advice and stand ready to help you navigate this complex process and make the choices that work best for you. NAR’s recent settlement has led to several changes related to broker commissions that benefit sellers, and we wanted to clearly lay them out for you.

Here is what the settlement means for home sellers:

  • You still have the choice of offering compensation to buyer brokers. You may consider doing this as a way of marketing your home or making your listing more attractive to buyers.

  • Your broker must conspicuously disclose to you and obtain your approval for any payment or offer of payment that a listing broker will make to another broker acting for buyers.

  • This disclosure must be made to you in writing in advance of any payment or agreement to pay another broker acting for buyers, and must specify the amount or rate of such payment.

  • If you choose to approve an offer of compensation, there are changes to how this can happen.
  • You as the seller can still make an offer of compensation, but your broker cannot include it on a Multiple Listing Service (MLS)—MLSs are local marketplaces used by both buyer brokers and listing brokers to share information about properties for sale.
  • Your broker can advertise your listing via off-MLS platforms such as social media, flyers and websites.
  • You as the seller can still offer buyer concessions on an MLS (for example, concessions for buyer closing costs).

 

Practice changes will go into effect for the Greater Albuquerque Area on August 1, 2024

 

Here is what the settlement doesn't change:

  • Brokers who are REALTORS® are here to help you navigate the process of selling your home and are ethically obligated to work in your best interest.
  • Compensation for your broker remains fully negotiable, and if your broker is a REALTOR®, they must abide by the REALTOR® Code of Ethics and have clear and transparent discussions with you about compensation. When finding a broker to work with, ask questions about compensation and discuss what you would like to offer buyers.
  • You have choices. Work with your broker to understand the full range of these choices when selling your home. which will help you make the best possible decision for your needs.

 

More details about these changes and what they mean can be found at facts.realtor

Source: Greater Albuquerque Association of REALTORS