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Understanding the NAR Lawsuit Settlement

What You Need to Know

In March 2024, in response to a pending lawsuit judgment against them, the National Association of Realtors® released a set of proposed policy and practice changes that will reframe the relationship between real estate professionals and buyers. To be clear, the industry’s fiduciary commitment to the best interests of clients hasn’t changed, but the way agents and buyer clients formalize professional relationships will.

Changes to the Homebuying Experience

As a homebuyer, this proposed settlement means there will be some changes to your real estate experience:

1. Required Buyer Agreements

Prior to this settlement proposal, it was acceptable (though not widely practiced) for buyer’s agents to forge relatively informal, unwritten agreements with their clients regarding service. Following these proposed changes, buyers must sign a service agreement with a real estate professional in order to be shown homes. 

2. Buyer’s Agent Compensation

Prior to the proposed changes in the settlement, buyer’s agents were compensated via a cooperation agreement with the seller and seller’s agent facilitated by the multiple listing service. While this sort of cooperation is still allowed, the MLS is no longer allowed to coordinate it. Buyer’s agents will now be responsible for negotiating their own compensation with clients.

FAQ

As a homebuyer, these changes will require new, important conversations between you and your real estate professional. A buyer service agreement will formalize your agent’s fiduciary responsibility to you, further protecting your interests. It will allow the opportunity for real, transparent communication with your agent around compensation, offering you a clear understanding of the cost of services and how those services benefit you. 

These conversations will ultimately set buyers up for greater success in their transactions. More buyers will start the home search process with a clear understanding of their strategy, how their agent will support them, and what it will take to get to the closing table. 

Two major changes: First, compensation offers to buyer’s agents will no longer be displayed on the MLS, and the MLS won’t be allowed to facilitate commission cooperation between the buy and sell sides of transactions. Second, all buyers will be required to sign a buyer agreement with their agent outlining service terms, including commission requirements.

Yes. Luxury Presence has created a strategy guide for agents seeking advice on negotiating buy-side compensation. Get your copy of The Future of Buy-Side Compensation here

The best agents have shifted their thinking from the top line to the bottom line. They're obsessed with the client experience. They're taking action very quickly to level up the technology in their businesses because they understand it's the only way to deliver strong profitability and a world-class client experience.

How I Work with Buyers

As my client, you can expect nothing but the highest level of service and counsel. I take my fiduciary commitment to you extremely seriously and believe that the best way to advocate for your best interests is through preparation. For each property my clients consider, I create a complete set of market research, potential pricing and offer strategies, contract negotiation tactics, and more. 

Before the NAR lawsuit settlement proposal, some buyer’s agents were able to get away with doing the bare minimum. Thanks to assumed cooperation with the seller, they might get paid for simply showing up, unlocking doors, and pushing papers.  While that was never my approach, it is now no longer the world we live in. As my client, you can rest assured that I will provide you with expert-level service and advice throughout our professional relationship.

Donna Barnhisel is the Best! Donna helped us find our new home during a very difficult housing market time, fraught with too few houses and too many buyers! She kept us informed of every new house the minute it came on the market, which is critical in such a competitive marketplace! Donna handled it all with calmness and ease, as she offered great advice, was intimately knowledgeable about each of the areas we were looking, incredibly responsive, displayed patience and empathy, and was fun to work with, too! I will recommend Donna to all, knowing they, too, will be in good hands! 5 STARS! Thanks, Donna!

— Rita Williams

Noa Klima has represented us as our realtor on multiple transactions over the last 17 years. We love working with her because of her excellent customer service, attention to detail and willingness to go the extra mile. Recently, Noa sold our home in River Forest when we relocated out of state for a new job. She took care of so many details and made sure the process was as smooth as possible. We would definitely recommend Noa for all your real estate needs.

— NP

I feel very comfortable recommending Anne Brennan to you as a Realtor®. I had tried to sell my condo earlier in 2013 with another Realtor®and was unsuccessful. The prior Realtor® was not very aggressive in trying to market my unit and probably set an overly hopeful asking price. When I went to re-list I interviewed several Realtors® and ended up going with Anne. Anne helped me set a realistic asking price based on her experience and the market. She then set up a plan to market it quickly to generate interest right away so it did not linger on the market for a long time. There were a couple of showings and an offer fairly quickly. I would have to pull my paperwork, but I think it was a matter of weeks and it was close to the asking price. Again, she was very honest and realistic going into the process and that was beneficial. Anne was excellent in the negotiations with the buyer and kept them from some unrealistic demands. One of the things I really liked it that she always returned my phone calls and e-mails promptly. The whole process of buying and selling is stressful and I appreciated how she always got back to me quickly. I felt I had a partnership with Anne. I was very motivated to sell and really did my best to have my home tidy for each show. As she was generating potential buyers I felt obligated to do my part to make the home appear its best. As far as Gagliardo resources, Anne had access to other listing sources such as realtor.com in addition to the standard MLS. I also had the impression that the other Realtors® in her office worked as a team and that they were not simply renting a chair there. Best wishes to you in your endeavors.

