NAR SETTLEMENT – Local vs. National News and How They Differ

In light of the recent NAR Settlement making headlines across the country, it’s important to understand how things are different here in Washington State, especially when it comes to the Northwest Multiple Listing Service (NWMLS).

NWMLS vs. National MLSs

• Ownership and Independence: Unlike many MLSs across the nation, which are owned by Realtor Associations, the NWMLS is owned by its member brokers. This gives it more flexibility and independence in making decisions that directly affect brokers, buyers, and sellers in Washington.
• Proactive Transparency: The NWMLS has been ahead of the curve, actively pursuing transparency in broker compensation well before the NAR Settlement. This commitment to clarity ensures that everyone involved in a transaction is better informed.

NWMLS Opts Out of NAR Settlement

• Why Opt Out? The NWMLS decided to opt out of the NAR Settlement to continue its efforts towards even greater transparency. This choice reflects the unique way we handle real estate transactions in Washington and keeps the focus on clear communication and fair practices.

What This Means for You

For Sellers:

• Control Over Compensation: You have the power to choose the level of compensation you wish to offer a buyer broker. Your Windermere Broker will guide you through the pros and cons of your decision, helping you make the best choice for your situation.

For Buyers:

• Clear Conversations About Fees: When you hire a broker, you’ll have open discussions about what they charge, how they’re paid, and how it impacts you. This level of transparency is designed to protect your interests and ensure you know exactly what to expect.

Why This Matters

• Local vs. National: Much of the news you’re seeing about real estate changes comes from a national perspective. However, Washington State is already ahead in terms of broker compensation transparency. Other parts of the nation are just beginning to address these issues.

Windermere’s Stance

• Support for Positive Change: We at Windermere Real Estate believe that the NAR Settlement will ultimately benefit the real estate industry as a whole. We also fully support the NWMLS’s decision to opt out, as it allows for even more clarity and options for everyone involved in a transaction.

This focus on transparency protects both agents and clients, ensuring that real estate transactions in Washington State remain fair, clear, and beneficial for all parties.

If you have any questions, please reach out to me!