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NAR Lawsuit Update

Monday, August 26, 2024   /   by Annie Junker

NAR Lawsuit Update

NAR Lawsuit Update

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NAR Lawsuit Update

The National Association of Realtors (NAR) Settlement marks a significant shift in how real estate transactions are conducted, particularly in how buyers and sellers, and their agents, navigate the process. Here's a breakdown of what the settlement means for you:

Key Changes:

  1. Signed Forms for Showings:

    • A new requirement mandates that agents obtain a signed form from buyers before showing any property, whether the showing is in-person or virtual. This is a crucial step to the home-buying process but ensures that all parties are clear on the terms of engagement from the outset.
  2. Buyer Compensation of Agents:

    • Traditionally, the seller's agent would compensate the buyer's agent through a portion of the final sale commission. However, under the new settlement, buyers may now be responsible for compensating their agents directly. This change introduces more flexibility but also requires careful negotiation and understanding of the costs involved.

Implications for Buyers:

  • Greater Transparency: Buyers will have a clearer understanding of how their agents are compensated, leading to more informed decisions.
  • Potential Cost Adjustments: The direct compensation model could mean an adjustment in how buyers budget for their home purchase.

Your Approach:

  • Consultation and Market Insight: It's important to have tailored advice based on your specific circumstances and the current market dynamics. A trusted agent can help you navigate these changes, ensuring you make the best decisions.

  • Commitment to Service: Despite these industry changes, the commitment to providing high-quality service remains unwavering. Experienced agents will continue to offer expert guidance, ensuring that clients are well-informed and well-served throughout the transaction process.

For personalized advice and to understand how these changes might affect your real estate plans, reaching out to a knowledgeable professional is crucial. This ensures that you are fully prepared and supported as the market evolves. Contact us and let us know if you have any questions.


804-350-0879 | chris@smallre.net | chrissmallgroup.com



*We know RVA neighborhoods! Chris Small and Small & Associates are the official Listing Leaders and Sales Leaders in Richmond's Fan and Museum Districts!

*In 2023, 83% of our listings sold at or over the list price, and 61% sold OVER the list price!


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It is my responsibility as your REALTOR® to ensure that when others around you are lowering their expectations, this becomes the time for us to switch gears and discover how to leverage the market effectively to achieve your goals.

If you would like to know more about the current market, or if you have any general real estate questions, call or text me on my cell phone at 804-350-0879 or you can email me at chris@smallre.net.

If you are looking to begin a home search, visit my website to get started! 

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    We are select partners with REALM and Leverage Global Partners. What does this mean for you as our client? If you are looking to relocate or buy a second home in an entirely different city (or on a different continent!), Small and Associates has you covered. As a member of these exclusive networks, we work with other like-minded agents and to put you in touch with the right REALTOR® outside of the Central Virginia area. If you or someone you know has been considering a unique move, let us be your guide.
     
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    In addition to being a partner to two exclusive global networks, I am a proud member of the Institute for Luxury Home Marketing and am a Certified Luxury Home Marketing Specialist. This means that I will market your property to the highest standards with access to the latest trends in the industry. I am the only Real Estate professional in the Central Virginia area with this designation!
    Are you interested in buying a second home but, aren't ready to fully commit to another property? As a part of our partnership with REALM, we can direct you to properties all over the world with Pacaso. Pacaso is Luxury Co-Ownership where you have the ability to  own a second house for 1/8 of the cost. Click here to learn more and to start shopping!
    Are you looking for your own slice of "La Dolce Vita"? Small and Associates has the connections to make it happen. We have personal contacts with firms in Italy and would be happy to help with your home search and make an introduction!
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