The real estate commission debate intensified after NAR announced a settlement to address litigation over broker commissions. This has left brokers and agents combating misinformation. It's crucial to clarify misconceptions: NAR doesn't set commission rates, which have always been negotiable.
The settlement aims to protect members and maintain consumer choice. Most NAR members are covered by the settlement, except for certain affiliations. New rules will impact business practices, but NAR is committed to supporting members through the changes. Despite the costs, NAR believes the settlement will benefit the industry and consumers alike.