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Understanding the NAR Lawsuit Settlement

What You Need to Know

In March 2024, in response to a pending lawsuit judgment against them, the National Association of Realtors® released a set of proposed policy and practice changes that will reframe the relationship between real estate professionals and buyers. To be clear, the industry’s fiduciary commitment to the best interests of clients hasn’t changed, but the way agents and buyer clients formalize professional relationships will.

Changes to the Homebuying Experience

As a homebuyer, this proposed settlement means there will be some changes to your real estate experience:

1. Required Buyer Agreements

Prior to this settlement proposal, it was acceptable (though not widely practiced) for buyer’s agents to forge relatively informal, unwritten agreements with their clients regarding service. Following these proposed changes, buyers must sign a service agreement with a real estate professional in order to be shown homes. 

2. Buyer’s Agent Compensation

Prior to the proposed changes in the settlement, buyer’s agents were compensated via a cooperation agreement with the seller and seller’s agent facilitated by the multiple listing service. While this sort of cooperation is still allowed, the MLS is no longer allowed to coordinate it. Buyer’s agents will now be responsible for negotiating their own compensation with clients. 

FAQ

As a homebuyer, these changes will require new, important conversations between you and your real estate professional. A buyer service agreement will formalize your agent’s fiduciary responsibility to you, further protecting your interests. It will allow the opportunity for real, transparent communication with your agent around compensation, offering you a clear understanding of the cost of services and how those services benefit you. 

These conversations will ultimately set buyers up for greater success in their transactions. More buyers will start the home search process with a clear understanding of their strategy, how their agent will support them, and what it will take to get to the closing table. 

Two major changes: First, compensation offers to buyer’s agents will no longer be displayed on the MLS, and the MLS won’t be allowed to facilitate commission cooperation between the buy and sell sides of transactions. Second, all buyers will be required to sign a buyer agreement with their agent outlining service terms, including commission requirements.

How I Work with Buyers

As my client, you can expect nothing but the highest level of service and counsel. I take my fiduciary commitment to you extremely seriously and believe that the best way to advocate for your best interests is through preparation. For each property my clients consider, I create a complete set of market research, potential pricing and offer strategies, contract negotiation tactics, and more. 

Before the NAR lawsuit settlement proposal, some buyer’s agents were able to get away with doing the bare minimum. Thanks to assumed cooperation with the seller, they might get paid for simply showing up, unlocking doors, and pushing papers. While that was never my approach, it is now no longer the world we live in. As my client, you can rest assured that I will provide you with expert-level service and advice throughout our professional relationship.

What My Client Say

Allison

Allison

After having moved from out of state, we were in temporary housing trying to find the right place for our family. We fell in love with this home and all that it offers. With her expert help, we were able to secure the home in a...
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Cameron & Erika

Cameron & Erika

We had an amazing experience with Lauren in the recent purchase of our new family home. We were searching from afar, living on the west coast and planning a big cross-country move amid the house search. We did all our tours vir...
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Amanda

Amanda

Lauren went above and beyond to help us in our home-buying process. She was always available when needed and you can tell that she really cares about the experience and results. I highly recommend her!
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Laura

Laura

Lauren is knowledgeable, accommodating, thorough, and very patient with all the ups and downs of purchasing a home. Her expertise and reasonable manner made what can be a complex process seamless. She listens to your needs and ...
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Rose

Rose

Lauren was incredibly helpful and supportive throughout our first-time home-buying experience. She guided us through every step and really went above and beyond our expectations of a realtor. Lauren is fast, thorough, responsiv...
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Dee

Dee

Lauren Niles is a truly exceptional Real Estate Agent and human being. She knows the business inside and out and is very willing to share her knowledge. Working with Lauren was very easy and smooth. She took a methodical and or...
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Hannah

Hannah

We're new to the area and first-time home buyers. Lauren was recommended to us by a friend in Boston. She has been a great resource to learn about the area, she's extremely responsive and always has a positive attitude. I never...
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Matt

Matt

To the prospective home-buyer, My wife and I recently worked with Lauren while purchasing our first home. We came into the process unsure and inexperienced in the world of real estate. Lauren was amazing, honest, highly profess...
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Karen & Jay

Karen & Jay

My husband and I were lucky to have Lauren Niles sell our house. She was instrumental in every step, from advising us on what tasks should be accomplished prior to the open house, to finding the best timing for our open house, ...
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Therese

Therese

Lauren Niles is the best real estate agent when it comes to the Southern Vermont area. I know this because she went above and beyond in making the search and purchase of my new property very easy. Lauren listened to my requirem...
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