NAR Settlement

This message was posted to both MLS systems (connectMLS and Matrix) on 6/18/24:

 

Today, June 18, 2024, is the deadline for MLSs across the country to make an election to opt in to the national settlement in the Burnett v. the National Association of REALTORS® (NAR) lawsuit (Burnett). Accordingly, later this morning, SmartMLS will notify plaintiffs’ counsel of its decision to opt-in to the settlement and agree to the practice changes imposed thereby.

 

It is important to note that SmartMLS was not party to this lawsuit and therefore had no opportunity to present our viewpoints, defend our practices, or negotiate the terms of the settlement. Nevertheless, each of the over 20,000 subscribers served by SmartMLS are NAR members (REALTORS®) and therefore obligated to comply with the rules agreed to by NAR in the settlement agreement. For this reason, we believe that opting in to the Burnett settlement is necessary for minimizing disruptions to the marketplace.

 

We firmly believe that the practice changes required by the Burnett settlement undermine the transparency sellers and buyers rely on when navigating the real estate marketplace and we are concerned with the potential ramifications for historically disadvantaged communities, low down payment buyers and first-time homebuyers in general. Moreover, we believe that the claims that led to the national settlement were not applicable to Connecticut residential real estate transactions.

 

SmartMLS will be actively monitoring the impact of the practice changes mandated by the agreement to determine whether they specifically harm communities who have been historically discriminated against. We will also be monitoring the impact on low down payment and first-time homebuyers.

 

Despite the imposition of these new mandates, SmartMLS remains committed to providing the most transparent, comprehensive, and accessible data for consumers selling and buying homes.

 

Terms of the Burnett settlement require practice changes to be implemented in August (2024). We will provide more information about those changes in the coming weeks. Additional information about the settlement can be found at nar.realtor/the-facts

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