Louis Kutzke’s Post

The National Association of Realtors is publishing and distributing updated information about new policy requiring real estate agents who are members of a Multiple Listing Service to enter into written agreements with a potential buyer before touring a home. The four pieces of the required practice change include: 1. Agent has membership in Multiple Listing Service 2. Serving a potential buyer 3. Needs signed written agreement 4. Before touring a home The policy informing the required practice change will expect implementation prior to August 17, 2024. Written buyer agreements are required before a buyer tours a house for sale listed on the Multiple Listing Service. This requirement for a signed buyer agreement includes a virtual tour to a buyer not physically present. Real estate agents who serve the buyer population will be challenged to begin communicating this requirement as a way to bring public perceptions in line with the unfolding new policy. This change effects the entire Real Estate Industry and adherence to the new policy will be a central piece of an individual agent retaining their licensure. As a State of Wisconsin licensed real estate agent with Weichert, Realtors- Great Day Group I guide sellers through the varied steps of the real estate sales cycle. Call Louis Kutzke real estate agent at 608-432-4286 for assistance with selling property- serving Wisconsin Dells, Baraboo, Reedsburg, and Portage areas.

Broker(s) vs. NAR: Three real estate professionals in Michigan have filed a new antitrust lawsuit against the National Association of REALTORS® (NAR) and other real estate organizations. Here are the key details: 1. The plaintiffs are Douglas Hardy, Glenn Champion, and Dylan Tent, all affiliated with Signature Sotheby's International Realty in Southeastern Michigan. 2. The lawsuit challenges the mandatory membership rule requiring brokers to join NAR, the state association (Michigan Realtors), and a local association to access the Multiple Listing Service (MLS). 3. The plaintiffs claim this requirement violates antitrust laws, constitutes economic coercion, and unfairly restrains trade. 4. The timing of the lawsuit is connected to NAR's recent $418 million settlement in the nationwide commissions case. The plaintiffs argue that the settlement's changes, particularly the removal of guaranteed broker commissions, have diminished the value of association membership. 5. The lawsuit seeks class action status for all Michigan real estate agents and brokers subject to these membership requirements. 6. In addition to NAR, the defendants include the Michigan Association of Realtors, local Realtor boards, and RealComp II, which manages the MLS software. This case represents a significant challenge to NAR's membership structure from within the industry itself, potentially impacting how real estate professionals access essential tools like the MLS. What are your thoughts on this issue? Follow me for more realestate news. #NAR #realestatenews #realestatelawsuits Sources 1. Michigan agents sue NAR over mandatory membership rule https://lnkd.in/emmHhymB 2. Michigan Agents And Brokers Sue NAR Due To Antitrust Settlement https://lnkd.in/eYPCayJY 3. Brokers Sue NAR, Local Associations Over MLS Membership ... https://lnkd.in/eagyRA5c

The real estate industry is experiencing regulatory change driven from the top down. This change is secondary to the April 24, 2024, Court announced preliminary approval of the National Association of Realtor's proposed settlement agreement. In Wisconsin the Wisconsin Realtor's Association will be providing suggested changes to the Forms Council for consideration to the WB-Listing Contracts, Buyer Agency and Tenant Representation Agreements, as well as the WB-Offers to Purchase to reflect the practice changes committed to in the settlement. The Forms Council then makes suggested recommendations to the Real Estate Examining Board for approval. Wisconsin real estate agents are licensed by the State and regulated through The Department of Safety and Professional Services which requires the agents to use the updated State authorized forms with each transaction. This assures the agent's activity defined by the new forms will demonstrate ongoing evidence of the National Association of Realtor's compliance with the terms of the settlement agreement. The changes are designed to protect consumers participating in today's real estate transactions. As a State of Wisconsin licensed real estate agent with Weichert, Realtors- Great Day Group I guide sellers through the varied steps of the real estate sales cycle. Call Louis Kutzke real estate agent at 608-432-4286 for assistance with selling property- serving Wisconsin Dells, Baraboo, Reedsburg, and Portage areas.

please Realtors read these carefully... Hello,   As part of NAR’s commitment to help both REALTORS® and consumers navigate the new real estate landscape, we are kicking off a new series of “Consumer Guides” featuring consumer-facing resources on various aspects of working with a REALTOR® in light of the practice changes. The first three resources, which can be found on facts.realtor, cover the following topics: Written Buyer Agreements: Explains what they are, why consumers need to sign them, and how they help create clarity and transparency at the start of a relationship between a buyer and their real estate professional. Open Houses and Written Agreements: Defines key terms under the settlement in consumer-friendly language and helps to explain when agents are required to enter into written agreements with buyers and when they are not. REALTORS’® Duty to Put Client Interests Above Their Own: Explains what it means for a REALTOR® to act in their client’s best interest and describes how the practice changes combat unlawful steering practices. These resources, which are designed to be given directly to consumers, are the first in an ongoing campaign to promote clarity and transparency for consumers in their interactions with REALTORS®. We hope these resources are helpful as we all navigate this challenging transitional time. We appreciate your efforts to provide clarity to consumers and fellow agents on specific aspects of the practice changes as we aim to help everyone comply and adapt.     Thank you,  

