I think we can all agree that there is more than one side to every story, and in this case, there are more than two. I have no chance of summarizing all sides, or even a single side with a short blog post. But my hope is to open your eyes to the bigger picture here, housing affordability and pro-consumer laws.
Articles surrounding the National Association of REALTORS®️ (NAR) settlement aim to point the blame at agents for the issues surrounding housing affordability as it relates to the commission. Cue the misleading headlines, sensationalized articles, and general disregard for the consumer. Unfortunately, these articles & their authors neglect to point out significantly greater holes in state and federal laws, laws that allow massive corporations to buy thousands of homes for their investment portfolios.
If this settlement was truly for the consumer, aka protecting the people, it would have also addressed lending laws that enable buyers to finance commissions. Did you know it is illegal for a Veteran to pay any commissions to the agents when buying a home? Illegal. And while I believe there are some loopholes for buyers who are not VA, the general practice is that it is also illegal for buyers to finance commissions. This is where I think of all my first-time buyers with 3% down, they might have $15k to their name hoping to get into the real estate market. This is where my heart goes, the buyers who are already finding it a challenge to break into the market. How is this lawsuit helpful for them?
This NAR settlement gives me anxiety. Though it’s probably not what you think, I know the value I bring to the table. As an agent with 10 years of experience and over $130 million in sales volume, my skills are well-honed. What I sit here and contemplate is if I’ve done a good enough job conveying my expertise over the years. I know I make my job look easy; I’ve heard it endless times from clients. But do they know that this is because I can handle things for them behind the scenes, I stop problems before they get to them, I have the knowledge to answer their complex questions without hesitation, and make it seem like it’s ‘easy?’ Have I explained my value to them or was I just relying on their trust as I guided the way on their real estate journey? I will do better.
So, when you think of the NAR Settlement, I challenge you to think of it as a multidimensional topic with pros and cons. And there are some pros, no doubt. Going forward I will be tasked with new topics to discuss with both buyers and sellers. I imagine there will be new questions from all sides - questions I have not yet faced. I might be 1 of roughly 1.6 million agents in the United States, but I want to be clear, I am unfazed by the news of this settlement. It has yet to be confirmed by the courts, and to me whether or not that happens is irrelevant. What I have learned will stick with me. No matter the challenge, it will never change my passion or my dedication to my clients.
Thank you for hearing me out. Reach out to continue this discussion with me, by call, text, or email!
With love,
Amanda
