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Understanding the

NAR Lawsuit Settlement

What You Need to Know

In March 2024, in response to a pending lawsuit judgment against them, the National Association of Realtors® released a set of proposed policy and practice changes that will reframe the relationship between real estate professionals and buyers. To be clear, the industry’s fiduciary commitment to the best interests of clients hasn’t changed, but the way agents and buyer clients formalize professional relationships will.

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Changes to the Homebuying Experience

As a homebuyer, this proposed settlement means there will be some changes to your real estate experience:

1. Required Buyer Agreements

Prior to this settlement proposal, it was acceptable (though not widely practiced) for buyer’s agents to forge relatively informal, unwritten agreements with their clients regarding service. Following these proposed changes, buyers must sign a service agreement with a real estate professional in order to be shown homes. 

2. Buyer’s Agent Compensation

Prior to the proposed changes in the settlement, buyer’s agents were compensated via a cooperation agreement with the seller and seller’s agent facilitated by the multiple listing service. While this sort of cooperation is still allowed, the MLS is no longer allowed to coordinate it. Buyer’s agents will now be responsible for negotiating their own compensation with clients.

FAQ

As a homebuyer, these changes will require new, important conversations between you and your real estate professional. A buyer service agreement will formalize your agent’s fiduciary responsibility to you, further protecting your interests. It will allow the opportunity for real, transparent communication with your agent around compensation, offering you a clear understanding of the cost of services and how those services benefit you. 

These conversations will ultimately set buyers up for greater success in their transactions. More buyers will start the home search process with a clear understanding of their strategy, how their agent will support them, and what it will take to get to the closing table. 

Two major changes: First, compensation offers to buyer’s agents will no longer be displayed on the MLS, and the MLS won’t be allowed to facilitate commission cooperation between the buy and sell sides of transactions. Second, all buyers will be required to sign a buyer agreement with their agent outlining service terms, including commission requirements.

Yes. Luxury Presence has created a strategy guide for agents seeking advice on negotiating buy-side compensation. Get your copy of The Future of Buy-Side Compensation here. 

The best agents have shifted their thinking from the top line to the bottom line. They're obsessed with the client experience. They're taking action very quickly to level up the technology in their businesses because they understand it's the only way to deliver strong profitability and a world-class client experience.

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How I Work With Buyers

As my client, you can expect nothing but the highest level of service and counsel. I take my fiduciary commitment to you extremely seriously and believe that the best way to advocate for your best interests is through preparation. For each property my clients consider, I create a complete set of market research, potential pricing and offer strategies, contract negotiation tactics, and more.

Before the NAR lawsuit settlement proposal, some buyer’s agents were able to get away with doing the bare minimum. Thanks to assumed cooperation with the seller, they might get paid for simply showing up, unlocking doors, and pushing papers. 

While that was never my approach, it is now no longer the world we live in. As my client, you can rest assured that I will provide you with expert-level service and advice throughout our professional relationship.

