Settlement How You'll Be Affected | ERA Dawson-Bradford Co., REALTORS

Julie Dawson Williams talks NAR settlement and its impact on local real estate, buyers, and sellers:
1. National Settlement Impact
2. Maine Buyer Representation Agreements since 2006
3. Compensation Disclosure
4. Value and Representation
The National Association of Realtors was the focus of a settlement for national lawsuit that questioned whether or not there was price fixing happening for real estate agents commissions. It happened in a state that is different from the practices and the laws that are happening in Maine so I thought I would provide a little bit of clarity on what some of those differences are and how folks who are going to be in the process of listing their home for sale or purchasing a home in the near future explain how this settlement might shake out and how it might have an impact on you. In the state of Maine, we’ve been very fortunate to have buyer representation in writing since 2006. That allows us to establish a representation relationship and we are here as real estate agents licensed by the State of Maine to ensure that we are providing the fiduciary duties and looking out for the best interest of our buyer clients. Now there are 35 other states across the nation that do not have that requirement. We are only 15 states including that requirement, so we are already way ahead as far as what the settlement’s impact will have on the industry overall. What the settlement is looking to accomplish for the consumer is transparency in compensation. Again in Maine, we have been very fortunate to already have compensation disclosure. We have been having this conversation with sellers. Despite the confusion on nationally, we as an agency, and within the State of Maine have been able to communicate what our value is for sellers and what our value is for buyers. And we are able to provide representation looking out for the parties’ best interest. By doing that we are explaining what value were providing and then we get paid a commission for that value. The settlement might change the way that we are talking about it - making sure that people have a clearer understanding. But we have always been obligated to disclose what our compensation is. That compensation includes what we are doing for marketing of the listing but also is the seller client providing an incentive for the buyer agent to bring in that buyer, to have that buyer representation. So that all parties have representation; we are looking out for their best interest; and we are providing them fiduciary duties.
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