Despite a number of important news stories throughout 2024, the industry-shaking news that NAR agrees to terms of settlement following an Antitrust Commission lawsuit that will forever change the way agents and brokers do business There was nothing that exceeded that.
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What a great year it has been for residential real estate.
The real estate profession is adapting to changes following the settlement of Antitrust Commission lawsuits, facing scrutiny from the Department of Justice (DOJ), reevaluating long-standing practices like tripartite agreements, and the National Association of Realtors… (NAR) welcomed challengers. , faced allegations of misconduct and more.
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Inman readers voted this week to determine which industry news is the biggest of the year. Despite a number of important news stories throughout 2024, the industry-shaking news that NAR agrees to terms of settlement following an Antitrust Commission lawsuit that will forever change the way agents and brokers do business There was nothing that exceeded that.
The industry giant agreed to pay $418 million in damages over four years and enact industry reforms that will go into effect this summer.
“We have always wanted to relieve significant burdens on our members and provide a path forward for our industry,” NAR Chairman Kevin Sears said in an email to members when the settlement was announced. “That is why today we are announcing a proposed settlement agreement that ends claims litigation brought on behalf of home sellers related to brokerage commissions.”
Read this year’s full story using the link below.
NAR Interim CEO Nikia Wright (left) and President Kevin Sears (right).
“NAR agrees to significant changes to $418 million fee settlement.”
Written by Taylor Anderson
The National Association of Realtors was in the spotlight this year when it announced a $418 million settlement in an Antitrust Commission case that has rocked the industry in recent years. The settlement, to be paid by NAR over the next four years, also provides for a series of industry practice changes that agents, brokers, associations and MLSs must implement by August 17, 2024.
In it, NAR agreed not to create rules that would allow listing agents to set compensation for buyer brokers. The association also enacted new rules prohibiting compensation offers from being made within MLS. Buyer brokers who are MLS participants are also required to enter into a written representation agreement prior to home tours.
The terms of the settlement fundamentally change the way real estate professionals view their roles as salespeople and advisors, and have already begun to impact how consumers view the industry, according to early data from Inman Intel.
Email Lillian Dickerson
