The National Association of Realtors (NAR) published a reminder for certain brokerages of the June 18 deadline to opt into NAR’s Settlement Agreement resolving claims related to the Sitzer/Burnett case.
According to NAR, brokerages with a residential transaction volume in 2022 that exceeded $2 billion and all MLSs are required to opt into the Settlement Agreement to obtain a release of liability.
State and local realtor associations, individual NAR members and brokerages with an NAR member as principal whose residential transaction volume in 2022 was $2 billion or below do not have to take any specific action to obtain a release of liability under the Settlement Agreement. However, NAR added these must abide by the terms of the Settlement Agreement.
Following this opt-in deadline, NAR’s mandatory MLS policy changes implementing the settlement practice changes will take effect on Aug. 17. The agreement is subject to final court approval, with a hearing scheduled for Nov. 26.
DOJ will block Nov approval
This settlement is quite flawed in that it will hurt the people it alleges to help. I cannot imagine being an u represented buyer because a property may not have a commission and the buyer is unable to pay a buyer’s broker.
DOJ is speaking out this week, I do not think this transition will be August either, damnit! Agreed in November will be the time. Come on now, really all of us are not part time uber agents!
All agents should fire the NAR. We should not help them as they sold us out years ago giving our data out for free. The websites like zillow profited selling traffic from our data. Now it has come full circle. We should not help them continue to collect accurate date on the market while we all have to figure out ways to get paid for the work.
I hope we all get together on this.
Not to mention they profit from the realtors they get the data from. Buying zip codes for leads etc. Plus realtor.com selling leads for a referral fee that comes out of every transaction the client participates in for the next 2 years and taking an additional chunk from the agent’s commission if the client opts to participate in another of their programs.
Amen Nick been saying the same for years and years. A few made a giant payday selling us out. A broker owned mls sans NAR will likely be the outcome