SCIAR reports on nationwide practice changes
The Sanibel & Captiva Islands Association of Realtors reminded members, real estate professionals and consumers about practice changes that will be implemented across the country on Aug. 17.
Following the National Association of Realtors’ (NAR) settlement agreement, the changes will resolve claims brought on behalf of home sellers related to broker commissions. Realtor multiple listing services (MLSs) — those owned exclusively by one or more Realtor associations — must implement the changes to remain in compliance with the NAR’s policy.
Under the settlement, the following changes will be implemented:
– Offers of compensation will be prohibited on MLSs. Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals.
– Agents working with a buyer will enter into a written buyer agreement before touring a home. The changes do not require an agency agreement or dictate any type of relationship.
“These nationwide industry changes highlight the essential relationship between buyers and their agents, and remind both current and prospective homeowners that commission rates have always been, and will continue to be, negotiable,” SCIAR Chief Executive Officer Bill Robinson said.
“Since 1985, our members have not only facilitated property transactions but have also fostered strong connections between their customers and the vibrant Sanibel and Captiva islands community and will continue to do so,” he added.
For more information about what the changes mean for home buying, consumers can visit https://www.nar.realtor/the-facts/homebuyers-what-the-nar-settlement-means.
For more information about what the changes mean for home selling, consumers can visit https://www.nar.realtor/the-facts/home-sellers-what-the-nar-settlement-means.
NAR members can visit https://www.nar.realtor/the-facts/nar-settlement-faqs for more information.
Resources are available to assist with implementation of the settlement agreement terms, such as tips on clarity and emphasizing consumer choice and a “Written Buyer Agreements 101” resource.
For more information, visit https://www.nar.realtor/the-facts.
To reach SANIBEL & CAPTIVA ISLANDS ASSOCIATION OF REALTORS, please email