Second Take: NAR Settlement, Big Brokerages and Non-REALTOR MLS

Now that I read the appendices...

As some of you know, in the recent Industry Relations livestream, I said that the NAR settlement looked as if it covered non-REALTOR MLSs and large brokerages with over $2 billion in Sales Volume.

Turns out, that was half-correct. I have now read the appendices as well as the actual Settlement Agreement itself. Oh, this deal ain’t what it looked like at first.

I thought it worth laying out what the deal is for larger brokerages and for non-REALTOR MLSs, and speculate on what the (unintended?) consequences may be.