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Understanding the

NAR Lawsuit Settlement

What You Need to Know

In March 2024, in response to a pending lawsuit judgment against them, the National Association of Realtors® released a set of proposed policy and practice changes that will reframe the relationship between real estate professionals and buyers. To be clear, the industry’s fiduciary commitment to the best interests of clients hasn’t changed, but the way agents and buyer clients formalize professional relationships will.

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Changes to the Homebuying Experience

As a homebuyer, this proposed settlement means there will be some changes to your real estate experience:

1. Required Buyer Agreements

Prior to this settlement proposal, it was acceptable (though not widely practiced) for buyer’s agents to forge relatively informal, unwritten agreements with their clients regarding service. Following these proposed changes, buyers must sign a service agreement with a real estate professional in order to be shown homes. 

2. Buyer’s Agent Compensation

Prior to the proposed changes in the settlement, buyer’s agents were compensated via a cooperation agreement with the seller and seller’s agent facilitated by the multiple listing service. While this sort of cooperation is still allowed, the MLS is no longer allowed to coordinate it. Buyer’s agents will now be responsible for negotiating their own compensation with clients.

FAQ

As a homebuyer, these changes will require new, important conversations between you and your real estate professional. A buyer service agreement will formalize your agent’s fiduciary responsibility to you, further protecting your interests. It will allow the opportunity for real, transparent communication with your agent around compensation, offering you a clear understanding of the cost of services and how those services benefit you. 

These conversations will ultimately set buyers up for greater success in their transactions. More buyers will start the home search process with a clear understanding of their strategy, how their agent will support them, and what it will take to get to the closing table. 

Two major changes: First, compensation offers to buyer’s agents will no longer be displayed on the MLS, and the MLS won’t be allowed to facilitate commission cooperation between the buy and sell sides of transactions. Second, all buyers will be required to sign a buyer agreement with their agent outlining service terms, including commission requirements.

Yes. Luxury Presence has created a strategy guide for agents seeking advice on negotiating buy-side compensation. Get your copy of The Future of Buy-Side Compensation here

The best agents have shifted their thinking from the top line to the bottom line. They're obsessed with the client experience. They're taking action very quickly to level up the technology in their businesses because they understand it's the only way to deliver strong profitability and a world-class client experience.

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How I Work With Buyers

As my client, you can expect nothing but the highest level of service and counsel. I take my fiduciary commitment to you extremely seriously and believe that the best way to advocate for your best interests is through preparation. For each property my clients consider, I create a complete set of market research, potential pricing and offer strategies, contract negotiation tactics, and more.

Before the NAR lawsuit settlement proposal, some buyer’s agents were able to get away with doing the bare minimum. Thanks to assumed cooperation with the seller, they might get paid for simply showing up, unlocking doors, and pushing papers. 

While that was never my approach, it is now no longer the world we live in. As my client, you can rest assured that I will provide you with expert-level service and advice throughout our professional relationship.

