Last week Anywhere announced the terms of their settlement agreement for the two bombshell lawsuits that sought to have buyer agents negotiate their commission directly with the seller and/or their own buyers.
Part of that settlement would allow listing brokers to post a zero percent commission for the buyer’s broker. Several days ago, NAR relented and said they would also allow agents to post listings on the MLS where there is a zero percent commission for buyer’s agents.
What’s really surprising, however, is the seven major Anywhere brands will no longer require their company owned brokerages (franchisees will determine their own policies) to be members of NAR. This is a huge issue, and the ramifications could cause serious problems for NAR going forward.
The bottom line is that if you represent buyers, it’s time to become educated on how to obtain buyer brokerage agreements on every buyer you represent. The time to take action is now because you’re going to need these skills for the rest of your career.