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Testimonials

Read what our clients have to say about working with us.
Cheena is the best realtor we have worked with. She is fantastic, very professional and personable. She is never pushy and has your interest at heart.
Cheena is the best realtor we have worked with. She is fantastic, very professional and personable. She is never pushy and has your interest at heart.
Rahul Verma
Working with Cheena was a breeze. She was very calm and professional during my whole buying process. I got to know her at an open house we happened to walk by and had a serious interest in buying in the building. After a few more showings we went through with an offer. With how stressful the buying process can be she was calm and collected of the entire process. She would put me at ease and walk me through what came next, which I enjoyed as a first time home buyer. Cheena was always available to chat and provided us with a nice house warming gift at the closing. I would recommend anyone looking to buy to work with Cheena because she will keep your worries away and knows the Chicago market inside and out.
Working with Cheena was a breeze. She was very calm and professional during my whole buying process. I got to know her at an open house we happened to walk by and had a serious interest in buying in the building. After a few more showings we went through with an offer. With how stressful the buying process can be she was calm and collected of the entire process. She would put me at ease and walk me through what came next, which I enjoyed as a first time home buyer. Cheena was always available to chat and provided us with a nice house warming gift at the closing. I would recommend anyone looking to buy to work with Cheena because she will keep your worries away and knows the Chicago market inside and out.
Kelly K.
We recently purchased a property in Chicago. Working with Cheena was a pleasant experience for my Wife and I. We had quite a bit of trouble during the closing process from Covid-19 to last minute issues which forced us to change lenders in the last minute. But Cheena and her team were diligent, prompt, and most important reassuring to us that everything will work out in the end. It wasn't the most smooth closing, but we did close and my Wife and I couldn't be happier that we had Cheena to guide us through the entire process. As they say, "All is well that ends well". Cheena was available early morning to late night for any questions we had regarding the whole procedure. Moving from Wisconsin, there were additional steps during closing (as part of Cook County) that we weren't aware of but Cheena made sure we were informed at each step and knew the steps ahead of time. I'd recommend Cheena without a second thought. She knows the area, she is aware of the market conditions, and most importantly she understands her role as a Realtor.
We recently purchased a property in Chicago. Working with Cheena was a pleasant experience for my Wife and I. We had quite a bit of trouble during the closing process from Covid-19 to last minute issues which forced us to change lenders in the last minute. But Cheena and her team were diligent, prompt, and most important reassuring to us that everything will work out in the end. It wasn't the most smooth closing, but we did close and my Wife and I couldn't be happier that we had Cheena to guide us through the entire process. As they say, "All is well that ends well". Cheena was available early morning to late night for any questions we had regarding the whole procedure. Moving from Wisconsin, there were additional steps during closing (as part of Cook County) that we weren't aware of but Cheena made sure we were informed at each step and knew the steps ahead of time. I'd recommend Cheena without a second thought. She knows the area, she is aware of the market conditions, and most importantly she understands her role as a Realtor.
Jagpreet C.
We worked with Cheena on our first house purchase. Cheena is an extremely professional realtor and made our first home buying experience extremely smooth and comfortable. I can't stress enough on her professionalism, punctuality, honesty and knowledge about the industry. One of the qualities I liked the most about her is the professionalism she showed throughout the process with a personal touch. She made sure she gave her perspective and honest opinions on the houses we saw without interfering with our thoughts. She was extremely responsive to our questions, responding almost immediately. My husband and I had a great experience with Cheena and we highly recommend her.
We worked with Cheena on our first house purchase. Cheena is an extremely professional realtor and made our first home buying experience extremely smooth and comfortable. I can't stress enough on her professionalism, punctuality, honesty and knowledge about the industry. One of the qualities I liked the most about her is the professionalism she showed throughout the process with a personal touch. She made sure she gave her perspective and honest opinions on the houses we saw without interfering with our thoughts. She was extremely responsive to our questions, responding almost immediately. My husband and I had a great experience with Cheena and we highly recommend her.
Sneha B.
Professional, systematic, reliable, detailed orinented, easy to work with and not assertive. Cheena and her team helped us buy our first home. We went from meeting Cheena to closing the deal in 4 months. Cheena was recommended to us by our friends who had worked with her to close their first home in downtown Chicago. Initially, we were not sure if Cheena would be able to deliver quality real estate service for Northwest suburbs. But our apprehension was short lived as Cheena delivered our suburban dream home in a few months. I would totally recommended this friendly yet professional realtor to anyone in the market for any realestate dealing.
Professional, systematic, reliable, detailed orinented, easy to work with and not assertive. Cheena and her team helped us buy our first home. We went from meeting Cheena to closing the deal in 4 months. Cheena was recommended to us by our friends who had worked with her to close their first home in downtown Chicago. Initially, we were not sure if Cheena would be able to deliver quality real estate service for Northwest suburbs. But our apprehension was short lived as Cheena delivered our suburban dream home in a few months. I would totally recommended this friendly yet professional realtor to anyone in the market for any realestate dealing.
Nischal S.
Cheena did an amazing job in helping me with my first home search and purchase. As someone who came into the search process not knowing much and with an unclear vision of what I wanted in a home or location, Cheena helped me understand what to look for, how to evaluate different places, what the expectations might be in different areas, and most importantly what I ultimately valued in a place. She is incredibly knowledgeable about the market and provided excellent guidance throughout the whole process. I would highly recommend her to anyone (and have already done so with a number of friends)!
