Many of you may have heard about this over the last week. Sadly there is A LOT of misinformation out there. I’ve given it a lot of thought and think that the NWMLS’s statement summarizes it best for the majority of Washington State:

“NWMLS is owned by its member real estate firms and not affiliated with NAR.

Beginning in 2019, and continuing in 2022, NWMLS made changes to its rules, forms, and processes that address the issues raised by the national litigation and outlined in the proposed settlement agreement. NWMLS’s changes enhanced transparency, consumer choice, and negotiation opportunities related to broker compensation.

NWMLS’s most recent efforts, in cooperation with Washington REALTORS®, culminated in revisions to the Washington state “Agency Law” that were effective January 1, 2024. As a result, Washington law already requires brokers to enter into a services agreement to represent a buyer, which is one of the primary “practice changes” in the proposed settlement agreement.

While NWMLS’s system of rules and forms, together with the revised Agency Law, provide both buyers and sellers with complete transparency, choice, and control of broker compensation, NWMLS and its members will continue to take advantage of every opportunity to enhance the quality of real estate brokerage services in the Northwest.”

Watch this 30 second video that highlights what Washington REALTORS® recently did to advocate for more transparency in real estate.

4/23/24 Update: Judge Bough granted the Plaintiffs’ Motion for Preliminary Approval of this agreement, which means that the settlement agreement is preliminarily approved.

Don’t hesitate to call or contact me with any questions!