Maui Luxury Team Explains NAR Updates

LAHAINA, Hawaii - Sept. 11, 2024 - PRLog -- Have you heard about the changes happening with the National Association of Realtors?

The National Association of Realtors (NAR) has implemented significant changes following the settlement of the Sitzer/Burnett lawsuit, which will impact how real estate transactions are conducted in the U.S. These changes took effect on August 17, 2024, and focus on transparency and fairness in real estate practices, especially concerning how commissions are handled in Multiple Listing Services (MLS).

Key changes include:

1. Removal of Compensation Offers from MLS: MLSs can no longer display commission offers from listing brokers to buyer brokers. While compensation can still be negotiated off-MLS, it is no longer a requirement to list or view such offers on MLS platforms.
2. Mandatory Buyer Agreements: Agents are now required to have a written agreement with buyers before they can tour homes. This ensures that the buyer understands the agent's role and compensation terms upfront.
3. Prohibition on Filtering Listings: Agents cannot filter or restrict MLS listings shown to clients based on the compensation offered to the buyer's agent. This aims to ensure equal access to all listings, regardless of commission levels.
4. Clear Disclosure of Commissions: Agents must clearly disclose their compensation in writing and ensure that clients are aware that commissions are fully negotiable.

These changes are part of broader efforts to increase transparency in real estate transactions and provide consumers with more control over the homebuying process.

Read the full article on the Maui Luxury Team website: https://www.mauiluxuryrealtors.com/blog/september-news/

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Looking to buy or sell? Robyn and Mark can help you navigate Maui real estate and investment properties! If you have questions, call (808) 757-8053 or submit a contact form here: https://www.mauiluxuryrealtors.com/member/contact/

About Maui Luxury Team: Representing all of Maui, the Maui Luxury Team is made up of Robyn Curletti and Mark Sukel, REALTOR® Brokers. Robyn and Mark have been selling Maui real estate for over 15+ years and are also licensed in Hawaii, California and Arizona. The Maui Luxury Team believes in professionalism, knowledgeable expertise, open responsive communication, and educating the nuances of Maui real estate. Robyn and Mark look forward to assisting you with all your real estate goals. The Maui Luxury Team specializes in resort, residential, 2nd homes, land & investment properties. https://www.mauiluxuryrealtors.com/