NABOR® Launches Public Awareness Campaign to Explain Recent Changes in the Real Estate Industry and Benefits of Working with a REALTOR®

In an effort to reduce incorrect information being communicated to the public from dubious sources, Naples Area Board of REALTORS® (NABOR®) has launched a public awareness campaign that provides facts about the commission-related lawsuits and resulting settlement agreements involving the National Association of REALTORS®. The campaign will feature published letters to the public, advertisements, videos, member education, and various public and member resources. NABOR^® is committed to rectifying inaccuracies about how REALTORS® discuss and negotiate with sellers and buyers their compensation and reaffirming the benefits of working with a REALTOR®.

As a local organization run by active REALTORS®, NABOR® acknowledges that there are a few changes to the process of listing and selling residential real estate with the professional assistance of a REALTOR®. Fortunately, Naples REALTORS® know how to adapt to changing market realities as they have had plenty of experience during hurricanes, economic crisis, and a pandemic.

Here are the facts: The two major changes resulting from litigation are 1) Properties listed in the Southwest Florida Multiple Listing Service (MLS) database will no longer include offers of compensation; and 2) Homebuyers who want to work with, and be represented by, a REALTOR® in their search for a home that they will eventually offer to purchase, will be required to sign a written agreement with that REALTOR® and its brokerage prior to touring any home. The agreement must outline the REALTOR’S® scope of work, and how much and by whom the REALTOR® will be compensated. Another requirement is that REALTORS®– both as listing and buyer broker and agent – must inform their customers that their compensation is not set by law and is fully negotiable. This always has been the case in Naples but updated forms further underscore that point.

NABOR® modified its buyer representation form to reflect the changes. Fortunately, these changes could be made easily to its existing forms, which have been available and used frequently since 1999. So, while the mandatory implementation of customer representation agreements from this settlement may be new, their existence and how to use them by many REALTORS® in Naples is not.

As Naples real estate experts, NABOR® members understand all facets of the real estate transaction. But the truth is, real estate transactions can be complicated. That’s why REALTORS® must be well-versed in myriad of financial and legal requirements. It enables REALTOR® members to guide customers through innumerable steps and provide clarity during what can be a very stressful time. 

In its 75^th year as Naples’ source for real estate statistics, data and professional development, NABOR® is confident its 8,500+ REALTOR® members will have access to the right tools, information and forms they need to work under this new approach. As it’s done for decades, NABOR® will stand by its members, serve our communities, and continue to do what it does best: work to create a future than enables homeownership for all who want it. For more information, please visit www.naplesarea.com.