Peer guidance, advocacy support and consumer outreach are helping to create a smooth transition to new practices.
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What Has Your Experience Been So Far?

That’s the question residential real estate practitioners around the country have been discussing since new business practices went into effect Aug. 17. On the surface, the practice changes, resulting from the National Association of REALTORS®’ proposed settlement to end seller litigation regarding buyer agent compensation, are simple and straightforward:

Offers of compensation are no longer communicated on the MLS.

Written buyer agreements are required before touring a property with the buyers either in person or virtually.

Of course, there is an array of details that brokers and agents have been working through, including how to define their service options and communicate their value; how to discuss compensation with buyers, sellers and their fellow practitioners; and how to ensure they are maximizing consumer choice.

So far, so good.

“I was not surprised at all on Aug. 17,” said NAR President Kevin Sears in a recent “On the Road” video, recorded at NAR’s Leadership Week in Chicago. “The sun came up, and we were able to continue to do business and to serve our clients and our association.”

It will take time to know the full impact of the practice changes. In the meantime, the national, state and local REALTOR® associations have been working to bring you the guidance and support you need to operate under the new rules—while reinforcing the value that agents who are REALTORS® bring to their clients.

Guidance From Peers and Pros

Speaking at the REALTORS® Legislative Meetings in May 2024, Long Beach, Calif., broker and national speaker Barb Betts, CRS, encouraged agents and brokers to think about the practice changes as an opportunity to develop business offerings that play into their strengths, their capabilities, and market conditions. Following the meetings, REALTOR® Magazine asked Betts and others to share their guidance on navigating the practice changes. Here are excerpts. Full articles, as well as podcast episodes discussing the practice changes, are available at magazine.realtor.

Support in the Advocacy Arena

Since March, when the proposed settlement was announced, NAR’s advocacy team has been working methodically to educate lawmakers on the settlement—without losing focus on important policy priorities. Here’s how the association has helped clear regulatory hurdles:

The Facts—and More

For the single source of truth on settlement-related information, including FAQs, videos, downloadable handouts for your customers and other resources, visit facts.realtor.

Reinforcing Your Value

NAR has been proactively communicating about the practice changes with members, consumers and the media. An Aug. 14 virtual media tour, for example, generated 40 interviews, produced 460 airings and reached an audience of more than 17 million. 

Such interviews help lay a foundation: Real estate professionals who are REALTORS® are knowledgeable, transparent, and essential to the real estate transaction. And through a grassroots outreach initiative launched in June, NAR and the state and local associations are amplifying that message by equipping hundreds of surrogates with content to share. Join the program: email surrogates@nar.realtor.

NAR also spreads the word about your value through its Consumer Ad Campaign, “That’s Who We R.” Between May and early August, the ad campaign partnered with Bloomberg Radio, a news source that reaches an influential audience of opinion leaders, with a reach of almost 40 million listeners per month . During the 13-week partnership, Bloomberg aired custom 30- and 60-second scripts written by NAR and read by their authoritative hosts. In addition, the campaign’s core radio spots about REALTOR® ethics, expertise and value ran hundreds of times across the Bloomberg network, generating over 34 million media impressions. All audio scripts are available for download at ThatsWhoWeR.realtor.  

Most recently, the campaign released new  audio spots about buyer agreements and the REALTOR® Code of Ethics that will be heard on more than 2,000 local radio stations and prominent streaming platforms, including iHeart, Spotify, Amazon Music, and YouTube Music. New paid social media ads on these topics will post later this month on Facebook and Instagram.

Appeal to the Highest Court 

Residential real estate remains under scrutiny by plaintiffs’ attorneys and by the Department of Justice. One case involving the DOJ stems from an investigation opened by the department in 2019. NAR reached a settlement with the DOJ in November 2020, agreeing to a series of practice and MLS policy changes. But in 2021, after those changes were put into effect, the DOJ announced that it was withdrawing from the agreement and reopening the investigation. NAR filed a lawsuit seeking to prevent the DOJ from reneging on its agreement. A district court ruled in favor of NAR, but that decision was reversed upon appeal. NAR will be asking the U.S. Supreme Court this fall to affirm the district court’s ruling and require the DOJ to abide by its agreement.

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