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Understanding the NAR Lawsuit Settlement

What You Need to Know

In March 2024, in response to a pending lawsuit judgment against them, the National Association of Realtors® released a set of proposed policy and practice changes that will reframe the relationship between real estate professionals and buyers. To be clear, the industry’s fiduciary commitment to the best interests of clients hasn’t changed, but the way agents and buyer clients formalize professional relationships will.

Changes to the Homebuying Experience

As a homebuyer, this proposed settlement means there will be some changes to your real estate experience:

1. Required Buyer Agreements

Prior to this settlement proposal, it was acceptable (though not widely practiced) for buyer’s agents to forge relatively informal, unwritten agreements with their clients regarding service. Following these proposed changes, buyers must sign a service agreement with a real estate professional in order to be shown homes. 

2. Buyer’s Agent Compensation

Prior to the proposed changes in the settlement, buyer’s agents were compensated via a cooperation agreement with the seller and seller’s agent facilitated by the multiple listing service. While this sort of cooperation is still allowed, the MLS is no longer allowed to coordinate it. Buyer’s agents will now be responsible for negotiating their own compensation with clients.

FAQ

As a homebuyer, these changes will require new, important conversations between you and your real estate professional. A buyer service agreement will formalize your agent’s fiduciary responsibility to you, further protecting your interests. It will allow the opportunity for real, transparent communication with your agent around compensation, offering you a clear understanding of the cost of services and how those services benefit you. 

These conversations will ultimately set buyers up for greater success in their transactions. More buyers will start the home search process with a clear understanding of their strategy, how their agent will support them, and what it will take to get to the closing table. 

Two major changes: First, compensation offers to buyer’s agents will no longer be displayed on the MLS, and the MLS won’t be allowed to facilitate commission cooperation between the buy and sell sides of transactions. Second, all buyers will be required to sign a buyer agreement with their agent outlining service terms, including commission requirements.

Yes. Luxury Presence has created a strategy guide for agents seeking advice on negotiating buy-side compensation. Get your copy of The Future of Buy-Side Compensation here. 

The best agents have shifted their thinking from the top line to the bottom line. They're obsessed with the client experience. They're taking action very quickly to level up the technology in their businesses because they understand it's the only way to deliver strong profitability and a world-class client experience.

How I Work with Buyers

As my client, you can expect nothing but the highest level of service and counsel. I take my fiduciary commitment to you extremely seriously and believe that the best way to advocate for your best interests is through preparation. For each property my clients consider, I create a complete set of market research, potential pricing and offer strategies, contract negotiation tactics, and more. 

Before the NAR lawsuit settlement proposal, some buyer’s agents were able to get away with doing the bare minimum. Thanks to assumed cooperation with the seller, they might get paid for simply showing up, unlocking doors, and pushing papers.  While that was never my approach, it is now no longer the world we live in. As my client, you can rest assured that I will provide you with expert-level service and advice throughout our professional relationship.
Gary & Nancy D.
Tom & Kim S.
Ryan & Tracy P.
Oliver & Laura L.
Will & Taylor W.

It was during a house-hunting trip to Franklin last summer that my husband and I had the good fortune of meeting Kim Lebo. Kim spent a lot of time showing us properties in the Franklin area, and she took us to a lot of different neighborhoods and developments. She very quickly picked up on all the features we were looking for in a home. Once we returned home she regularly e-mailed us listings as they came up that fit our needs. A beautiful property became available recently, and she called us right away. Since we would be doing all of this remotely, she personally drove over to the home and sent us videos of the home and the surrounding neighborhood. When we decided to write an offer, she guided us through every step, and once the offer was accepted, she did an outstanding job of guiding us through the entire escrow process. She always responded immediately to our questions and answered all phone calls and e-mails in a timely manner. She stayed on top of every detail, and she was very dedicated and helpful. Most importantly, I feel as though I have made my first new friend in Tennessee. Kim genuinely cares about her clients and is such a joy to spend time with. She is honest and works tirelessly to meet all of her clients' needs. She did an outstanding job for us, and I recommend her highly.

— Gary & Nancy D.

If you are looking for a Realtor® who goes above and beyond, look no further than Kim Lebo. Moving from out of state brings its own set of challenges, especially when you don't have the time to go and visit the area-but Kim made every effort to help guide our search to find our home. She gave us honest and realistic opinions on everything, it was as if we were chatting back and forth with a good friend who was an expert in the area. Without her help, we don’t think we would have been able to purchase our forever home. Highly recommend her!

— Tom & Kim S.

Kim was great as our agent! She not only sent us several properties that were in line with what we were looking for, but she also exceeded our expectations by finding our dream home before it hit the market. We couldn’t be happier.

— Ryan & Tracy P.

Working with Kim is like a dream. She handled multiple deals simultaneously and was able to close them all for us. In this competitive market, agents matter more than ever!

— Oliver & Laura L.

Kim helped my family find our forever home! Our offer was accepted in multiple offer situations because of Kim's hard work and extensive knowledge of the market.

— Will & Taylor W.

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Deciding to purchase a home is the largest financial commitment most people will ever make. I have the skills, experience, and connections to help you and your family take the next step in your homeownership journey. Let’s connect today; I’m ready to help.

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Kim Lebo

(615) 475-5616

[email protected]



4031 Aspen Grove Drive, Suite 400
Franklin, TN 37067

Nashville Real Estate