— Vicki K.

Vadim and I just wanted to say how much we appreciate Vee and Greg as our real estate agents. We know that this has been an incredibly long journey, and you’ve been amazing every step of the way. I remember cold-calling your office two years ago- I chose Gagliardo simply because I wanted a real estate agent with an office that was actually in River Forest because I needed someone who could really explain to me everything about the city since we knew nothing about it – and the person who answered the phone passed me along to Vee. You guys were exactly what we were looking for, and you helped us find the perfect home for our family. You were incredibly kind, sympathetic when we needed it, pushy when we needed that too, and so, so helpful in every way. We can’t thank you enough – and we will tell that to every single person who will be looking for a home in this area (and we have a bunch of friends heading this way the next few years). I know that we’ll continue to see you all the time since we’ll be neighbors, so we won’t lose touch, and we’ll have you over as soon as we set up our house (in the next few weeks), but I just wanted to let you know how much you mean to us.

— Danielle, Vadim & Aria

My wife and I were on the verge of making an offer to purchase a home without the assistance of a broker. By chance, we became acquainted with Tom Poulos before we made the offer. Good thing because we learned that we were about to make an offer far in excess of the true market value of the home! We subsequently hired Tom to assist us with our purchase and also with the sale of our existing home. We found him to be the consummate professional: he was honest, made sure that he understood the most important features we wanted in a home, had a commanding grasp of the recent purchase prices paid for comparable properties and was always available to us either in person or by phone for the inevitable ‘hand-holding’ that home-buyers sometimes need. We were again impressed by the professionalism and dedication of Tom and his colleagues at Gagliardo Realty Associates LLC in developing a listing price and the marketing efforts that lead to a contract for the sale of our current home in about a week. I have and will continue to refer potential buyers and sellers of real estate to Tom.

— Harry H.

My purchase was a short sale which Andy Gagliardo warned me would not be simple. He was correct, but he handled everything perfectly. Before the offer, I had looked at numerous homes with Andy, and his knowledge of the local area is amazing. Remember he has been doing this for over 30 years. For instance, when we were looking at condos, I mentioned that I wanted to be able to grill on my balcony he was able to tell me that there is only one complex in the entire OPRF community that allows grills on the balconies. This immediately eliminated wasted time looking at other condos. He has all sorts of knowledge like this. Also, in some of the older homes, I would see many plumbing or electrical items in the basements that I did not understand. He knows them all. He also pointed out warning signs of water damage or covering up of water damage so I wouldn't get burned. He was not just interested in making a sale, but interested in making the right sale for the client. Great agent.

— Jill B.

If you are looking to buy or sell a house in River Forest or Oak Park do not look any further than Andy Gagliardo and his team. My husband and I were transferred out of state and were thrust into dealing with a slow real estate market, renters, prospective buyers, showings, etc. all from out of town. Andy went over and above to make sure every step was covered for us. He helped find renters and ultimately buyers for us, all along with a sense of calm, understanding, and responsiveness that always, always made us confident he had our back and our best interests in mind. When Andy helped get the house sold, he went out of his way to make the transaction as smooth as possible, handling every detail with expertise and trust in what can be a very tricky and emotional transaction. I only recommend using Andy Gagliardo for any of your real estate transactions and then keep using him again and again.

— Seller

Rosa helped me sell my home quickly and efficiently. She suggested staging ideas, explained the process thoroughly, and knows the marketplace i.e. price points and how and when to market. She held open houses when the time was right, and she followed up with me as well as followed through with prospective buyers was excellent and timely. She understands the business of real estate/buying and selling and made what could have been a daunting process easy and convenient. I felt that I was in good hands from start to finish and that Rosa always had my best interests at heart. In short. Rosa Pitassi is the best and I’d call on her again in a heartbeat!

— Michelle A.

Although we have informally thanked you for all your hard work and time you put into finding us a home, we wanted to formally express our gratitude to you both, Alisa and Dan. Your professionalism was a pleasure and getting to know you both made us feel more like family. In doing business together, it is so apparent that you both have found careers that allow you to showcase your abilities and strengths! Your knowledge of the market, your attention to detail, your negotiation skills, and your caring personality helped us tremendously. We couldn’t have done it without you – thanks so much!

