NAR Litigation Update

Despite all of the news circulating about the NAR lawsuit proposed settlement, it's important to carry on with your usual business activities and remain patient about the changes that will lie ahead. 

Right now, there are no rule changes that would alter how you currently operate as a real estate professional. You should be adhering to your broker's Standard Operating Procedures and maintaining your usual professional approach when representing buyers and sellers, ensuring transparency and honesty throughout.

While the final settlement is likely to result in new rules, processes, and paperwork, none are currently in effect. LIBOR continues to encourage REALTORS® to utilize our Buyer Representation Agreement (which can be downloaded HERE) but as stated, there are no current mandates resulting from the settlement at this time.

Don't get swayed by pundits and media reports that might not be accurate. They sometimes present opinions as facts, like claiming there's a “standard” commission rate in real estate, which isn't true. As a REALTOR®, you should educate clients about how compensation is negotiable, your value, and professionalism, particularly in these uncertain times.

Convey to clients the importance of your role within transactions, your indispensable contribution to their success, and the rationale behind your compensation. LIBOR has provided a wealth of resources on the Benefits of Working with a REALTOR® on our website HERE.

Please find a video message from LIBOR’s President Kevin Leatherman, HERE. To stay up-to-date on the latest developments, visit facts.realtor, competition.realtor and lirealtor.com/litigationupdate.

As always, LIBOR is committed to keeping our members informed and will continue to keep you updated with the latest developments.

Warm Regards,

Doreen Spagnuolo

CEO, Long Island Board of REALTORS®