🏡 Buying or selling a home in the U.S.? Major practice changes are on the horizon, and here's what you need to know! By August 17, 2024, the National Association of REALTORS® will implement new practice changes affecting real estate transactions nationwide. Here's what's happening: 💲 Offers of Compensation: Prohibited on Multiple Listing Services (MLSs). 🚗 Written Buyer Agreements: Agents must enter into these agreements before touring a home with a buyer. What does this mean for you? 📑 Contractual Revisions: On August 1, 2024, the Pennsylvania Association of Realtors® released new forms, which we're already using to ensure compliance, particularly in cooperating compensation and seller concessions. ◾ Sellers: Your existing listing agreement may need amending or a new one signed. Check with your real estate agent and see NAR's FAQs (link in comments). ◾ Buyers: Before touring a home, agents are now required to have a written buyer agency contract with you. These changes empower consumers by clarifying compensation structures and ensuring transparency. Sellers negotiate commissions with their agents, and buyers do the same with theirs – think of it as conscious uncoupling! While sellers can still offer compensation to a buyer's agent, the process will differ. 🌎 This practice mirrors my experience in the UK, France, and Ireland, where I've worked as both an owner representative and high-value buyer's agent, honing skills in complex negotiations and bespoke services. At Berkshire Hathaway HomeServices The Preferred Realty, we've undergone comprehensive training on the new paperwork through virtual webinars, detailed guidelines, and interactive workshops, ensuring we're ready to guide you seamlessly through these changes. #RealEstate #PolicyChanges #NAR #PAR #InternationalRealEstate #Pittsburgh #PittsburghRealEstate #BHHS #Realtor #RealEstateAgent #LuxuryResidentialRealEstate #PittsburghBusiness #NewConstruction

The National Association of Realtors on May 29, 2024, published new material to provide further clarity on the requirement for buyer's agents to have a signed written agreement before touring a house. With the signed settlement agreement these changes reaffirm the National Association of Realtors commitment to requiring agents with membership in a Multiple Listing Service to not be permitted to limit the listings their buyer client can see because of the compensation offered. Under the National Association of Realtor's code of ethics steering buyers based on the amount of broker compensation is prohibited. Written buyer agreements required by the National Association of Realtor's practice changes that will be implemented prior to August 17, 2024, will also outline that agents with membership in a Multiple Listing Service may not receive compensation for brokerage services from any source that exceeds the amount or rate agreed to in the agreement with the buyer. Since the agent working with a buyer cannot receive more compensation than the buyer has agreed to in the agreement the amount of any offer of compensation is irrelevant to the buyer broker offer of compensation. Under these practice changes the National Association of Realtors has eliminated any steering because an agent will not make more compensation by steering a buyer to a particular listing because it has a higher offer of compensation. Remember these changes are about improving the consumer's experience while preventing additional litigation. As a State of Wisconsin licensed real estate agent with Weichert, Realtors- Great Day Group I guide sellers through the varied steps of the real estate sales cycle. Call Louis Kutzke real estate agent at 608-432-4286 for assistance with selling property- serving Wisconsin Dells, Baraboo, Reedsburg, and Portage areas.

The Competition Bureau is moving aggressively into services including real estate. Do standard real estate rates such as all agents charging fees of 7% constitute anti-competitive practices resulting in higher housing prices against what the Bureau calls the public interest? Are the real estate association restricting information on housing listings which impacts negatively on consumer choices? These are huge issues and the real estate association will soon be a major fight and pain in the butt. If the Competition Bureau wins (it will involve years of litigation), will the improved information and greater competition among real estate agents actually lower prices? As a former federal employee, the Bureau likely believe this is a winnable case. However the pain and suffering for the reak estate assiciation will be massive. Yet winning even at high costs is a major driver for public service employees. Higher housing prices involve a myriad of factors. I am not sure that anti competitive behavior by real estate agents is a major factor. The case will likely hang on the public interest argument where yes, the public interest test is negative. But by how much?

