Dear Reader: The real estate industry is about to see major changes.

The National Association of REALTORS® reached an agreement to resolve nationwide claims brought by home sellers.

“Consumer choice is paramount, particularly when it comes to determining the nature and cost of professional representation in a real estate transaction. It is deeply concerning that the Consumer Federation of America has taken a position on listing agreements and offers of compensation that would harm consumers by leaving them with less choice than ever before.

Form agreements serve as a positive foundation for real estate professionals to engage in clear and open conversations with consumers about the full range of choices when it comes to professional representation and compensation. … NAR encourages associations and other form providers to address form updates early and educate real estate professionals to ensure they can confidently engage with consumers about what the practice changes and form agreements mean for consumers.To be clear, NAR opposes any attempts to circumvent the settlement: members and associations must implement the practice changes fully and in good faith, doing so with the goal of promoting consumer empowerment, consumer choice and healthy competition.

Offers of compensation also remain an important option available to consumers. Under NAR’s proposed settlement related to broker commissions, home sellers can continue to choose to offer.” (National Board of Realtors NAR)

So, what does this all mean? Realtors are more important than ever to represent buyers and sellers. Commissions paid will be negotiated between the seller and the buyer.

I will have more information for you in my future articles on the new changes.

Thought for the Day:For every minute you are angry, you lose 60 seconds of happiness. (Ralph Waldo Emerson)