NAR SETTLEMENT (ENGLISH VERSION)

eXp Puerto Rico: Navigating Industry Practice Changes

A Guide for Real Estate Professionals

As the real estate industry adapts to recent changes following NAR’s settlement, eXp Puerto Rico is committed to helping you transition smoothly. This guide provides you with the necessary tools to effectively communicate with your clients about the new landscape.

Overview of the Settlement

The recent settlement has brought significant changes to the way we operate within the real estate industry. These changes include new rules regarding compensation and how offers are communicated, ensuring greater transparency and fairness in transactions.

Market Impact

• Consumer Choice: Consumers now have more control in the home buying and selling process. Compensation is fully negotiable and will no longer be listed on MLS platforms but will be negotiated independently between parties.
• Continued Access to Homeownership: Mechanisms have been maintained to ensure that all buyers, including low-income and veteran buyers, can still access homeownership.
• Commitment to Fair Housing: It is crucial for all real estate professionals to treat consumers fairly, regardless of race, gender, national origin, or other protected characteristics.

Communicating with Consumers

• Transparency in Buyer Agreements: Written agreements with buyers must clearly outline the services provided and associated costs. It’s essential that consumers fully understand their options.
• Setting Expectations: Both buyers and sellers need to understand the practice changes, especially regarding compensation and how it will be negotiated outside of MLS listings.

What’s Not Changing

• Agent Support: Real estate agents are still committed to guiding and supporting clients throughout the transaction process. Agents are ethically bound to work in the best interests of their clients and have open, transparent conversations about compensation.
• Negotiable Compensation: Compensation for agents remains fully negotiable, and real estate professionals must clearly communicate the options available to their clients.

Additional Resources

• Training and Education: eXp Puerto Rico offers resources such as courses and training programs to help agents stay informed and effective in the evolving real estate landscape.

For more information and to stay updated on these changes, please reach out to our team at eXp Puerto Rico.