Quick Resources:
6.17.24: Letter of The Law | Buyer Broker’s Perspective on Compensation
6.13.24: Letter of The Law | Offers of Compensation
5.23.24: NAR Settlement Update from President Sandi Smith
Fellow Realtors®,
We know that there continues to be many questions surrounding the forthcoming practice changes, set to be implemented by August 17th. To that end, we are excited to announce a very important virtual event. On June 20th I will sit down in the Michigan Realtors® Studio with our Legal Team to have a candid conversation about the practice changes, the pending settlement in relation to Michigan law, and where things stand with the Department of Justice. In fact, we are formally calling the broadcast The Conversation -- because it encompasses the very discussions that we are all having within our brokerages and will undoubtedly have with our clients. During the broadcast, we will discuss where we are headed in terms of best practices and expectations, and how to navigate these changes to best serve our clients. This is free for all members to attend. All you need to do is click the button below! When you register, please also provide us with questions that you’d like us to address. This is one conversation you don’t want to miss!
Michigan Realtors® staff and its leadership remain engaged to ensure that new information is timely, accurate, and easily understood. Not only have we committed to hosting events like this and sharing materials created by both Michigan Realtors® and NAR on our website, but we have also blanketed the state with presentations both virtual and onsite. If you are not familiar with these updates, I encourage you to click hereto review a compilation of all the resources in an organized fashion.
In closing, while it is extremely important to stay on top of these changes for your clients and your business, it is also important to allow yourself to take a breath during this period of change. This is not a time to panic, tilt at windmills, relitigate the lawsuits, or second guess the settlement. Rather, this is a great opportunity to take charge of the change and seek out innovative opportunities to serve our clients. One of the aspects that I love most about our profession is that we never retreat from a challenge – and our industry is famous for presenting us with unique ones. As Realtors® we are innovators and change-makers, focused on our clients and their best interests. They should always expect the Realtor® standard of excellence. I have no doubt that we will rise to the occasion.
Sincerely,
Sandi Smith
2024 Michigan Realtors® President
The Conversation: Focus On The Future
LIVE STREAM
Thursday, June 20, 2024
1:00-2:00 PM EST
FREE TO ALL MICHIGAN REALTORS® MEMBERS
Register
5.23.24: From The Mailbag | NAR Settlement Update Q&A – Part 2
4.11.24: Letter of The Law | NAR Settlement Considerations
3.21.24: From The Mail Bag | NAR Settlement and Buyer Brokerage
3.18.24: Letter of The Law | NAR Settlement and Buyer Brokerage
3.15.24: An Important Message from Michigan Realtors® President Sandi Smith
Fellow Realtors®,
I know we are all seeing the breaking communications that NAR has reached a preliminary settlement in a series of lawsuits surrounding real estate commissions. If you have not seen the NAR commentary on the proposed settlement, you can access that information here. You can also review this video from Katie Johnson, NAR’s Chief Legal Officer. It is also our understanding that, going forward, NAR will be hosting several town halls and posting updates and a more substantive Q&A for consumers at www.competition.realtor. An additional password-protected resource page will be available to Realtors® at facts.realtor.
Most importantly, I wanted to include in this communication the efforts that Michigan Realtors® is undertaking during this time. We are currently reviewing the proposed settlement document. While the settlement is extremely complex and will take some time and greater detail to fully understand, Michigan Realtors® will be actively communicating with membership and its leadership regarding proposed best practices going forward. It is worth noting that the proposed settlement will not have immediate effect and sets a deadline for the primary changes in mid-July, 2024. We will be reviewing our existing forms library for necessary changes and additions to best position our membership for the future. As has been the case, our legal team will continue to be available to answer questions and offer zoom presentations on the preliminary settlement going forward.
We will also be answering media requests and communicating that real estate advocacy for both buyers and sellers has never been more important. Media outlets and their readers must not lose sight of the fact that buying and selling a home is an extremely complex and competitive process and our members are at the forefront of understanding the real estate marketplace in Michigan and putting the interests of their clients first. Irrespective of the proposed settlement, that will always remain a core value of being a Michigan Realtor®.
In closing, I know this is a lot to take in on a Friday afternoon. Rest assured that Michigan Realtors® will be working diligently to make sure our member professionals are informed and prepared for where this is all headed.
Thank you for all that you do for our industry.
Sandi Smith
2024 Michigan Realtors® President