Property Invests
Following the August rule changes, commissions for both buyer and seller agents fell, but they have since rebounded, according to an AccountTECH study that analyzed more than 224,000 transactions from 1,290 real estate offices.
The consumer guides, published on NAR's "facts" page, cover a variety of subjects aimed at educating buyers and sellers, including settlement-related topics, questions to ask agents and transaction details.
Don't forget to study: NAR advises first-timers to seek out the help of a real estate professional (naturally), but reminds consumers to do their homework before deciding on an agent.
However, the report also included calls for NAR to "modernize its approach and focus on remaining relevant in an evolving industry, particularly by addressing the concerns of its members and ensuring stronger leadership moving forward."
In its latest guide, NAR doesn't address the new rules directly but explains what it means for agents to act in the best interest of buyers and sellers.
Some brokerages — including giants like eXp and Anywhere — are advising their agents to use proprietary forms and avoid those from state associations, largely due to concerns with length, legal jargon and provisions that could be deemed unfriendly to consumers.
The overall takeaway, T3 Sixty said, was that survey results "indicate a clear need for NAR to improve its communication and support efforts, address leadership and organizational issues and provide comprehensive training and resources."