With PCS season beginning and the media doing it's thing, I thought I would address a few things on client representation and commissions in the real estate world right now: It's essential not to be swayed by media narratives or misinterpretations of the NAR settlement. It is imperative to emphasize that commissions have always been subject to negotiation within the real estate industry. The National Association of REALTORS®️ (NAR) has never dictated specific fees or commissions. Ensuring clarity is paramount in navigating discussions surrounding commissions. Negotiating fees has always been a customary practice, with both parties having the autonomy to agree or explore other options. Should you opt to sell or purchase property without an agent, your decision is respected. Conversely, if you recognize the advantages of having a real estate agent advocate for you, I'm here to provide support. Rest assured, I'm committed to representing your interests with integrity and professionalism. When considering the value of representation in major transactions, it's all about weighing the benefits against the cost. Feel free to reach out to me to discuss which options best fit your needs, whether you're buying or selling. Let's find the perfect solution together. Veronica Grant | REALTOR®, AHWD, MRP, C2EX Hidden Gems Group with Front Porch Realty & Property Management C: 629-255-8988 O: 931-553-1077===> ask for Veronica! ✨️ vgrantrealtor@gmail.com https://lnkd.in/gFcSbnxV For more information on commissions you can check out this article: https://lnkd.in/ejD_eHFF #veronicadoesrealestate #NAR #realtor #realestate #tennesseerealestate #ClarksvilleTN #NashvilleTN #realestatemarket #realestateagent #realtist

Reflections on the NAR Settlement ruling from Stellar Properties: ➡️ A few communities in the U.S. commonly misled consumers, telling them that commissions were a set amount. Fortunately, Colorado real estate contracts clearly state that commissions are negotiable. ➡️ Colorado has standard real estate contracts governed by the Colorado Real Estate Commission (CREC), which in turn is governed by DORA (Department of Regulatory Agencies). The CREC-governed contracts make it clear that commissions are negotiable, and there are blank fields in which real estate agents and consumers can negotiate and mutually agree to commissions. Unfortunately, not all states have a robust governing body regulating real estate contracts and professional conduct. ➡️ NAR and CAR (Colorado Association of Realtors) have longstanding practices of educating Realtors about the importance of communicating clearly to the public that commissions are negotiable. his is reinforced in the annual "Continuing Education" of actively licensed real estate agents ➡️ This Settlement will make it very important for a "Buyer Agency" Contract to be signed in advance of showing properties so that there is a clear understanding of how the Buyer's Agent (or Transaction Broker) will be paid. The MLS will no longer have a "searchable field" for how much the Seller agrees to pay a Buyer's Agent. The tentative date for this to be activated is mid-August of this year; the specific date is TBD. ➡️ Many real estate lawyers recommend that the Buyer's Agent commission amount and how it will be paid be included in the Contract to "Buy and Sell" Real Estate. ➡️ If this Settlement helps clarify to consumers that commissions are negotiable, it's healthy for our industry. Unfortunately, much of the news is focused mainly on the negative aspects, painting real estate agents and our industry in a bad light. This is unfortunate since most real estate agents are ethical, serve their clients dutifully, and do a professional job. To learn more, visit the NAR website at www.nar.realtor. Ready to make your next real estate move? Call/text Tony for a consultation at 303-442-2448. #narsettlement #findtruedirection

Major changes coming to our industry!!! 🏡 Did you know that starting August 17th a REALTOR can NO longer show you a property without a signed written agreement? It can be exclusive or non-exclusive, but it MUST be SIGNED. This means they can’t even unlock the door 😳 without it. Doing so as an agent can results in a thousands of dollars in fines. 💰💰 A buyer's agency agreement legally binds you to that particular agent for an agreed-upon timeframe, spells out their compensation, and details their duties to you, and in all transparency, the agent can fire you as well as you may fire your agent (that’s always been the case FYI). There is no such thing as a "free service" for using a buyer's agent. In MN, the listing agent has always been hired by the seller and that listing agent has opted to share commissions to a Buyer Agent. That has always been our most successful model, and we expect that to continue 🙂 Sellers always interview agents, and now, so will buyers. Not all buyer’s agents will be offering the same values. This is why more than ever it is so important to hire an agent with experience. Yes, sellers can still agree to pay a buyer's agent commission (and I expect that to still happen a majority of the time if the offer is realistic) but the buyer compensation % offered is no longer listed in the MLS. Educate yourselves so you aren’t caught off-guard when an agent explains this to you. A GREAT buyer's agent can offer incredible and valuable services that may lead to finding & winning your dream home and protect you from legal issues that can cost you thousands. Know, like and TRUST who you work with. I’m here for your questions! John Mulkern - Realtor www.johnmulkern.com Copied from (in part) another fabulous agent out there.