A Message to All Oregonians from Oregon REALTORS® 2024 President, Ashleigh Fordham
Dear Fellow Oregonians,
You’ve likely come across the recent antitrust lawsuits and the subsequent settlement between the Nation Association of REALTORS® and brokerages nationwide. However, a lot of confusion and misinformation is swirling around, propagated by various media outlets.
Now is the time for us to connect directly with you. As Oregon REALTORS®, a non-profit trade organization, we proudly represent over 16,000 real estate professionals across our state. Real estate forms the bedrock of our mission, but it also embodies the essence of the American dream. Whether it’s homeownership or commercial ventures, our practitioners possess a deep understanding of real estate intricacies. As these settlements shift certain real estate practices, Oregon REALTORS® are adept at navigating evolving market dynamics. Adaptability is ingrained in our industry’s DNA. We’re in the business of change, after all.
While we recognize that uncertainly can be unsettling, here’s the bottom line:
There are two significant changes resulting from this litigation and settlement that consumers will encounter when they work with an agent.
- Properties listed in databases like the Multiple Listing Service (MLS) will no longer include an offer of compensation to buyer’s agents. However, listing agents and sellers may continue to offer and negotiate compensation for buyer broker services.
- Homebuyers seeking to work with an agent must establish a formal written agreement before touring a home. This entails discussing and agreeing with your agent on the scope of services they will provide on your behalf, as well as determining the extent and method of payment for those services before embarking on your home search.
At first glance, these two changes may seem straightforward, but they aim to uphold consumers’ options regarding real estate services and compensation. Oregon REALTORS® has consistently upheld the principles of clarity, transparency, and professionalism, which define our identity and will continue to guide us moving forward.
Oregon REALTORS® embodies more than just the role of facilitating property transactions; we stand as staunch advocates for private property rights and champions for fair and affordable housing opportunities. You likely recognize us as your neighbors, community allies, and dedicated service providers. Our mission extends beyond transactions; we strive to leave homes, communities, and friendships enriched and improved.
In reality, real estate transactions are intricate and multifaceted. With challenges persistent in low inventory levels and affordability across our state, REALTOR® champions are dedicated to ensuring your success in homeownership endeavors. We’re committed to assisting you in evaluating all options aligned with your criteria, empowering you to make an informed and educated decision. While these practice changes will affect you as a consumer, you can trust that we have your back. Oregon REALTORS® remains steadfast in promoting access to real property ownership for everyone throughout our beloved home state.
Just as we’ve done over the past 90 years, regardless of market conditions or challenges, we will remain steadfast in supporting our clients, serving our communities, and excelling in our profession. Our commitment remains unwavering: to forge a future where real property ownership is within reach for all who aspire to attain it.
Sincerely,
Ashleigh Fordham
2024 Oregon REALTORS® President
Visit the Oregon REALTORS® Buyer Representation Resource Hub
Read the article in the Statesman Journal
Read the article in the Register-Guard
Read the article in Willamette Week
Read the article in the Bend Bulletin