Realty Collective Response to NAR Judgement
Nov 10, 2023 brooklyn,brooklyn real estate,brooklyn realty,federal case,national association,personal statement,realtors
At Realty Collective, it has always been our practice to monitor developments that may affect our clients and the way we serve them. The recent verdict in the federal court case against the National Association of Realtors (NAR) in Missouri is a significant event that has captured our attention.
We understand that the court has found practices by NAR members that are in violation of federal antitrust law. At a minimum, the ruling will lead to greater transparency industry wide, long a source of confusion and frustration for consumers about where their money goes in real estate transactions.
It has always been our stance that our industry must uphold the highest standards of ethics and legality. This verdict highlights the need for ongoing review, auditing, and changes to industry standards – many of which we have advocated for and have been practiced at Realty Collective ahead of this ruling.
We are currently reviewing the details of the case and what it means for our practices and clients. Our commitment to our clients remains steadfast. We will continue to offer transparent, fair, and lawful real estate services.
We, at Realty Collective, believe in the value of buyers and sellers agents, and have always prioritized transparency in every aspect of a real estate transaction – especially about how broker commissions are handled. We fully support any decision that elevates industry standards in the education of clients.
We are also committed to adjusting our practices in accordance with the legal findings. Thankfully, the Real Estate Board of New York (REBNY), of which we are proud members, has worked to ensure the proper education of clients, transparency in real estate transactions, and ethical practices among its members.
We believe in a competitive marketplace that serves the best interests of all parties involved – home sellers, home buyers, and real estate professionals. Due to the complicated nature of real estate in New York City, it has always been our practice to advocate for our clients to work with seasoned professionals during each step of the process time and time again, we are proven right that working with discounted brokerages like Redfin & FSBO.com is not in the best interest of home buyers or sellers.
With all of the new information coming to light, we will be sure to keep our clients informed of how any changes might affect their home buying and selling process. Our goal is to navigate these complex times with integrity and to continue providing exceptional service to the community we are so proud to serve.