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Don’t let the NAR settlement chaos distort reality

by Patrick Regan

My teenagers often joke with me that when things are stressful — the car keys are missing, we’re running late and the dog just made a mess — I often will inadvertently ratchet up the intensity by announcing, “EVERYBODY CALM DOWN!”

I feel like some in the real estate industry need to hear that message — perhaps with a more muted delivery — after the lawsuit settlement recently announced by the National Association of REALTORS®.

Since the settlement, I’ve heard and seen some panic in social media posts, emails and conversations with agents. A few media reports and headlines, some off-base and others wildly inaccurate, have fueled those concerns.

I can promise you this: Chicago Agent will share the facts as we know them. This is a real estate news organization; we don’t and won’t traffic in fear and worry.

What we’ve heard since the lawsuit settlement from those in the know is a lot of reassurance. There’s no reason to melt down. The industry as we know it is not dead. The leaders in the industry who generally know what’s what say there may be some changes to paperwork. Compensation has always been negotiable and will continue to be that way. And agents who know their value still will be paid for their skill and expertise. You can find more perspective on the settlement in our report in this issue.

Also in this issue is one of my favorite pieces of content of the year: Our annual Truth About Agents survey results. The survey is an opportunity to see how our readers feel about the industry. How do splits stack up? Where do brokerage managers want to see more training? What percentage of agents are working on teams? How optimistic or pessimistic are real estate professionals about where things are headed? The answers to these and dozens of other survey questions can be found in our report.

There’s plenty more content to check out this month, and, as always, I welcome your feedback.

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