May is Commission and Compensation Month here at Inman. We’ll sort through the noise and misinformation and provide you with the most up-to-date facts and strategies about how to prosper in the wake of the commission settlements. And look for straight-to-your inbox updates with Inman’s new weekly digest, Commission Chronicles.
Pulse is a recurring column where we ask for readers’ takes on varying topics in a weekly survey and report back with our findings.
Earlier this month, NAR Chief Legal Officer Katie Johnson sent an email to NAR members clarifying policy changes that follow the trade group’s recent commission lawsuit settlement. Among these clarifications is the requirement for brokers and agents to sign contracts with buyers they are “working with” before the buyer “tours any home.”
With questions of agency, agreements and compensation on the line, we asked you to let us know: Did NAR’s clarification provide the insight you need? Here’s what you had to say:
- No
- 100 percent
- No, on many Realtor forums I read, it appears it is still very unclear to many how one would have the seller pay a BA. What does it actually look like in writing. What ways if more than one, can a seller allow a buyer to finance the additional monies for any fee not covered by the seller?
- Not at all
- I believe NAR did clarify the info they require through the settlement agreement, however, I am against NAR putting into place requirements for how any brokerage, broker, or agent charges fees, collects fees, or articulates how they get paid. They preach about how requiring the use of the MLS, yet they are the one and only organization overseeing the entire Realtor group with zero competition! Interesting how that works …
- Not really
- No, just more confusion, more rules from people who aren’t doing our job in person. Every time we hear more, it’s more confusing, less helpful, and has no apparent benefit.
- Yes
- We often forget that real estate is local. We got a pretty good outline of the conditions of the settlement from Katie and now we wait for our state association to finish the forms and details for our market.
- It’s very clear. Will Realtors follow the rules? Top 20 percent that really understand, yes. The rest, uhhh no. We are in BIG trouble.
What did we miss? Please share your thoughts in the comments section below.
Editor’s note: These responses were given anonymously and, therefore, are not attributed to anyone specifically. Responses were also edited for grammar and clarity. Inman doesn’t endorse any specific method and regulations may vary from state to state.