NAR Commission Settlement

[Jordan Moorhead]

There was a large lawsuit over real estate commissions settled nationally last week and I'm curious what everyone's thoughts are on what if anything it will change in the real estate industry?

From my perspective a 6% commission has never been required. I've never heard it required working as an agent and have sure sold plenty for well under the 6% commission that the lawsuit says was required!

The best I understand it commissions will no longer be displayed on the MLS and buyers representation agreements will be required along with a compensation disclosure that everyone signs showing what the buyers broker will make.

Realtors aren't going anywhere as the home buying process is not simple and easy. I think more and more Realtors will leave the business, which is great for those of us willing to put in the work and navigate the changes so we can still help people buy homes. It's also great for the customer as a part time Realtor does more harm than good.

I've sold real estate in Minneapolis - Saint Paul, Austin Texas, bought a lot in Louisville KY and am also currently licensed in Florida. Many of these new requirements are things that were already required by at least one of these places.

I'd love to hear everyone's thoughts!