To our Clients, Partners, Friends and Colleagues:

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You have probably heard the recent news that the National Association of Realtors (NAR) has reached a settlement in the Sitzer/Burnett antitrust case.

 

The results of this settlement will undoubtedly change the residential real estate industry as we know it. Our hope is that it will provide an opportunity to further professionalize the industry across the country and elevate Realtors to standards we and our colleagues have always held dear.

 

While we do not know what the changes will bring right now, this is what we do know:

 

Buyers deserve representation at every income level. This case has called into question the cost of buyer agency compensation and how it is incorporated into the transaction. Our experience has shown that transactions are smoother when there is proper representation on each side, creating open lines of communication and mutual benefits for both Buyer and Seller.

 

Commissions have always been and will continue to be a transparent conversation with our clients. We have always encouraged a healthy dialogue around compensation for real estate services and will continue to operate as a full-service team.

 

Pennsylvania is one of only 14 states that require a Buyer to sign a Buyer Agency Agreement, and has since the 1990’s. As we understand it, this settlement will require that every Buyer sign a Buyer Agency Agreement outlining the relationship between the Buyer and Buyer Broker before touring a property. This has been our standard practice in Pennsylvania for over 30 years, making us a model for many.

 

This is a relationship based business, and together, we will navigate the changes in the industry and provide our clients with the same standards of excellence that we have prided ourselves on since VERY’s inception in 2013.

 

If you have any questions as you are reading or watching the news, please reach out.

 

Thank you for your continued trust in VERY.