Cheena did an amazing job in helping me with my first home search and purchase. As someone who came into the search process not knowing much and with an unclear vision of what I wanted in a home or location, Cheena helped me understand what to look for, how to evaluate different places, what the expectations might be in different areas, and most importantly what I ultimately valued in a place. She is incredibly knowledgeable about the market and provided excellent guidance throughout the whole process. I would highly recommend her to anyone (and have already done so with a number of friends)!
Sean L.
Cheena is so knowledgeable and personable for this process. Although she was not my realtor, I consulted her for personal advice as to the sale of my property; she freely gave me excellent advice about my MLS listing and how I was working with my realtor, and her opinion of the market. I went from 2 showings over 3 months to 7 in one week and an offer! She has a certain clarity and focus and communicates this clearly. I would highly recommend her and would work with her in the future.
Cheena is so knowledgeable and personable for this process. Although she was not my realtor, I consulted her for personal advice as to the sale of my property; she freely gave me excellent advice about my MLS listing and how I was working with my realtor, and her opinion of the market. I went from 2 showings over 3 months to 7 in one week and an offer! She has a certain clarity and focus and communicates this clearly. I would highly recommend her and would work with her in the future.
Jillian E.
Cheena is an outstanding realtor. She consistently goes above and beyond in providing excellent service to her clients. I know this from working with her on purchasing and selling a home, and finding two rental properties. She cares about her clients and knows how to drive a bargain for them. She's someone you want to have advocating for you! I couldn't recommend her more highly.
Cheena is an outstanding realtor. She consistently goes above and beyond in providing excellent service to her clients. I know this from working with her on purchasing and selling a home, and finding two rental properties. She cares about her clients and knows how to drive a bargain for them. She's someone you want to have advocating for you! I couldn't recommend her more highly.
Emma B.
Cheena is the Best realtor. I've been working with her for over 10 years. I've referred her to family and friends and she always deliver quality service. Thank you for helping us find our new home.
Cheena is the Best realtor. I've been working with her for over 10 years. I've referred her to family and friends and she always deliver quality service. Thank you for helping us find our new home.
Christina Ramey S.
Cheena is an amazing realtor that helps with all your want and needs when it come to buying a home. She has helped me purchase my second home in 10 years and she is very skilled at her craft.
Cheena is an amazing realtor that helps with all your want and needs when it come to buying a home. She has helped me purchase my second home in 10 years and she is very skilled at her craft.
Michael S.
Cheena was very helpful in my process to buy a condo. As a first time home buyer Cheena was great at explaining the process to me and gave me recommendations throughout the process.
Cheena was very helpful in my process to buy a condo. As a first time home buyer Cheena was great at explaining the process to me and gave me recommendations throughout the process.
Bob B.
From the moment we met Cheena we knew we were in good hands. My sister referred us to her, so I knew already that she was great, but working with her for the last few months only proved that to us even more. The entirety of our process was done remotely and Cheena was always able to assist, provide answers and advice when we reached out. She was timely in her responses and never left us with any questions or concerns. We can’t wait to work with her again in the future!
From the moment we met Cheena we knew we were in good hands. My sister referred us to her, so I knew already that she was great, but working with her for the last few months only proved that to us even more. The entirety of our process was done remotely and Cheena was always able to assist, provide answers and advice when we reached out. She was timely in her responses and never left us with any questions or concerns. We can’t wait to work with her again in the future!
Catherine C.
cheena was excellent from the moment we met. She was professional, friendly, and always answered our questions, no matter how questions we had. We thought selling/buying would be difficult but she guided us the whole way.
cheena was excellent from the moment we met. She was professional, friendly, and always answered our questions, no matter how questions we had. We thought selling/buying would be difficult but she guided us the whole way.
Marietta L.
Cheena just doesn’t get the job done but she gets it done with efficiency , class , cost effectiveness . I have worked with her over a decade now and all kinds of properties and there is nothing that is beyond her reach . Work ethics are unparalleled and her connects / networking skills will mean you can give her the task and go to beach and relax ; leave it to her
Cheena just doesn’t get the job done but she gets it done with efficiency , class , cost effectiveness . I have worked with her over a decade now and all kinds of properties and there is nothing that is beyond her reach . Work ethics are unparalleled and her connects / networking skills will mean you can give her the task and go to beach and relax ; leave it to her
Doc S.
Cheena is exceptional , always goes above and beyond for her clients, i would recommend her any day. you want your place taken care off. she has you. 100%
Cheena is exceptional , always goes above and beyond for her clients, i would recommend her any day. you want your place taken care off. she has you. 100%
Eric M.
Cheena Chandra is an exceptional Real Estate professional. She handled the sale of our house in Naples with such care and professionalism. She went above and beyond to communicate with us through the entire process.
Cheena Chandra is an exceptional Real Estate professional. She handled the sale of our house in Naples with such care and professionalism. She went above and beyond to communicate with us through the entire process.
Noor R.
Cheena was great from start of the process to the closing and went above and beyond throughout, highly recommend Cheena if your looking to sell a property!
Cheena was great from start of the process to the closing and went above and beyond throughout, highly recommend Cheena if your looking to sell a property!
Brandon E.