Apart from the release of liability, what are the other key terms of NAR's settlement agreement?

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Chicago voters reject transfer tax after NAR advocacy blitz | Apart from the release of liability, what are the other key terms of NAR's settlement agreement? | Help home buyers prepare for life stages

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March 27, 2024

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Chicago voters reject transfer tax after NAR advocacy blitz REALTORS® launched an effort to educate consumers about the potential pitfalls of the proposed measure. Full Story: REALTOR® Magazine (3/26)

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Settlement Answers

Apart from the release of liability, what are the other key terms of NAR's settlement agreement?

Compensation offers moved off the MLS. NAR has agreed to put in place a new rule prohibiting offers of compensation on the MLS. Offers of compensation could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. And sellers can offer buyer concessions on an MLS (for example, concessions for buyer closing costs), as long as such concessions are not limited to or conditioned on the retention of or payment to a buyer representative. This change will go into effect in mid-July. Written agreements for MLS participants acting for buyers. While NAR has been advocating for the use of written agreements for years, the association agreed in this settlement to require MLS participants working with buyers to enter into written agreements with their buyers. This change also will go into effect in mid-July. Settlement payment. NAR would pay $418 million over approximately four years. This is a substantial sum, and NAR says it will be incumbent on the association to use its remaining resources in the most effective way possible to continue delivering on its core mission. NAR will not change membership dues for 2024 or 2025 because of this payment. NAR continues to deny any wrongdoing. NAR still maintains that cooperative compensation and the association's current policies benefit buyers and sellers. They promote access to property ownership, particularly for lower- and middle-income buyers who can have a difficult-enough time saving for a down payment. With this settlement, NAR says it is confident that the association and its members can still achieve those goals. Get more facts about the settlement at facts.realtor.

Best Practices in Sales & Marketing

Help home buyers prepare for life stages Homeowners' needs change as they ramble through life. One minute, a two-story house with a landscaped yard fits their family's needs. Before too long, they're empty nesters who find it hard to navigate stairs and handle maintenance. Help your buyers match the type of house that will bring them joy with three of life's stages. Full Story: REALTOR® Magazine/The Lounge (10/28)

Be a thought leader on LinkedIn An effective LinkedIn content strategy should focus on providing value rather than trying to follow the latest trends, writes Noa Eshed, owner of Bold Digital Architects, who cites a recent discussion involving LinkedIn's Dan Roth and Tim Jurka. Top strategies include prioritizing high-quality posts, interacting with others' content and posting on a regular basis to be regarded as a thought leader, Eshed writes. Full Story: Forbes (tiered subscription model) (3/25)

Real Estate Trends

How the new generation is changing home buying Young buyers are researching real estate agents and properties on social media. Here's how you can amplify your online presence and engage with clients and prospects on the platforms they use. Full Story: REALTOR® Magazine/Culture Scan (3/25)

Renting more affordable than buying in all major U.S. cities Consumers find it is more affordable to rent a home than buy one in all top 50 U.S. metro areas, according to Realtor.com. Elevated high home prices and mortgage rates are key reasons driving this calculation, the report said. Full Story: MarketWatch (tiered subscription model) (3/26)

Elements that elevate interiors above passing fads Stripes, wallpaper and earth tones are among timeless design elements that experts say transcend passing trends. Natural materials and neutral colors are also timeless. Full Story: Real Simple (3/26)

Technology & Innovations

Home buying, design go online The rise of online home buying, smart homes and digital tools for interior design are among leading technology trends shaping real estate. "Utilizing technology that shows 3D views of homes for online tours, being able to text an online sales manager for real-time assistance, and offering virtually staged homes to help buyers get a better sense for how their new home will look, are among top trends to emerge," writes Todd Rasmusen of homebuilder Taylor Morrison. Full Story: InnovationMap/Houston (3/26)

Fair & Equitable Housing

Affordable housing could be part of Va. arena project JBG SMITH has increased its affordable housing commitment in connection to a potential arena project in Northern Virginia to include 1,000 units. The project still needs the approval of state lawmakers for its public financing structure. JBG SMITH's A.J. Jackson noted that the REIT was upping its commitment to "prevent displacement in advance of the arena's opening so that as many Alexandrians as possible are able to take advantage of this incredible economic development opportunity." Full Story: The Business Journals (tiered subscription model)/Washington, D.C. (3/22)

Legislation & Regulation

U.S. banks raise Q-factor amid CRE concerns U.S. banks are increasingly adjusting the qualitative factor, or "Q-factor," in their credit risk models to account for challenges in the commercial real estate market. Full Story: Risk (subscription required) (3/25)

Interest-rate outlook set to benefit banks The higher-for-longer interest-rate scenario is helping banks, taking pressure off deposit repricing and asset values but boosting interest earnings. A return to ultralow rates is also less likely, meaning lending and securities earning potential is less squeezed. Full Story: The Wall Street Journal (3/25)

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