Content paid for by Oregon REALTORS®
Dear Oregonians
You may have come across the recent antitrust lawsuit and subsequent settlement between the Nation Association of REALTORS® and brokers across the country. However, there is a lot of confusion and misinformation swirling around in various media outlets.
Now is the time for us to connect directly with you. As Oregon REALTORS®, a nonprofit trade organization, we are proud of our more than 16,000 real estate professionals across the state. Real estate is at the core of our mission, but it also embodies the essence of the American dream. Whether it’s home ownership or commercial business, our experts have a deep understanding of the complexities of real estate. As these settlements change certain real estate practices, Oregon REALTORS® are successfully responding to evolving market dynamics. Adaptability is in our industry’s DNA. After all, we are in the business of change.
I know uncertainty can be unsettling, but the bottom line is this:
This lawsuit and settlement result in two major changes that consumers will encounter when working with their agents.
- Properties listed on databases such as the Multiple Listing Service (MLS) will no longer include offers of compensation to buyers’ agents. However, listing agents and sellers may continue to offer or negotiate compensation for buyer mediation services.
- Home buyers who wish to work with an agent must enter into a formal written contract before viewing a home. This will require you to discuss and agree with your agent the range of services they will provide on your behalf, and determine the scope of those services and how they will be paid for them, before you begin your home search.
While at first glance these two changes may seem simple, they are intended to preserve consumer choice regarding real estate services and compensation. Oregon REALTORS® have consistently upheld the principles of clarity, transparency and professionalism that define our identity and will continue to guide us moving forward.
Oregon REALTORS® do more than just facilitate real estate transactions. We stand as staunch defenders of private property rights and champions of fair and affordable housing opportunities. You probably recognize us as your neighbors, community allies, and dedicated service providers. Our mission extends beyond trading. We strive to enrich and improve our families, communities, and friendships.
In reality, real estate transactions are complex and diverse. As low inventory levels and affordability challenges continue across the state, REALTOR® Champions are dedicated to ensuring the success of your homeownership journey. We are committed to helping you evaluate all options that align with your criteria and help you make an informed decision. These practice changes will impact you as a consumer, but you can trust that we have your back. Oregon REALTORS® is determined to make real estate ownership available to everyone throughout our beloved home state.
As we have done for the past 90 years, regardless of market conditions or challenges, we remain steadfast in supporting our clients, serving our communities, and excelling in our profession. Our commitment is unwavering: to build a future where real estate ownership is within reach for everyone who wants to achieve it.
Sincerely,
Ashley Fordham
2024 Oregon REALTORS® President
For more information, please visit https://oregonrealtors.org/.
