HGAR Helps Members Navigate Change | Real Estate In-Depth

Gov. Hochul Proposes Lower Congestion Pricing Fee; Plan Meets with Mixed Reaction

MTA CEO Janno Lieber and others expressed support for the lower tolling fee that the governor said would bring in the $15 billion to the MTA that the higher fee was projected to raise.

As I’ve said in my other columns, I firmly believe that change and challenges bring opportunity and betterment. Our ability to adapt to change allows us to embrace opportunity and determines our success.

Following NAR’s announcement last Friday that it had reached a proposed settlement agreement that would end litigation of claims brought on behalf of home sellers related to broker commissions, HGAR remains committed to offering the highest level of service and value, empowering our members to succeed and best serve consumers. We will remain champions of our industry, advancing powerful advocacy and professionalism, while providing valuable education, tools, resources and information.

Under the circumstances, this settlement, which is subject to court approval, seems to be the best possible outcome. HGAR will continue to keep members informed and equip them with the tools and resources necessary to effectively navigate changes that result from this settlement.

Avoid Misinformation and Speculation

It is important to avoid any misinformation and speculation being circulated by media outlets and other sources. We are monitoring the situation and will communicate information as it becomes available. We will have more clarity to offer once the settlement is finalized and approved.

Member Implications

The agreement would resolve claims against NAR, over one million NAR members, all state/territorial and local Realtor associations, all association-owned MLSs, and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below. The agreement retains the right of consumers to continue to have cooperative compensation as an option as long as they pursue it off-MLS through negotiation and consultation with real estate professionals, but there will continue to be countless ways for buyer agents to be compensated.

NAR Members can access FACTS.REALTOR to read the full settlement agreement, the FAQ, and other relevant resources. Additional information can also be found at COMPETITION.REALTOR.

We are excited to lead our members through this period of change, empowering their success and their role in helping consumers achieve the dream of homeownership and supporting their communities.