The windshield on my car is yellow, so I know spring is here! Spring also signals its presence as my yard turns a bright shade of green with young buds and leaves not fully extended on the massive trees. The yard glows fluorescent for about a week every year before the leaves turn a deeper green.
With the blooming of the trees and flowers comes the blooming of the season in my industry, known as the Spring Market. It's a little different every year; this year is a doozie. The headlines were in full bloom this week, and there was clickbait for everyone in the country. The national news about "sweeping changes" coming to the real estate industry is like saying that "the weather in the US today is mild and sunny!" I will admit even someone like me, that has been in real estate for almost 30 years, can get sucked into the headlines and mass media.
It's important to acknowledge that misinformation often exceeds accurate information in brief articles and posts. The Sitzer Burnett v. NAR settlement is in the headlines, with no shortage of details forecasting that the real estate market will never be the same. But what does that mean for Georgia and Atlanta?
Here are a Few Important Things to Know:
- This case was filed in Missouri, and every state has different laws and practices in conveying real estate.
- Georgia is one of 18 states in the US that already have agreements in place for buyers and real estate agent representation.
- Georgia already has mandatory and transparent disclosure of fees for buyers and sellers.
- FMLS, the multiple listing service used in Atlanta and surrounding counties, is not owned by NAR and, therefore, is not involved in the litigation.
- Seller options have always existed. Sellers have always had a choice to use an experienced licensed Real Estate Agent for representation, a discount brokerage, or sell by owner.
- Internal procedural changes may be made to how we do business in our offices, but that will not affect or change my client service.
This case raises awareness of commission structures and fees, subjects that have always been integral to my discussions with clients. I prioritize complete transparency in all transactions. If you're interested in more information about the settlement and its implications, I'd be happy to meet for coffee or lunch. Of course, you're welcome to reach out via email or phone at any time.
