Doj Agreement with Nar

On December 22, 2020, the Department of Justice (DOJ) announced an agreement with the National Association of Realtors (NAR) that will bring about some significant changes in the real estate industry.

The agreement comes after the DOJ conducted an investigation into the NAR`s policies and practices, particularly relating to the way in which property information is shared among real estate agents and brokers. The DOJ found that the NAR`s rules and policies had anti-competitive effects, making it harder for buyers and sellers to obtain the best possible deals.

Under the terms of the agreement, the NAR will make a number of changes to its policies and practices. First, it will allow real estate agents to display on their websites all of the property listings that are available through a multiple listing service (MLS). This will help to make it easier for buyers and sellers to access information about available properties, and will increase competition in the real estate market.

Second, the NAR will allow agents to represent buyers as „exclusive agents,” which means they will be able to receive compensation from both the buyer and the seller. This will make it easier for buyers to work with agents who have their best interests in mind, rather than worrying about whether or not they are being pressured to close a deal.

Finally, the NAR will make changes to its rules for MLS participation. These changes will make it easier for new and innovative real estate models to enter the market, which will increase competition and benefit consumers.

Overall, the DOJ`s agreement with the NAR is a significant step forward for the real estate industry. By increasing competition among real estate agents and brokers, it will help to ensure that buyers and sellers are able to obtain the best possible deals. And by allowing new and innovative business models to enter the market, it will help to promote innovation and growth in the industry.