Q1 Round-Up: Luxury Living in Reno-Tahoe

Posted by Jackie Latragna on Monday, April 29th, 2024 at 5:57pm

Greetings from Reno-Tahoe!

You've probably caught wind of the buzz surrounding the National Association of REALTORS® (NAR) and their proposed settlement, sparking quite the conversation in the media and possibly leaving you with more questions than answers. Let's dive into what's really going on and clear up some of that confusion. The gist of it is, sellers have always had the choice to offer compensation to the buyer's broker, and that's not changing.

What's new is the way commissions are being advertised. Commissions have been and will continue to be negotiated through transparent conversations with our clients. Additionally, commissions remain negotiable, of course, and are not set by law.

Under the proposed settlement, every buyer represented by a NAR-affiliated agent would be required to sign a Buyer Representation Agreement, a mutual commitment that outlines the business relationship between the buyer and broker before touring a property.

We see these clarifying facts and updates as positives, both for our clients, us, and the broker community at large. For our Northern Nevada market, like everywhere else, this settlement means a shift in how commission offers are presented. This settlement proposed that, as of July 2024, commission should not be advertised in the MLS. This doesn’t affect how we do our business as we have always put our client’s best interest before our commissions. Our experience has shown that transactions are more successful and smoother when there is professional representation on each side, creating open lines of communication that benefit all parties involved.

So as for us at Sullivan-Neal Luxury Real Estate, we will continue to encourage a transparent commission conversation that reflects the time, effort, expertise, and support that we invest in each transaction. It's all about direct communication and education, making sure everyone involved understands their options and the process. It's commissions as usual for us and our esteemed colleagues; however, just advertised and communicated differently.

Talk to us about how we’re adapting and how this will affect you. We welcome your questions and your input regarding the recent media frenzy that is still swirling!

Click here to read the Dickson Luxury Trends 1st Quarter 2024 Report. 

*These figures represent sales from 1/1/24 - 4/19/24. Thank you to every single client that has worked with us in 2024!

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