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Understanding the

NAR Lawsuit Settlement

What You Need to Know

In March 2024, in response to a pending lawsuit judgment against them, the National Association of Realtors® released a set of proposed policy and practice changes that will reframe the relationship between real estate professionals and buyers. To be clear, the industry’s fiduciary commitment to the best interests of clients hasn’t changed, but the way agents and buyer clients formalize professional relationships will.

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Changes to the Homebuying Experience

As a homebuyer, this proposed settlement means there will be some changes to your real estate experience:

1. Required Buyer Agreements

Prior to this settlement proposal, it was acceptable (though not widely practiced) for buyer’s agents to forge relatively informal, unwritten agreements with their clients regarding service. Following these proposed changes, buyers must sign a service agreement with a real estate professional in order to be shown homes. 

2. Buyer’s Agent Compensation

Prior to the proposed changes in the settlement, buyer’s agents were compensated via a cooperation agreement with the seller and seller’s agent facilitated by the multiple listing service. While this sort of cooperation is still allowed, the MLS is no longer allowed to coordinate it. Buyer’s agents will now be responsible for negotiating their own compensation with clients.

FAQ

As a homebuyer, these changes will require new, important conversations between you and your real estate professional. A buyer service agreement will formalize your agent’s fiduciary responsibility to you, further protecting your interests. It will allow the opportunity for real, transparent communication with your agent around compensation, offering you a clear understanding of the cost of services and how those services benefit you. 

These conversations will ultimately set buyers up for greater success in their transactions. More buyers will start the home search process with a clear understanding of their strategy, how their agent will support them, and what it will take to get to the closing table. 

Two major changes: First, compensation offers to buyer’s agents will no longer be displayed on the MLS, and the MLS won’t be allowed to facilitate commission cooperation between the buy and sell sides of transactions. Second, all buyers will be required to sign a buyer agreement with their agent outlining service terms, including commission requirements.

Yes. Luxury Presence has created a strategy guide for agents seeking advice on negotiating buy-side compensation. Get your copy of The Future of Buy-Side Compensation here

The best agents have shifted their thinking from the top line to the bottom line. They're obsessed with the client experience. They're taking action very quickly to level up the technology in their businesses because they understand it's the only way to deliver strong profitability and a world-class client experience.

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How I Work With Buyers

As my client, you can expect nothing but the highest level of service and counsel. I take my fiduciary commitment to you extremely seriously and believe that the best way to advocate for your best interests is through preparation. For each property my clients consider, I create a complete set of market research, potential pricing and offer strategies, contract negotiation tactics, and more.

Before the NAR lawsuit settlement proposal, some buyer’s agents were able to get away with doing the bare minimum. Thanks to assumed cooperation with the seller, they might get paid for simply showing up, unlocking doors, and pushing papers. 

While that was never my approach, it is now no longer the world we live in. As my client, you can rest assured that I will provide you with expert-level service and advice throughout our professional relationship.