— Ashley & Brad

We were absolutely thrilled with Colleen’s commitment and service in finding us a new home. With my wife’s dog allergy, we had restrictions on what we were to purchase, and her pro-activity in finding out whether there were dogs living or visiting each home that came on the market was a huge help. She was very knowledgeable about the market and what was available, as well as the proper pricing. It was a highly stressful process to find a home that met our very exacting requirements, but Colleen made the experience much less so with her patience, hard work, and positive disposition.

— Patrick O.

Andy and his company were extremely knowledgeable of the local market and efficient at recruiting attention to our property. He gave us great advice before and during the process, all the way to the conclusion. Others to whom we were referred by him were equivalently professional, fishing, and knowledgeable. If I ever again move to or from the Oak Park and River Forest area, I would never think of calling anyone else. I am sure he demonstrates equivalent expertise around Chicagoland in general, but I know he does a lot of superior work in those areas.

— Rick H.

I can’t thank Laurel Saltzman enough for finding me a home. She is a total professional with a calm, matter-of-fact, positive attitude, and a sense of humor that made working with her a joy. She listened to me, knew what I wanted, what I could afford, and found it – fast. This was my first real estate purchase and Laurel stayed with me throughout the entire process. It was a difficult time for me, but she made it smooth sailing, and I knew she always had my back. I hope I never have to move again – but if I do, I’ll be calling Laurel.

— Kate

It was a pleasure to work with Julie Downey. Julie is knowledgeable and professional but is also very warm and personable. She helped us to find the perfect new home, and sold our previous house in one day! We searched for many months prior to finding our new home. She was very accommodating during the process and thorough when it came time to make offers on properties we were interested in. I would highly recommend Julie to anyone interested in buying or selling a property. Thanks again Julie for all your hard work!

— Karen K.

Couldn’t get any better. From the moment Rosa and I met to put my duplex on the market she was a pleasure to deal with. She came to my residence evaluated my property and listed it at a fair market value unknown to Rosa and myself the home would sell in a matter of hours I credit Rosa with her knowledge and experience and would highly recommend her to any of my friends and family who are looking to sell or purchase a house her knowledge surely exceeds anybody’s expectations.

— John S.

The broker that we used from Gagliardo, Kurt Fiedler, was fantastic! My husband searched Oak Park high and low for the perfect house and Kurt was patient and helpful the entire way through the process. He helped us get to know the area and, after several months of searching, found us the perfect home. If you are looking for a trustworthy broker who has a great depth of knowledge about the Oak Park area, Kurt is a great person to work with.

— Cindy

I met Laura at the very beginning of my journey as a homeowner and she stuck by my side until the very end, which didn't come until a year and a half later. She was incredibly patient, professional, and informative throughout the whole process and I'm so thankful I had her by my side. I would recommend her for first-time homebuyers especially, but also if it's your fifth time. She is a gem!

— Syreeta B.

After working with many Realtors®, Andy has proven to be the best. His local market knowledge, respectful and timely communication, and unbelievable availability were professional and refreshing! His advice to our family was critical to our finding our ideal home. He helped us to make the right choice and we couldn't be happier. A pleasure to work with and a class act!

— Buyer & Seller

We could not have dreamed of a better agent than Debbie. Debbie does an outstanding job and is always approachable, informative, helpful, and effective. We are grateful to her, and it was our great fortune to have Debbie guide us through this entire process from pre-contemplation through closing. We would most definitely recommend Debbie Watts to our family and closest friends

— Stephanie H.

Andy has been dedicated to helping others with their real estate needs for years! He is well known and loved in his community for his consistent energy, positivity, and results. Andy is trustworthy and approachable and working with him provides a sense of comfort and security during stressful home buying and selling decisions.

— Jacquelin M.

Donna Barnhisel, thank you for taking such good care of Alexcia and me. When we move on to Income Property you’re our lady! Thank you for the pizza and generous gifts. Remember Hot Tub and wine when Alexcia I get back home for good I think it will be sooner than later. Thank you again.

— Alexcia & Maria

We can't thank you enough for all you have done for us over the past 2.5 years to get you to this place. It is a good home and Dick is very happy! As soon as we get organized we will have you over so you can see what we have done to the place! Many Thanks again.

— Dick & Susie

Maria is a dynamo! She's a shrewd negotiator, has a great depth of knowledge about the market, and a realistic approach to achieve her clients' objectives. On top of all of that, she's thoughtful, diplomatic, and always laser-focused on the needs of her clients.

— Peg A.

Laurel Saltman is the real estate broker every seller and buyer dreams of! Not only is Laurel extremely knowledgeable and experienced, she tackles every situation with a smile on her face. Her friendly approach to problem solving enables her to navigate even difficult situations with ease. As a result, her clients get the results they want without the stress they don’t.

— Gayle Weinberg Kalmin (Real Estate Attorney)