SOUTH LAKE TAHOE, Calif. – The South Tahoe Association of REALTORS® reminds members, real estate professionals and consumers that on August 17, 2024, the practice changes following the National Association of REALTORS®’ (NAR’s) Settlement Agreement that would resolve claims brought on behalf of home sellers related to broker commissions will be implemented across the country.

REALTOR® MLSs (those owned exclusively by one or more REALTOR ® Associations) must implement the changes by this date to remain in compliance with NAR policy.

• Under the settlement, the following practice changes will take effect:
  Offers of compensation will be prohibited on Multiple Listing Services (MLSs). Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals.
• Offers of compensation help make homeownership and the benefits of professional representation more accessible to buyers, including first-time homebuyers, increase homeownership opportunities for historically underserved groups, and benefit sellers by expanding the potential buyer pool. and ensuring they receive the best offer possible for their property.
• Agents working with a buyer will enter into a written buyer agreement before touring a home. The practice changes do not require an agency agreement or dictate any type of relationship. Resources are available to assist with implementation of the settlement terms—such as tips on clarity and emphasizing consumer choice and a “Written Buyer Agreements 101” resource.

Dylan Hastings, 2024 President, stated that “The South Tahoe Association of REALTORS® (STAR) Multiple Listing Service (MLS) is poised and ready to implement the changes required to join NAR’s Settlement Agreement in advance of the deadline, effective August 7, 2024. STAR’s MLS is taking an extra step by also not allowing any offers of concessions to a buyer’s agent to be added and shared in the database. This is to ensure that negotiations of any commissions or concessions paid to a buyer’s agent are truly agreed upon between each buyer and seller for each individual transaction, as a negotiation facilitated by their trusted agents. While commissions have always been negotiable, moving forward, all REALTORS® are going the extra mile to educate consumers about their options and make sure they’re aware of all their choices.”

Consumers can find additional information on what these changes mean for their homebuying and selling experiences in NAR’s buyers and sellers guides. For NAR members, the practice changes are outlined in detail here, and detailed information is available in NAR’s FAQ. Please visit facts.realtor for the latest updates on the settlement and practice changes.

The South Tahoe Association of REALTORS® (STAR) is a 501(c)6 not-for-profit trade organization of real estate professions, lead by a volunteer elected Board of Directors. The mission of the South Tahoe Association of REALTORS® is to educate members and the public; protect the public by advocating private property rights and home ownership; contribute to the community’s well-being; uphold Professional Standards; and promote a positive image and the value of REALTORS®; thereby providing resources enabling our members to serve the public and work together cooperatively