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Testimonials

Read what our clients have to say about working with us.
"Lisa and Joe are the best! Lisa worked hard to find the perfect home for us. She listened to what we wanted and was a great communicator. She really knows the area and has helpful recommendations and ideas. During the sale process, she was organized, smart and very helpful as we were not in person for most of the process. We felt like we were in good hands the whole time. I would recommend The Belmonte Group!"
"Lisa and Joe are the best! Lisa worked hard to find the perfect home for us. She listened to what we wanted and was a great communicator. She really knows the area and has helpful recommendations and ideas. During the sale process, she was organized, smart and very helpful as we were not in person for most of the process. We felt like we were in good hands the whole time. I would recommend The Belmonte Group!"
Susan Bohannon
"Joe and Lisa were a great help to us. We were relocating from the Bay Area and knew we wanted somewhere in the local area. Joe and Lisa really helped us understand the different areas and zero in on the best shot for us. As remote buyers, we relied on their expertise and professionalism to cover many of the onsite inspections. They kept the sales process moving with their organization and follow up on the many outstanding issues we dealt with. We had great trust in their ability and judgment. It was a great experience working with both Joe and Lisa and we'd highly recommend them to anyone interested in either buying or selling their home in this area."
"Joe and Lisa were a great help to us. We were relocating from the Bay Area and knew we wanted somewhere in the local area. Joe and Lisa really helped us understand the different areas and zero in on the best shot for us. As remote buyers, we relied on their expertise and professionalism to cover many of the onsite inspections. They kept the sales process moving with their organization and follow up on the many outstanding issues we dealt with. We had great trust in their ability and judgment. It was a great experience working with both Joe and Lisa and we'd highly recommend them to anyone interested in either buying or selling their home in this area."
Jane & Chris Galli
"My experience working with Joe involved both selling our home in Los Osos and buying a home in Atascadero. Joe was very responsive to my questions. Joe suggested a fair listing price for my home, and we were actually given two bids within days of listing that were about $20,000 over the listing. The quickness of the sale was a most pleasant surprise. Joe and Lisa Belmonte showed my wife and me around quite a few homes. Their suggestion to put in a backup bid, after we lost out to a higher bidder, eventually got us the house we wanted after the higher bidder backed and the seller accepted our offer, which was under the listing price. I had never heard of a backup bid, and without Joe and Lisa's help, we might still be looking for a home. I am very satisfied with Joe and give him my highest rating and will recommend him to anyone I know."
"My experience working with Joe involved both selling our home in Los Osos and buying a home in Atascadero. Joe was very responsive to my questions. Joe suggested a fair listing price for my home, and we were actually given two bids within days of listing that were about $20,000 over the listing. The quickness of the sale was a most pleasant surprise. Joe and Lisa Belmonte showed my wife and me around quite a few homes. Their suggestion to put in a backup bid, after we lost out to a higher bidder, eventually got us the house we wanted after the higher bidder backed and the seller accepted our offer, which was under the listing price. I had never heard of a backup bid, and without Joe and Lisa's help, we might still be looking for a home. I am very satisfied with Joe and give him my highest rating and will recommend him to anyone I know."
Moore Family
"Joe and Lisa are great agents! They are very familiar with the local market and have tons of contacts to help with prepping a home for sale. (We used them both for the purchase and sale of a home in Templeton). We recommend them without reservation!"
"Joe and Lisa are great agents! They are very familiar with the local market and have tons of contacts to help with prepping a home for sale. (We used them both for the purchase and sale of a home in Templeton). We recommend them without reservation!"
Allison Hayward
"Joe and Lisa are the absolute DREAM TEAM!! They are professionals at what they do. They are punctual, thorough, and most important to me honest. You can trust them through every step of the complicated process of buying a home. I recently lost my 8 year old daughter to brain cancer. Because of our treatment journey, buying a home took the back burner. I am forever grateful for Lisa and Joe for making Kyndal's and my dream come true of having our own home."
"Joe and Lisa are the absolute DREAM TEAM!! They are professionals at what they do. They are punctual, thorough, and most important to me honest. You can trust them through every step of the complicated process of buying a home. I recently lost my 8 year old daughter to brain cancer. Because of our treatment journey, buying a home took the back burner. I am forever grateful for Lisa and Joe for making Kyndal's and my dream come true of having our own home."
Raquel Gottfried
"I had tried to list my property with other agents in the past the last year, and they could not get the job done. My property Expired with the last agent and Joe Called me, he was very personable and hard-working and showed me how He and his team could get the job done. I ended up picking Joe and Lisa to List my Home and we put the house in Escrow in 4 hrs and then closed in 8 days. I highly recommend Joe and Lisa as Realtors® if you want a team that will get the job done and hold your hand through the whole selling or buying process. Thank you so much, Joe and Lisa!"
