NAR Settlement

Have you heard about the Realtor settlement for $418 million?

Realtor Settlement

This month you may have heard about a fairly large legal settlement from the National Association of Realtors (NAR).  This has created some buzz around the industry and some media circles.  This came as a result of the case of Sitzer-Burnett which was a class action lawsuit in Missouri claiming that commissions were too high because the seller had to unfairly pay a buyer's agent and didn't know it.  CLICK HERE to learn the FACTS, directly from the NAR.

I'm not sure about the state of Missouri, but in Wisconsin, our listing contract is VERY clear what commission or dollar amount is being charged to the seller, AND how much is being offered to other co-broke agents (also known as buyer agents or sub agents).  Historically, a listing agent for any property would then publish the listing details and shared compensation offer in our local MLS (multiple listing service).  CLICK HERE to view some key points from the Wisconsin Realtor Association.

Some media articles came out claiming, "6% commission on buying or selling a home is gone."  However, the National Association of Realtors (NAR) does NOT set commissions.  A real estate firm may establish what they will charge a seller and determine if they will offer any amount to co-broke agents.  By law, all commissions always have been and will continue to be negotiable.

From our standpoint at Josh Lavik & Associates, this is why we have adapted to the market and offer a FLEXIBLE commission structure.  Just like when you purchase products in bulk, you get a discount.  Well, our firm believes that discounts should happen in certain instances.  And we believe that paying more commission can be an extra incentive which often results in better outcomes and better experiences.  In other words, you do get what you pay for.

We stand firm in our mission to provide a better real estate experience and that means we offer options.  To discuss more of the options for your situation, please reach out to our team.

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