Company News The NAR Lawsuit and How it Could Affect Real Estate

March 20, 2024

As a member of the National Association of REALTORS® (NAR) and a committed participant in our local real estate community, Lange Real Estate acknowledges the recent settlement announcement from NAR regarding the class action lawsuit about broker commissions. This settlement marks a significant moment for the real estate industry, reflecting our collective dedication to adapting to the evolving landscape of home buying and selling while upholding the highest standards of service and representation for our clients.

While it seems the settlement underscores the vital role of professional real estate representation in navigating the complexities of the market, I believe there will be outcomes from this that would be fair to all. Buyer representation is equally as important as seller representation and often is less recognized or understood. While it’s historically been paid from the seller’s side on most occasions, this creates an opportunity to continue to educate those in understanding the value of buyer representation and why that cost is valuable to our clients. It is about adapting and educating those about the professionalism, talent, and value that all realtors should always provide.

At Lange Real Estate our clients rely on us not just for a transaction, but for guidance, expertise, and advocacy, in one of their most important financial decisions. The new requirements for written agreements and the prohibition of offers of broker compensation on the MLS highlight the importance of clear communication and informed decision-making between real estate professionals and their clients.

Adaptation and innovation are at the heart of our industry’s future. We are committed to embracing these changes, ensuring that we continue to provide our clients with the exceptional service they expect and deserve. We view this settlement not as an endpoint, but as a catalyst for ongoing improvement and growth in our profession.

The real estate industry is a cornerstone of the American economy, and Lange Real Estate is dedicated to its advancement and integrity. We are optimistic about the future and remain focused on serving our clients with skill, care, and diligence, protecting their interests at every step of the home buying and selling process. We appreciate the continued trust and support of our clients and community as we move forward, together, into a new chapter of real estate service and excellence.

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