NAR SETTLEMENT: What does it mean for us locally?

The Northwest Multiple Listing Service (NWMLS) is owned by its member brokers, not the Realtor Associations, as many national MLS’s are.

The NWMLS has been proactively pursuing transparency regarding broker compensation years before the National Association of Realtors (NAR) settlement ever came to fruition.

The NWMLS has opted out of the NAR settlement, in an effort to continue the pursuit of additional transparency regarding compensation, leaving our clients better informed.

WHAT DOES THIS MEAN FOR YOU?

If you are a seller, you get to choose the level of compensation you want to offer to a buyer broker. Your Windermere Broker can help you understand the advantages and disadvantages of whatever your decision may be.

If you are a buyer, when you hire a broker to represent you, there is open conversation regarding what they charge, how they are paid and how it affects you.

Much of the news you hear is coming from a national level and does not necessarily correlate to how we are doing business here in Washington; in other parts of the country, they are just beginning the journey of broker compensation transparency.

We at Windermere Real Estate PSR, Inc. believe that the NAR Settlement will help the entire Real Estate industry move in a positive direction. We support our local NWMLS and their decision to opt out in an effort to continue to provide even more clarity and options for buyers, sellers and brokers.

You may just be hearing about the changes now, but we’ve actually been ahead of the curve and have had these practices in place for over a year. As a broker-owned MLS, we’ve taken a proactive approach to ensuring clarity and safeguarding the interests of our agents and clients.

If you’re curious about how things operate, want to learn more about our business, or have questions about broker compensation, don’t hesitate to contact us!