The National Association of Realtors (NAR) recently announced that listing brokers are allowed to offer $0 commission when the Sitzer/Burnett suit trial starts. The suit, initiated in 2020, focuses on the legality of post-listing service fees and contractual addendums that are tacked onto real estate transactions. When the trial commences later this month, all NAR members will be allowed to charge $0 commission from the time of listing until the end of the transaction.
The NAR’s goal in allowing $0 commission is to provide more options to agents and brokers who serve as listing agents in residential real estate transactions. This announcement is especially relevant to members of the organization, who might want to take advantage of the current climate of competitive listing fees. The NAR is committed to offering its members the flexibility they need to maintain healthy operations.
The implications of this decision are wide-reaching, as it is a further reflection of the changing landscape of the residential real estate industry. Agents now have more options when structuring their fees, and brokers can increase their services to accommodate these changes. It is yet to be seen how other industry organizations will respond to the changes this decision by the NAR will bring, but it is certain to cause a major shift in the real estate business.
Key Points:
– The NAR announced listing brokers can offer $0 commission when the Sitzer/Burnett suit starts
– The suit focuses on whether post-listing service fees and addendums are legal
– NAR members can charge $0 commission up until end of transaction
– Allows members more options to structure fees
– Implications are wide-reaching, changing the landscape of the residential real estate industry
You can read this full article at: https://www.housingwire.com/articles/nar-to-allow-listing-brokers-to-offer-0-commission/(subscription required)
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