What the NAR Settlement Means for Home Sellers Home Search Made Simple Find Your Home Advanced Search Sell Your Home What the NAR Settlement Means for Home Sellers As a home seller, you have many options when it comes to listing your property, and working with a REALTOR® can help you navigate this complex process with confidence. Recent changes following the National Association of REALTORS® (NAR) settlement have brought important updates related to broker commissions, and these updates can benefit sellers like you. Here’s a breakdown of what the settlement means and how it impacts your selling decisions: What the NAR Settlement Means for You as a Seller Flexibility in Offering Compensation to Buyer BrokersYou still have the option to offer compensation to buyer brokers. While not required, offering compensation can be a strategic way to attract more buyers or make your listing more appealing. Mandatory Disclosure of Broker PaymentsYour agent is now required to clearly disclose and obtain your approval before any payment or offer of payment is made to another broker representing buyers. This disclosure must be made in writing and clearly outline the amount or rate of the payment. Changes to How Compensation is OfferedIf you decide to offer compensation to buyer brokers, there are new rules in place. While you can still make an offer of compensation, your agent can no longer include this on the Multiple Listing Service (MLS)—a system brokers use to share property listings. Instead, your agent can market your listing and compensation offers through alternative platforms like social media, flyers, or websites. Buyer Concessions on the MLSAlthough compensation offers to buyer brokers can no longer be listed on the MLS, you can still offer buyer concessions (e.g., covering closing costs) on the MLS to make your listing more competitive. These changes officially went into effect on August 17, 2024. What Hasn't Changed REALTORS® Still Have Your Best Interests in MindAgents who are REALTORS® remain committed to helping you navigate the home-selling process, and they are ethically bound by the REALTOR® Code of Ethics to act in your best interest. Negotiable Agent CompensationCompensation for your listing agent remains fully negotiable. Your REALTOR® will have transparent discussions with you about how compensation works, so be sure to ask questions and explore your options when selecting an agent. You Have More ChoicesThis settlement has given you more flexibility in deciding how to list and market your home. Work closely with your agent to understand all the options available to you, so you can make the best decision based on your specific needs and goals. Downloadable Consumer Guides For a deeper dive into the changes brought by the NAR settlement and how they impact home sellers, explore the following consumer guide: Consumer Guide: Offers Of Compensation This guide provides essential insights to help you better understand how the recent changes affect your home selling experience. For more detailed information about these changes and their implications for home sellers, visit facts.realtor. Have Questions About the NAR Settlement Changes?Understanding the recent updates can make a big difference in your home selling experience. We're here to help you navigate every step. Contact Us for a Free Seller ConsultationGet expert guidance tailored to your needs. Call us at (813) 857-1543 or Contact us to schedule your consultation today! Get an Instant Property Valuation now!