The National Association of Real Estate Brokers (NAREB), which represents the interests of more than 100,000 Black real estate professionals, is preparing its member agents and brokers for the post-Sitzer/Barnett environment created with the National Association of Realtor’s $418 million settlement that includes the rewriting of its commission rules.
NAREB stated it is appointing a special task force that will study the projected impact of the settlement on its members, as well as the Black community. The organization is also developing a toolkit to provide its members the most relevant information and access to resources that can assist them, and it will place greater emphasis on its NAREB Black Developer Academy, which launched this year to provide technical assistance, training, and education to members who want to become real estate developers.
“NAREB recognizes that this settlement, if approved by the judge, will bring dramatic changes to our industry,” said Dr. Courtney Johnson Rose, the organization’s president. “Our members often represent Black families and individuals who struggle to raise money for the down payments needed to purchase homes due to decades of discrimination and a lack of generation wealth. Paying the commission for their agent will be an added burden. NAREB will help our members navigate these changes and continue to create avenues for them to thrive and help Black consumers achieve the dream of home ownership.”
“With NAREB at their side, our agents and brokers will flourish and impact communities like we have for the past 77 years,” Rose added. “Our organization was founded at the peak of housing discrimination; our members have always had to be resilient as we fought for and continue to fight for democracy in housing.”
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