The head of the National Association of Real Estate Brokers said big changes are on the horizon in the real estate industry that will particularly affect Blacks in the market for a new home.
“In the near future, the home buying process will undergo significant change, particularly in the dynamics between homebuyers, sellers, and the real estate agents facilitating the transactions,” NAREB President and CEO Courtney Johnson Rose said in a statement Wednesday. “These changes, stemming from a potential court case settlement, will redefine how home sellers compensate agents for the buyers of their home. The National Association of Real Estate Brokers wants to assure Black families and individuals that our Realtists, who often represent buyers, will continue to offer exceptional advice and service. These changes could potentially affect the affordability and accessibility of homeownership for Black families, and NAREB is committed to mitigating these impacts.”
Rose noted that the organization, founded in 1947 because Black real estate professionals were barred from joining white organizations of that type, has been a consistent advocate for African American real estate interests.
“We launched the Building Black Wealth Tour, which in less than a year has already hosted over 100 events in communities nationwide, equipping Black consumers with the knowledge, counseling, and guidance they need to become homeowners and start building intergenerational wealth that will strengthen our families and communities,” she said.
Rose said the proposed settlement lets home sellers continue to choose to offer compensation to the buyer agents/brokers. She said compensation offers can help make the homeownership process smoother and more efficient.
Plus, Rose said, the new system “can make the benefits of professional representation, like that received from Realtists, more accessible to buyers, including first-time home buyers.” She said with savvy counsel, the potential buyer pool can be expanded, which will benefit sellers.
Rose said NAREB Realtists have the best interest of African American homebuyers and homeowners in mind.
“These real estate professionals, who often represent buyers, are your best bet in achieving the American dream of owning a home,” she said. “With their wealth of data and information, they will guide you through the changes and ensure you make informed decisions. We can’t allow the changes dictated by the courts to become new barriers in our quest to increase Black homeownership and build Black wealth.”
