Real estate brokers must adhere to the terms of the National Association of Realtors' settlement by Saturday. | Jacob Tukker/Missouri Business Alert A sweeping settlement is changing the way Realtors conduct business. Effective Saturday, real estate brokers across the U.
S. must adhere to new regulations. Many Missouri Realtors are seeking a sense of normalcy in their industry after the turbulence of the settlement.
“It’s going to feel calmer than what we’re currently dealing with, which is a very unknown feeling,” said Derek Schriewer, the president of Missouri Realtors, which represents 26,000 Realtors in the state. Derek Schriewer In March, the National Association of Realtors, the United States’ largest residential real estate industry group, agreed to pay out $418 million over approximately four years to settle lawsuits alleging anticompetitive behavior in the real estate market. The group also agreed to make changes in the way Realtors can earn commissions and enter agreements with homebuyers.
As a part of the settlement, the NAR and affiliated organizations such as Missouri Realtors denied wrongdoing. The most significant of the changes is that buying and listing agents can no longer set commission offers on houses displayed on multiple listing services, which are housing databases accessible only to licensed agents. Brokers must also enter written agreements with buyers before touring a home.
Real estate consumer advocates believe the practices could help all.