Pictured with Karen is Past Prez Don McCall.

I have included the slides from the presentation. A lot of the content can be taken from there. 

To help out a bit, My presentation was regarding the NAR Class Action Lawsuit. Sellers felt that once a commission was advertised on MLS and in conversations with their listing agents - commissions were no longer negotiable.  That the listing agent was setting the price as to what would be paid out to a buyer broker.

And, some homeowners felt that agents were making too much money.
Two biggest settlement issues are now: Commissions will not be able to be advertised on MLS however, a seller, to remain or gain a competitive edge, can pay commissions to buyers agents either directly through a purchase agreement, concessions or cooperating broker to broker. However, it will not be through a listing agent. AND, buyers must sign a contract of some sort-either full representation or a short term contract BEFORE seeing any homes. This is in effect now and no advertising on MLS the commission a seller is willing to pay is in effect Aug. 17th 2024.

MN has always had representation in place, not always just to see a home but we here in MN are far advanced in regards to Buyer Representation.  

How will the consumer be effected?

Prices may come down, homes may stay on the market longer, buyers might be more "apt" to go into a real estate transaction without guidance-more litigation if this happens, first time homebuyers may be knocked out of the market and so much more.

 

Some say;this will help the consumer, some say this will hurt. 

 

We meet at 7:30 Wednesday mornings at Saint Anne’s Episcopal Church located at 2035 Charlton Road, Sunfish Lake, MN 55118. Join us for a continental breakfast with good coffee followed by an engaging program.  On even number months, we meet at 7:30a at the Copperfield restaurant in Mendota Heights.  (e.g. first Wed in Aug)