204. Real Estate Shifts: The National Association of Realtors (NAR) Settlement Impact Inside the Wolf’s Den an Entrepreneurial Journey with Shawn and Joni Wolfswinkel
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Welcome to the Inside The Wolf's Den Podcast with your hosts, Shawn and Joni Wolfswinkel! Today's episode discusses the recent seismic shifts in the real estate industry following the National Association of Realtors National Association of Realtors' (NAR) groundbreaking $418 million settlement of antitrust lawsuits. The settlement introduces two pivotal changes that are set to reshape how real estate transactions are conducted nationwide. Firstly, listing brokers are now prohibited from advertising compensation on the Multiple Listing Service (MLS), while commission arrangements between buyers, sellers, and agents must be independently negotiated, excluding fees from the listing price. Moreover, MLS participants, typically real estate agents, are mandated to establish written representation agreements with buyers, delineating the buyer's payment to the agent before home viewings, with the seller's coverage varying by transaction. The NAR settlement is poised to usher in a new era of heightened competition and market diversification within the real estate landscape. By fostering fair access to listings and curbing anti-competitive practices, the industry is expected to witness a more level playing field, enabling smaller brokers and agents to compete more effectively against larger firms.
As a result, we anticipate a broadening spectrum of players in the real estate market catering to diverse consumer needs, ultimately reshaping and revitalizing the industry for the benefit of all stakeholders. Tune in to stay abreast of the latest developments and insights in the evolving real estate terrain with Shawn and Joni Wolfswinkel!
YouTube Link: https://youtu.be/vnCoQG55OFk
Welcome to the Inside The Wolf's Den Podcast with your hosts, Shawn and Joni Wolfswinkel! Today's episode discusses the recent seismic shifts in the real estate industry following the National Association of Realtors National Association of Realtors' (NAR) groundbreaking $418 million settlement of antitrust lawsuits. The settlement introduces two pivotal changes that are set to reshape how real estate transactions are conducted nationwide. Firstly, listing brokers are now prohibited from advertising compensation on the Multiple Listing Service (MLS), while commission arrangements between buyers, sellers, and agents must be independently negotiated, excluding fees from the listing price. Moreover, MLS participants, typically real estate agents, are mandated to establish written representation agreements with buyers, delineating the buyer's payment to the agent before home viewings, with the seller's coverage varying by transaction. The NAR settlement is poised to usher in a new era of heightened competition and market diversification within the real estate landscape. By fostering fair access to listings and curbing anti-competitive practices, the industry is expected to witness a more level playing field, enabling smaller brokers and agents to compete more effectively against larger firms.
As a result, we anticipate a broadening spectrum of players in the real estate market catering to diverse consumer needs, ultimately reshaping and revitalizing the industry for the benefit of all stakeholders. Tune in to stay abreast of the latest developments and insights in the evolving real estate terrain with Shawn and Joni Wolfswinkel!
YouTube Link: https://youtu.be/vnCoQG55OFk