Preparing for Regulatory Changes

Agents and brokers are actively preparing for the significant changes mandated by the National Association of Realtors (NAR) Commission Lawsuit settlement, which takes effect on August 17th. Key changes include the requirement for mandatory buyer representation agreements and the prohibition of offers of buyer-broker compensation on Multiple Listing Services (MLS). As a result, many in the real estate industry are engaging in role-playing activities to anticipate potential questions and concerns from clients affected by these changes. Training sessions focused on understanding new forms are also widespread, ensuring that agents can confidently explain the updated processes to their clients.