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Testimonials

Read what our clients have to say about working with us.
"Jody was very diligent in working to sell our home and acreage. When there was not a lot of activity early in the listing, he was flexible and creative in helping us think of ways to carve out pieces of the property to sell separately which resulted in greater overall sales proceeds for us."
"Jody was very diligent in working to sell our home and acreage. When there was not a lot of activity early in the listing, he was flexible and creative in helping us think of ways to carve out pieces of the property to sell separately which resulted in greater overall sales proceeds for us."
Seller
"Jody is excellent! My property had been on the market with another real estate agent and never sold, for a lengthy period of time, and at a much lower price. Jodi listed my property, and within 24 hours, he had buyers at a much higher price. If you have property for sale and are experiencing a tough time selling. He’s your Man! Thank you, Jody."
"Jody is excellent! My property had been on the market with another real estate agent and never sold, for a lengthy period of time, and at a much lower price. Jodi listed my property, and within 24 hours, he had buyers at a much higher price. If you have property for sale and are experiencing a tough time selling. He’s your Man! Thank you, Jody."
Shriley B.
"Being that I live out of state, I contacted a very successful business man in the Greenville/Anderson county area asking if he could recommend a good realtor. Jody came very highly recommended. From my first contact he was a great listener, insightful, an excellent communicator and very respectful. The property was shown and marketed with excellence and I was never pressured to lower the price just for a quick sale. It sold quickly and I am most pleased with the entire transaction and Jody’s professionalism."
"Being that I live out of state, I contacted a very successful business man in the Greenville/Anderson county area asking if he could recommend a good realtor. Jody came very highly recommended. From my first contact he was a great listener, insightful, an excellent communicator and very respectful. The property was shown and marketed with excellence and I was never pressured to lower the price just for a quick sale. It sold quickly and I am most pleased with the entire transaction and Jody’s professionalism."
Donna R.
"Jody was great to work with. He has listed multiple properties for me. He is always professional and very knowledgeable about his field. I will definitely use him again."
"Jody was great to work with. He has listed multiple properties for me. He is always professional and very knowledgeable about his field. I will definitely use him again."
Gene S.
"Cann, A very belated but heartfelt thank you for representing my sister-in-law and me last summer in selling our land in Anderson County. You did and excellent job and I want to especially thank you. You were very professional but at the same time friendly and considerate. You listened to us and understood what we wanted. You were very efficient and delivered. As you know another agent had handled the land for a number of years with only one offer that fell through. You, in a very timely manner, presented us a very good offer. You followed through all the details needed to make the sale including a tricky estate issue. Thank you again very much for all you did to make the sale go through swiftly and efficiently. I wish you much success in your business."
"Cann, A very belated but heartfelt thank you for representing my sister-in-law and me last summer in selling our land in Anderson County. You did and excellent job and I want to especially thank you. You were very professional but at the same time friendly and considerate. You listened to us and understood what we wanted. You were very efficient and delivered. As you know another agent had handled the land for a number of years with only one offer that fell through. You, in a very timely manner, presented us a very good offer. You followed through all the details needed to make the sale including a tricky estate issue. Thank you again very much for all you did to make the sale go through swiftly and efficiently. I wish you much success in your business."
Juanita W.
"When our contract ran out we received a call from Jody, and I immediately like his confident and enthusiasm. So we set up a meeting, and the following day we met with Jody. What I remembered from the first meeting was how he used the word “we” when talking bout how to boost the sale. It showed me that he had bough into selling our house and this was now a team effort. That is something you don’t see often in this business. So we switched agents, and let Jody sell our house. Our house was listed with Jody for less than a month, when we received and offer. During the whole process, Jody was very prompt at responding to emails, calls, or texts. His response is pretty much immediate to important and not some important inquiries (late night text stressing over the home inspection) Our overall experience with Jody was nothing short of extraordinary."
"When our contract ran out we received a call from Jody, and I immediately like his confident and enthusiasm. So we set up a meeting, and the following day we met with Jody. What I remembered from the first meeting was how he used the word “we” when talking bout how to boost the sale. It showed me that he had bough into selling our house and this was now a team effort. That is something you don’t see often in this business. So we switched agents, and let Jody sell our house. Our house was listed with Jody for less than a month, when we received and offer. During the whole process, Jody was very prompt at responding to emails, calls, or texts. His response is pretty much immediate to important and not some important inquiries (late night text stressing over the home inspection) Our overall experience with Jody was nothing short of extraordinary."
Blake & Jessica H.
"What an excellent experience we had! Jody is thoughtful and knowledgeable but also represented us well to potential buyers. I had never gone through this process before and Jody made it easy. I was right to put my trust in him and would highly recommend this business to anyone."
"What an excellent experience we had! Jody is thoughtful and knowledgeable but also represented us well to potential buyers. I had never gone through this process before and Jody made it easy. I was right to put my trust in him and would highly recommend this business to anyone."
Nikki P.
"It was an enormous undertaking but went smoothly and efficiently. You have done in just a few months what others had tried for many years. Thanks to your leadership and dedication combined with your staff’s teamwork and energy, I will enjoy the results for your hard work. You and your employees should take great pride in this accomplishment. Thank you again for your professionalism and loyal support. Congratulations on a job well done!"
"It was an enormous undertaking but went smoothly and efficiently. You have done in just a few months what others had tried for many years. Thanks to your leadership and dedication combined with your staff’s teamwork and energy, I will enjoy the results for your hard work. You and your employees should take great pride in this accomplishment. Thank you again for your professionalism and loyal support. Congratulations on a job well done!"
Marian J.
"Highly recommended! The property was listed very professionally. Jody took pictures and toured the property and within a few days he had buyers looking and shortly thereafter we had a contract. Contact and follow up were always easy. Questions answered promptly and negotiations smooth."
"Highly recommended! The property was listed very professionally. Jody took pictures and toured the property and within a few days he had buyers looking and shortly thereafter we had a contract. Contact and follow up were always easy. Questions answered promptly and negotiations smooth."
Lee J.
"This sale was unusual as my father and I owned separate tracts but wished to sell them together. Jody made this process seamless and we enjoyed a working with him immensely. When we lost a contract offer for cash on the property Jody simply doubled his efforts and we were back under contract within a week at a higher price. I have worked with Jody on both a professional and now personal level you will not find a zealot that works harder for his clients. I am very happy to have called Jody a friend for some time now and was nervous about crossing the friend to business relationship but it was a wonderful all around experience and I would recommend using Jody and Cann Realty for any of our sales needs. He believes in his business so much he puts his name on the door."
"This sale was unusual as my father and I owned separate tracts but wished to sell them together. Jody made this process seamless and we enjoyed a working with him immensely. When we lost a contract offer for cash on the property Jody simply doubled his efforts and we were back under contract within a week at a higher price. I have worked with Jody on both a professional and now personal level you will not find a zealot that works harder for his clients. I am very happy to have called Jody a friend for some time now and was nervous about crossing the friend to business relationship but it was a wonderful all around experience and I would recommend using Jody and Cann Realty for any of our sales needs. He believes in his business so much he puts his name on the door."
William G.
"Jody Cann sold my house in one month after another realtor didn’t. Jody researched the market for why the house wasn’t moving. Advised me of the issue and updated the listing. He then advertised it in all of SC upstate not just Anderson. Jody has the experience and knowledge to get the job done quickly at a good price."
"Jody Cann sold my house in one month after another realtor didn’t. Jody researched the market for why the house wasn’t moving. Advised me of the issue and updated the listing. He then advertised it in all of SC upstate not just Anderson. Jody has the experience and knowledge to get the job done quickly at a good price."
Jim Barnes