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Dear NAR members,
I’m reaching out to share an update from Washington, D.C., where I was excited to be this week with members of NAR Leadership for an important meeting with the Department of Justice Antitrust Division to discuss the issues the DOJ is reviewing in the real estate industry. We were pleased that, from the DOJ side, the meeting was led by U.S. Assistant Attorney General Jonathan Kanter, a top decision maker and leader on antitrust policy at the Department. We were also happy to have alongside us Gary Acosta, CEO of the National Association of Hispanic Real Estate Professionals and strong real estate policy advocate.
This meeting was a big step in our process to have meaningful dialogue with the DOJ, directly between leaders, about the issues that matter to us as REALTORS®. While there is much more work to be done, the meeting was productive as we try to find “common ground” on topics that define how we do business and support the dream of home ownership in America.
At the end of our meeting, my first question was, “when can we meet again?” We are committed to continuing the conversations with the DOJ on topics such as the value REALTORS® bring to real estate transactions, the critical importance of competition in our industry, offers of compensation, listing availability, consumer choice, and promoting access to homeownership for all.
Coming out of the meeting, there were some clear takeaways we wanted to share with you regarding areas of DOJ focus. As we all work together to prepare ahead of the August 17 practice change implementation date, please keep the following in mind:
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Developing new or revised forms: I encourage all members involved in creating new or revised forms to evaluate them for clarity and emphasis on consumer choice. The settlement empowers buyers and brokers to negotiate and mutually agree to services and compensation that work for them. REALTORSâ should work with consumers to ensure they fully understand the options available to them while continuing to seek fair compensation for their services. We’ve compiled tips on developing written buyer agreements here, and I encourage you to take a look.
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Implementing and adhering to settlement provisions in good faith: The DOJ raised concerns regarding industry participants using potential avenues to “circumvent” the coming practice changes. To be clear: NAR—and I personally—oppose any attempts to circumvent the settlement. The practice changes should be implemented fully and in good faith, in the service of promoting consumer empowerment, consumer choice, and healthy competition. Answers to questions about how to approach the practice changes in detail are available in our FAQ, and we will continue to provide resources as we navigate the days ahead.
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While conversations are ongoing, it does not prevent additional DOJ action: Our recent meeting marks an important step forward in maintaining a productive relationship with the DOJ. However, we expect the DOJ to continue making inquiries into industry practices. Please reach out to the NAR legal team for support requests or questions.
As always, thank you for your membership and all that you do to make homeownership dreams a reality. We will continue to keep you updated as our conversations with the DOJ progress.
Thank you,
Kevin Sears
2024 NAR President
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