The National Association of Realtors (NAR), representing over 1 million Realtors, has agreed to abolish its standard 6% sales commissions imposed on home sellers. This decision comes after a $418 million settlement in antitrust lawsuits with home sellers, addressing claims that broker commissions inflate fees and stifle competition. Moving forward, NAR will implement new rules eliminating the requirement for sellers to offer compensation to a buyer’s broker for homes listed on multiple listing services. Buyers’ brokers will also need to establish separate written agreements with clients for commission payments. These changes aim to increase market competition by allowing buyers to negotiate commission rates before finalizing purchase agreements.