AIRINC recently hosted a client-led discussion focused on the impact of the National Association of Realtors (NAR) regulations.
What is the issue?
The issue at hand revolves around the recent settlement by the National Association of Realtors, which mandates significant changes in the real estate industry. These changes are designed to enhance transparency in transactions and reevaluate the commission structures traditionally in place. The settlement, effective from August 17, 2024, alters the dynamics between sellers, buyers, and their agents, prompting industry-wide discussions and adjustments. Read more here.
Benchmark
Our recent session provided valuable benchmarks and insights on program changes due to the new legislation. Participants shared observations and data on how their organizations are responding to regulatory shifts.
- Notably, 46% of participants reported that they have not made any adjustments to their practices, while 38% are considering potential changes.
- Only 15% have enacted new policies, particularly concerning buyer commission reimbursements, with some indicating that these reimbursements may be capped.
WERC Talent Everywhere Conference
NAR was a key topic of discussion at the recent WERC meeting in Washington, D.C., where panelists shared their experiences and perspectives on the matter. The prevailing sentiment among companies appears to be one of caution, as many adopt a “wait and see” approach. While some organizations have introduced new protocols in light of these changes, the significant challenges anticipated from the legislation have not yet materialized.
A photo of the team at the event.
Global Mobility
Prior to the settlement's implementation, our Housing Expert Emily authored a blog offering guidance for Global Mobility leaders. Read more here.
As the industry moves forward in this evolving landscape, it will be essential to keep an eye on how policies adapt and how companies implement necessary changes during this transitional period.
