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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.

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.

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.

Steve Lonnen and his team are about as good as you will find in real estate from customer service, to delivery, advice, etc. They are so plugged into Charlotte and the surrounding communities that you can't go wrong with his team. We had a super strange issue come up right at closing due to the failure of the buyers agent. Steve was calm and collected and we were able to resolve the issue and close within the week. I would not enter any real estate transaction without Steve and his team.

— Ryan B.

Steve and his team are incredibly knowledgable about the entire buying/selling process. We couldn't have asked for a better experience. He made our transaction seamless. Even when we hit a hiccup given unforeseen circumstances, he was able to quickly find a solution that was best for all parties involved. Whether you are buying/selling a primary residence or looking to invest in a second property or rental, you won't find a better agent and/or team who knows the region better and is able to deliver on 5-star service like Steve and the SL Home Group! We will only use Steve and his team for all our real estate ventures moving forward

— Jeffrey M.

I was introduced to Steve from a friend at work and our experience with him was amazing. I had 2 conversations with Steve regarding what we needed and he suggested several areas in Charlotte where we should focus. All of the areas were perfect and then we just needed to find the right house/condo. Turns out that the first place Steve showed us is the one we bought! From there the experience with Steve and his team was just as great. If you need a team that will take care of all your needs, Steve and his team are the right people.

— Jeff G.

Steve Lonnen was wonderful to work with in our search for a new home. After relocating from Buffalo, NY, he assisted us in buying a home, selling it after two years, and then helping us relocate from Tega Cay to Charlotte to be closer to our daughter. Steve’s expertise in knowing the city, various neighborhoods, and his superb guidance with our financial boundaries led us to a wonderful neighborhood and home. We wanted a home with character and Steve’s discovery of a delightful Cape Cod was just the perfect place to call home. From start to finish, countless phone calls, texts, conversations- Steve was there for us without any hesitation. I would without hesitation recommend Steve and his company in assisting you in getting a house to make your home.

— Tina B.

My family and I have worked with Steve on multiple real estate transactions over the course of the past 5 years and have had nothing short of a 1st class experience across the board. Steve and his team is highly engaged, organized and show a genuine care for their clients. Highly recommend working with them whether you're selling or buying (we've done both)!

— Asa H.

We were moving into the Charlotte area as part of relocating from Pennsylvania. The Charlotte area is very large and it was overwhelming to visit for a day or two to try and find places to live. Steve made the experience go very smoothly by asking us key questions related to what was important to us. He then provided write-ups for specific neighborhoods he felt we should visit. He gave great advice and walked us thru the process from start to end. Very responsive and is the only realtor I have ever e-mailed at 7:00 in the morning and got a reply immediately. I highly recommend Steve and his team.

— Buyer

Steve did an amazing job helping us secure a lakehouse. He was professional, timely, had great communication and made the whole process very enjoyable.

— Buyer

I was fortunate to work with Steve on my first home purchase. His expertise, patience, and understanding made a potentially overwhelming process feel straightforward and manageable. Steve's ability to provide clear, timely advice and his connections within the industry, including a great lender recommendation, were invaluable. His support made all the difference, and I can't thank him enough.

— Nick J.

We have been partnering with Steve Lonnen and his group for over 4 years now and it has been a great experience working with them. They are very professional, detail oriented, provide excellent customer service and their level of knowledge and amount of data about the market is impressive. They work very closely with Clients from the beginning to the end of the real estate process to ensure the transaction runs smoothly. If you're looking to purchase or sell a home, we highly recommend Steve and his team for an outstanding experience.

— Zully D.

I have worked with Steve and SL Home Group several times now and cannot say enough great things about them. Steve's knowledge about the real estate market in Charlotte and the surrounding areas is unmatched, he has a true passion for helping his clients, he offers excellent communication to all parties involved in the transaction every step of the way, and finally he makes the entire process seem super easy and stress-free. I would definitely recommend Steve and the SL Home Group team to anyone looking to buy or sell!

— Jaime D.

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Deciding to purchase a home is the largest financial commitment most people will ever make. I have the skills, experience, and connections to help you and your family take the next step in your homeownership journey. Let’s connect today; I’m ready to help.

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SL HOME GROUP

(704) 281-1737
[email protected]

 

REAL BROKER, LLC
(855) 450-0442

 

ADDRESS
1230 W. Morehead St, Suite 207 Charlotte, NC 28208