NAR Lawsuits Update – new guidance for REALTORS®

In the wake of a just verdict in Minnesota, many REALTORS® are asking “what’s next?”

STATEMENT from NAR President Tracy Kasper

To this, the National Association of REALTORS® legal team presented an update during the NAR NXT meetings in Anaheim.

Here is a synopsis of that presentation:

In the case of Burnett v. NAR et al, on Tuesday, Oct. 31, the jury found NAR and the co-defendants liable. The plaintiffs claimed real estate commission rates are too high, buyer brokers are being paid too much and that NAR rules and corporate defendants’ practices lead to set pricing.

The reality is that NAR rules prioritize consumers, support market-driven pricing and promote business competition. We stand by the fact that NAR’s guidance for local MLS broker marketplaces ensures consumers get comprehensive, equitable, transparent and reliable home information and that brokerages of any size, service or pricing model get a fair shot at competing.

“This verdict does not change anything about our rules or our practices. But we must double down on our explanation of services and our level of compensation”

– Lesley Muchow NAR VP of Legal Affairs

Advice for REALTORS®

What does this mean for me and my business?

Here are two great sources for developing a list of services a buyer agent performs – and Compensation.realtors