Real Estate Lawsuits
You may have heard about recent lawsuits that are threatening to reshape the landscape of the real estate industry. Some real estate agents may have fallen short in their communication and adherence to the REALTOR® Code of Ethics, leaving consumers feeling a bit confused and upset.
As a result, a series of lawsuits have been filed, accusing multiple parties -including the National Association of REALTORS® as well as several major brokerages – of violating Antitrust laws due to a lack of transparency in how real estate agents get paid. It is evident that our consumers demand what has always been due to them, and which many of us have always provided in accordance with our REALTOR® Code of Ethics.
Real estate professionals as a whole must continue to have transparent conversations about the services we provide and how we get paid. It is our job to explain what the consumer can expect when choosing to work with us and how we will help them navigate through the complexities of what, in many cases, is one of the most significant financial transactions of their lifetime.
If you have not seen buyer representation agreements, you are likely to see them going forward. These agreements provide agents with the opportunity to conduct these important conversations with our clients regarding our value, the services provided, and how we will work with our clients’ best interests in mind. It is crucial to emphasize unequivocally that compensation has always been, and continues to be, negotiable.
Have More Questions?
If you have any questions or concerns regarding these legal developments or would like to delve deeper into this matter, please feel free to reach out. We are here to continue providing our clients with top-notch industry expertise, maintaining transparency while keeping you up to date on the evolving dynamics within the real estate industry.
Please also reach out if you would like a free copy of 105 More Ways Buyers’ Agents Who Are REALTORS® Are Worth Every Penny of Their Compensation or 79 Ways Sellers’ Agents Who Are REALTORS(R) are Worth Every Penny of Their Compensation.