Class-action lawsuit accuses NAR of inflating commission prices

NAR, responds to the class-action antitrust lawsuit filed against his company by a group of home sellers. 

With sellers have the control to pick their own MLS listing package and the buyers agent commission at the time of signing up with our program. 

There are two types of listing agreements in the state of Virginia.
In order to go into the MLS – one of them needs to be filled out and submitted to the listing agent. 
An Exclusive Rights to Sell Listing Agreement means the listing company has exclusive rights and you may not try selling it on your own. 
The Exclusive Agency Listing Agreement – which is what we use – just lets you know that in the state of Virginia – This listing agreement allows you to sell on your own so if you find the buyer – you don’t pay any commission.
If an agent from any real estate company finds the buyer – you will pay the commission you agreed to in the listing agreement.

This is the best of both worlds – For Sale By Owner and the MLS. 
We are fully licensed realtors doing the listing side for a flat fee.
You are still responsible to pay the selling agent (buyer’s agent) a commission.  3% is Strongly Recommended. 
You can change the field on the paperwork to whatever commission you wish to pay but if your goal is to sell your home in a reasonable timeframe,
then exposure is key and you will not get that exposure from the realtors working with the buyers if you are not offering the industry norm of 3%.
In real estate – all money goes through a broker – who in turn – pays the agent.  Money is never given directly to the agent.

Author: Debbie Kent

Debbie Crevier-Kent began her career as a licensed Real Estate agent. Seeing the need for lower real estate selling costs, she created easy to use FSBO service packages, starting in 1994. Ms. Crevier-Kent is a member, and and a member or NAR, NVAR, REIN, BRIGHT, WAAR, and CAAR

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