For the first time since the guilty verdict was handed down in a Missouri courtroom, the National Association of Realtors is speaking out to its large member base via a video message from NAR President Tracy Kasper. In it, Kasper maintains that NAR believes that the jury reached an outcome that is neither supported by the law nor the facts presented in the case and plans to appeal.
However, she said realtors should be transparent with consumers about the negotiable nature of the cooperative compensation rule.
“It is critical to maximize transparency with your clients about their choices and your terms,” Kasper said in the video. “Use your agreements with your buyers and your sellers to help them understand exactly what services and value you’re going to provide to them. Continue to express that commissions are negotiable and set between you, their broker and themselves. Explain clearly how you get paid and what you are charging.”
Kasper goes on to say that for buyers, this includes options for offers of compensation from a listing broker or paying for realtor services directly or a combination. For sellers, this includes options to allow offers of compensation to be made by the listing broker to a buyer’s broker, and if so, how much and under what terms.
Turning back to the case and the expected long legal journey ahead, Kasper added:
“I was incredibly, incredibly disappointed by the verdict. The jury reached an outcome that was neither supported by the law nor the facts that were presented in this case. The plaintiffs tried to portray this outcome as a win for consumers, but those of us in the industry know the opposite is true. This is one chapter in a very long legal process. We plan to appeal the verdict.”
You can see the full video by clicking here.