Quick Resources:
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