"I had tried to list my property with other agents in the past the last year, and they could not get the job done. My property Expired with the last agent and Joe Called me, he was very personable and hard-working and showed me how He and his team could get the job done. I ended up picking Joe and Lisa to List my Home and we put the house in Escrow in 4 hrs and then closed in 8 days. I highly recommend Joe and Lisa as Realtors® if you want a team that will get the job done and hold your hand through the whole selling or buying process. Thank you so much, Joe and Lisa!"
Sharon L.
"I’m writing this email to thank you for the wonderful job you and your team did with our Paso Robles transaction. You were always available when we needed you and provided excellent guidance throughout the entire process. Thanks again and we hope we get the chance to work with you again in the future! "
"I’m writing this email to thank you for the wonderful job you and your team did with our Paso Robles transaction. You were always available when we needed you and provided excellent guidance throughout the entire process. Thanks again and we hope we get the chance to work with you again in the future! "
Aaron Leritz
"Joe was an amazing agent to deal with. He had our best interests in mind at all times during the sale of our home. Joe's diligence and attention were obvious at all times. I would highly recommend Joe to anyone looking to sell or purchase any real estate."
"Joe was an amazing agent to deal with. He had our best interests in mind at all times during the sale of our home. Joe's diligence and attention were obvious at all times. I would highly recommend Joe to anyone looking to sell or purchase any real estate."
Scott Family
"Listing our land with Joe was the best decision we made. He got the deal done fast and helped us through the process. I highly recommend him and will definitely use him in the future for purchasing or selling. Thank you Joe!"
"Listing our land with Joe was the best decision we made. He got the deal done fast and helped us through the process. I highly recommend him and will definitely use him in the future for purchasing or selling. Thank you Joe!"
Ken Snyder
"Joe Belmonte with Kase Real Estate did an amazing job selling our park model in Heritage Ranch Paso Robles. It was a quick process and we were happy with the results."
"Joe Belmonte with Kase Real Estate did an amazing job selling our park model in Heritage Ranch Paso Robles. It was a quick process and we were happy with the results."
Kevin & Andrea Campion
"Joe and his team did an excellent job representing my family. He was easy to work with and made the process painless, we closed quickly and on time. I highly recommend Joe and his team!"
"Joe and his team did an excellent job representing my family. He was easy to work with and made the process painless, we closed quickly and on time. I highly recommend Joe and his team!"
Michael & Ashley Benson
"Joe Belmonte did an outstanding job assisting us with the purchase of our new home. Joe is friendly responsive and gave great advice!"
"Joe Belmonte did an outstanding job assisting us with the purchase of our new home. Joe is friendly responsive and gave great advice!"
Dominguez Family
"Joe Belmonte did an outstanding job assisting us with the purchase of our new home. Joe is friendly, responsive, and gives great advice. Highly recommend Joe Belmonte."
"Joe Belmonte did an outstanding job assisting us with the purchase of our new home. Joe is friendly, responsive, and gives great advice. Highly recommend Joe Belmonte."
Veronica D.
"Lisa was an amazing agent to deal with. She had our best interests in mind at all times during the sale of our home. Lisa's diligence and attention were obvious at all times. I would highly recommend Lisa to anyone looking to sell or purchase any real estate."
"Lisa was an amazing agent to deal with. She had our best interests in mind at all times during the sale of our home. Lisa's diligence and attention were obvious at all times. I would highly recommend Lisa to anyone looking to sell or purchase any real estate."
Seller
"Joe did an outstanding job helping us sell our home. He had buyers for it before it was listed and for more than the asking price! He assisted us every step of the way and helped us secure the home of our dreams. I'd recommend Joe to anyone buying or selling a home. Thanks, Joe!"
"Joe did an outstanding job helping us sell our home. He had buyers for it before it was listed and for more than the asking price! He assisted us every step of the way and helped us secure the home of our dreams. I'd recommend Joe to anyone buying or selling a home. Thanks, Joe!"
Seller
"Lisa showed expertise about SLO county which was very important as this was the first time we were buying a home here. She showed us homes throughout Paso Robles, Templeton, and Atascadero which is where we ended up finding the perfect home for our family. She not only had familiarity with the land here but her years of an experience as a Realtor® reflected as well as we were able to get our offer accepted in this competitive market with her guidance and knowledge. We are happy to refer Lisa to anyone we know looking to buy, sell or learn more about the real estate market."
"Lisa showed expertise about SLO county which was very important as this was the first time we were buying a home here. She showed us homes throughout Paso Robles, Templeton, and Atascadero which is where we ended up finding the perfect home for our family. She not only had familiarity with the land here but her years of an experience as a Realtor® reflected as well as we were able to get our offer accepted in this competitive market with her guidance and knowledge. We are happy to refer Lisa to anyone we know looking to buy, sell or learn more about the real estate market."
Buyer | Seller