Marcus & Millichap Real Estate | CA DRE# 00530854

(415) 625-2189

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750 Battery St., 5th Flr.
San Francisco, CA 94111

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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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Deciding to purchase a home is the largest financial commitment most people will ever make. I have the skills, experience, and connections to help you and your family take the next step in your homeownership journey. Let’s connect today; I’m ready to help.

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Testimonials

Read what our clients have to say about working with us.
This letter of assessment and recommendation concerns Mr. Philip Batlin, Broker, who is currently employed with the Real Estate firm Marcus Millichap. During employment in my University Trained Field, I went back to Junior College at night to enroll in Real Estate Courses. I wanted to educate myself in the field that my wife and I decided to enter. I was fortunately able to obtain thirty units of college credit in Real Estate. In the forty plus years my wife and I have invested in Real Estate Income property and actively managed multifamily apartment houses we have gained much experience in all facets of that endeavor including working relationships with many Real Estate Salesmen and Real Estate Brokers. We believe that Mr. Philip Batlin is by far the best Real Estate agent we have worked with in all aspects of the Real Estate Field. We worked with him to sell a multiunit apartment house (19 units) as the ‘down leg’. We then worked with Phil to successfully purchase two replacement ‘up leg’ properties. Philip had complete knowledge of the process, IRS rules and regulations and coordinated our ‘IRS 1031 Exchange’ with a superb 1031 Facilitator to correctly adhere to those Treasury Department IRS 1031 regulations. Always courteous, he is very knowledgeable, honest, ethical and sincere. He keeps his word as good as any contract that I have ever signed. He is always available to discuss your situation and is definitely unflappable. Working with Philip Batlin was ‘painless’ and we consider him a friend. Needless to say, I highly recommend Philip Batlin for all aspects of your Real Estate Investment, whether large or small. Please feel free to call us for any information concerning Mr. Philip Batlin. We would be happy to help. Sincerely, Alan Sheridan
This letter of assessment and recommendation concerns Mr. Philip Batlin, Broker, who is currently employed with the Real Estate firm Marcus Millichap. During employment in my University Trained Field, I went back to Junior College at night to enroll in Real Estate Courses. I wanted to educate myself in the field that my wife and I decided to enter. I was fortunately able to obtain thirty units of college credit in Real Estate. In the forty plus years my wife and I have invested in Real Estate Income property and actively managed multifamily apartment houses we have gained much experience in all facets of that endeavor including working relationships with many Real Estate Salesmen and Real Estate Brokers. We believe that Mr. Philip Batlin is by far the best Real Estate agent we have worked with in all aspects of the Real Estate Field. We worked with him to sell a multiunit apartment house (19 units) as the ‘down leg’. We then worked with Phil to successfully purchase two replacement ‘up leg’ properties. Philip had complete knowledge of the process, IRS rules and regulations and coordinated our ‘IRS 1031 Exchange’ with a superb 1031 Facilitator to correctly adhere to those Treasury Department IRS 1031 regulations. Always courteous, he is very knowledgeable, honest, ethical and sincere. He keeps his word as good as any contract that I have ever signed. He is always available to discuss your situation and is definitely unflappable. Working with Philip Batlin was ‘painless’ and we consider him a friend. Needless to say, I highly recommend Philip Batlin for all aspects of your Real Estate Investment, whether large or small. Please feel free to call us for any information concerning Mr. Philip Batlin. We would be happy to help. Sincerely, Alan Sheridan
Alan Sheridan
My family and I had a commercial building to sell, but unfortunately had a horrible experience with our first Commercial Real Estate agent. Phillip Batlin, with Marcus and Millichap had been recommended to us and immediately we knew we were in good hands. Along with his Associate, Sam Runco we were able to traverse the ups and downs of selling the property. They made our experience as pleasant as possible. To say we had full confidence in their experience and expertise is an understatement. We can't thank them enough.
My family and I had a commercial building to sell, but unfortunately had a horrible experience with our first Commercial Real Estate agent. Phillip Batlin, with Marcus and Millichap had been recommended to us and immediately we knew we were in good hands. Along with his Associate, Sam Runco we were able to traverse the ups and downs of selling the property. They made our experience as pleasant as possible. To say we had full confidence in their experience and expertise is an understatement. We can't thank them enough.
Karyn S.
Dear Sir, I am writing today to inform you of the very successful, professional, and courteous sales transaction Phil Batlin, of the National Multi Housing Group, provided for my wife and me. Approximately five years ago, Philip contacted me as a cold call to introduce himself and discuss any possible consideration of selling one or both of the Apartment Buildings we owned in Burlingame and San Mateo. That interaction with Phil was engaging and shared market knowledge in a professional but not too formal manner. I found him to be a constant and trusted market contact as well as not at all overbearing. Over the following years, Phil reached out to me every 3–4 months to share market conditions and was always respecting my position as not being a seller. Our condition changed in March 2017, as we became sellers. I was aware of the reputation and scope of your firm prior to contacting Philip and it is impressive. Given Philips consistent communication and the respect I had for him over the years, it was an obvious choice to utilize him to list our properties. Philip was excellent in the listing interview. He provided very detailed listing and sales process guidance, which merged with what I had lack of experience with and what I wanted to learn. My wife and I were convinced at this stage to go with Philip and Marcus & Millichap. The properties were listed in mid-March with the firm’s recommendation of the price and valuation range they determined. Within two weeks, they had delivered over a dozen well-qualified buyers. We went into contract within 30 days and successfully closed within two months. We would highly recommend our team at the National Multi Housing Group of Marcus & Millichap to anyone interested in selling. If we were to be in a seller’s position again, we would seek their counsel in our purchase or sales transactions. Sincerely, Tom & Mary
Dear Sir, I am writing today to inform you of the very successful, professional, and courteous sales transaction Phil Batlin, of the National Multi Housing Group, provided for my wife and me. Approximately five years ago, Philip contacted me as a cold call to introduce himself and discuss any possible consideration of selling one or both of the Apartment Buildings we owned in Burlingame and San Mateo. That interaction with Phil was engaging and shared market knowledge in a professional but not too formal manner. I found him to be a constant and trusted market contact as well as not at all overbearing. Over the following years, Phil reached out to me every 3–4 months to share market conditions and was always respecting my position as not being a seller. Our condition changed in March 2017, as we became sellers. I was aware of the reputation and scope of your firm prior to contacting Philip and it is impressive. Given Philips consistent communication and the respect I had for him over the years, it was an obvious choice to utilize him to list our properties. Philip was excellent in the listing interview. He provided very detailed listing and sales process guidance, which merged with what I had lack of experience with and what I wanted to learn. My wife and I were convinced at this stage to go with Philip and Marcus & Millichap. The properties were listed in mid-March with the firm’s recommendation of the price and valuation range they determined. Within two weeks, they had delivered over a dozen well-qualified buyers. We went into contract within 30 days and successfully closed within two months. We would highly recommend our team at the National Multi Housing Group of Marcus & Millichap to anyone interested in selling. If we were to be in a seller’s position again, we would seek their counsel in our purchase or sales transactions. Sincerely, Tom & Mary
Tom T.
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Marcus & Millichap Real Estate | CA DRE# 00530854

(415) 625-2189

Address 750 Battery St., 5th Flr. San Francisco, CA 94111

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Marcus & Millichap Real Estate | CA DRE# 00530854

(415) 625-2189

Address 750 Battery St., 5th Flr. San Francisco, CA 94111