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Brokerage Panic: After NAR Settlement, Industry Leaders Strategize Next Moves
From more negotiations to the setting of list prices and an increased possibility of fair housing violations, industry leaders say agents will face many changes if the settlement is approved
If the settlement receives approval, industry leaders anticipate several changes for agents, including heightened negotiations, adjustments in setting list prices, and an increased risk of fair housing violations.
Within the first 24 hours of the National Association of Realtors' (NAR) settlement agreement on commission lawsuits being made public, Doug Danzey, head of The Cobalt Group, a team under eXp Realty, noted that panic was the prevailing emotion among his agents.
Danzey expressed that many agents seemed uncertain about the implications of the settlement and the changes it would bring to their work. Previously, agents often relied on the MLS to determine their potential earnings from a listing, but with the new rules, this approach would no longer be applicable.
While Danzey acknowledged that the decision by NAR to settle wasn't entirely unexpected, he found the rapid implementation schedule for the new rules, set for July, surprising. Jessica Edgerton, Chief Legal Officer at LeadingRE, shared similar sentiments, expressing surprise at the timing of the settlement and the swift rollout of the changes.
Edgerton highlighted that many agents across the industry have raised concerns, particularly regarding the tight timeline outlined in the settlement. She emphasized the need for agents to act promptly, given the accelerated pace of changes, which caught many off guard.
Moreover, industry leaders such as Ryan O'Neill, who heads the Minnesota Real Estate Team under RE/MAX Advantage Plus, mentioned that agents are frustrated by the lack of clear guidance from industry trade groups regarding the implications of the settlement.
Sourced from Housing wire
