If you are a real estate professional, you've recently had numerous conversations, read articles, and attended training to learn about changes the National Association of Realtors ("NAR") enacted as part of the pending class action settlement that followed the $1.8 billion dollar judgement entered against it in October of 2023.
I prepared the presentation below summarizing the settlement and the background against which it was struck to share with several brokerages around Savannah. I leaned heavily into the background because, while most active sales professionals I'd spoken with had rightly focused on implementing the required changes within their day-to-day operations, I believe it is also important for them to understand how we got here and where we could be headed. Context is key, and it is probably unwise to view the changes that went into effect on August 17th as "final", either in the short or long run. The DOJ has been interested in NAR for decades and it has clearly demonstrated its desire to continue its investigations notwithstanding the pending settlement. Also, the industry should expect plaintiffs' attorneys to continue to pursue claims where they see the possibility of recovering a huge verdict against an industry group like NAR.
But this is not a message of doom and gloom. Change often creates new opportunities, and the real estate professionals who recognize, embrace, and adapt to it will better position themselves to be succesful in the future in spite of, or perhaps, because of it.
Savannah VIP Closings is here to help you understand and navigate these changes and any other obstacles you may face. We want to help you succeed, and that is why we carefully tailored our real estate transaction services to provide the best possible experience for you and your clients. We are dedicated to providing the most thorough, responsive, fastest, safest, and enjoyable closing experience, from contract to closing table. If you want to hear more about how we can help you, please reach out any time.
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