Mainstreet HQ, Downers Grove – Mainstreet CEO John Gormley filmed a video for members regarding the NAR proposed settlement agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions. Mainstreet is your best choice for news and updates as this ongoing situation continues to develop. Below is a transcript of the video seen above.
“Hello, Mainstreet REALTORS®. I’m your CEO, John Gormley.
By now, you’ve heard the HUGE news that NAR…our National Association of REALTORS®…has reached a settlement in the landmark class-action lawsuits.
We believe this breakthrough provides a path forward for our industry and helps ensure consumer choice. But it’s not over yet. The resolution must still be approved by the courts…and ultimately the U.S. Department of Justice, commonly referred to as the DOJ.
Here at Mainstreet, we’ve been preparing for change. As our President Tim Ryan famously said last September at his installation, 'we’re not in panic mode. We’re in planning mode.'
Assuming the NAR-negotiated settlement goes through, there will be more changes coming to real estate business practices. These are not unexpected and, if you’ve been paying attention, we’ve been preparing you for them. Our philosophy has followed the quote attributed to hockey great Wayne Gretzky – we’ve tried to skate to where the puck is going to be.
In January 2023, under the leadership of then-President Debbie Pawlowicz, Mainstreet’s Board of Directors decided to come off the sidelines and start talking with you about the seismic shifts in our industry.
And more importantly, preparing for the likely impacts on your business and real estate practices. That’s why we doubled down on education around buyer and seller representation.
And changed our forms, contracts and addenda to trigger representation conversations earlier in the transaction. We even offered designated managing broker roadshows – called the Big REThink and Big REThink Redux, covering all the latest updates.
And expanded our reach to include all member audiences. From YPN to Senior Services and everyone in between. These strategies and tactics were designed to help you continue to succeed in the changing real estate landscape.
We also took a hard look at our brand promise – what you can always expect from Mainstreet – and refreshed our core values…
• We believe in every member,
• We are obsessed with what works,
• We make it easy,
• We are change-makers,
• We do the right thing, and
• We are really, really nice
We’ll keep dedicating ourselves to empowering you to thrive and find joy in your real estate career. Because we want to help you realize your full potential. As we bring this message to a close, I want to thank you for engaging and being part of our family.
And encourage you to keep the faith. Together, we’re going to continue to rise to these challenges.
Ultimately, we will be stronger and more focused in helping consumers realize their real estate dreams. To stay updated and prepare for your successful future, visit Succeedwithmore.com/compensation. Thank you.”
Click here to visit Mainstreet’s compensation information page for the most up-to-date resources or visit facts.realtor.