Real Estate Compensation

LETTER FROM THE BROKER:

Many of you have read or heard about the class-action lawsuits and recent legal and financial settlements offered by real estate companies and the National Association of Realtors®. The media has been a whirlwind of misinformation and confusion, so we thought we would use this letter to ensure you have the most accurate information.

 For the past two decades, HAVEN PROPERTIES has been advocating for greater consumer protection and transparency from the National Association of Realtors and other national organizations. Our commitment to these standards has not only made us the leader in real estate sales production on the Central Coast but also reassures you, our potential clients, that you are in safe hands. We firmly believe all consumers deserve the highest standards of professionalism, regardless of property value or buyer or seller.

The recent lawsuits focus on real estate commissions, specifically collusion between brokers to fix commissions, artificially inflate real estate sales prices, and the requirement for sellers to offer compensation for a buyer broker to access the Multiple Listing Service. These are obviously valid concerns, but it is crucial to remember that each State conducts the business of real estate differently according to the specific State laws. In California specifically, commissions have always been negotiable, and consumers have always had the right to seek and negotiate the cost of separate representation. This knowledge empowers you, the consumer, to make informed decisions in your real estate transactions.  

The lawsuits are not focused on real estate agents specifically but rather on the National organizations that lead and set practices for our industry. Most real estate professionals do an excellent job explaining the value and costs associated with employing an agent to list or purchase a home.  

At HAVEN PROPERTIES, we are encouraged by the proposed changes in the NAR Settlement Agreement and others like it. However, they must go further to protect consumers from what we believe is the greatest challenge facing consumers and our industry today. All consumers should be able to enter the process of selling and purchasing real estate knowing that all real estate licensees meet a much higher standard of education, experience, and practical knowledge than they do today. At HAVEN PROPERTIES, we have taken it upon ourselves to develop standards of practice, knowledge, and performance so each of you can rely on your agent to be the most reliable partner in your real estate experience.

If you have any questions whatsoever, please do not hesitate to contact your favorite HAVEN PROPERTIES agent. We are here to serve our local communities and continue to develop practices for informing not only buyers and sellers during their respective transactions but also everyone so that everyone can make informed decisions when it is their opportunity to buy or sell.

Sincerely,

Gavin Payne

Officer LIC 01935192