3 top takeaways from NAR’s meeting with the DOJ

Don’t attempt anything dubious. “NAR– and I personally– oppose any type of efforts to circumvent the negotiation,” Sears stated. And the DOJ is enjoying. “The technique changes must be implemented totally and in good belief, in the solution of advertising consumer empowerment, consumer choice, and healthy competition.” The association’s FAQ has more details.

Make sure kinds placed consumers. “The settlement empowers customers and brokers to discuss and mutually consent to services and payment that work for them,” Sears stated. “Realtors need to collaborate with customers to guarantee they completely recognize the alternatives offered to them while remaining to look for reasonable settlement for their services,” Sears stated, sharing suggestions for crafting clear, transparent buyer arrangements.

The National Association of Realtors on Friday shared a cautioning to members looking for “technicalities” or “job arounds” to its compensations legal action settlement contract: The Department of Justice is watching.

And “the DOJ seems particularly focused on whether form contracts are tools for that,” NAR President Kevin Sears said to participants in an upgrade posted Friday in the Realtor Center, an online discussion forum for its members.

Sears shared these leading takeaways to bear in mind as the industry approaches the August 17 target date for getting rid of offers of settlement from the MLS and obtaining written contracts prior to working with prospective buyers.