The August 2024 NAR settlement made two concrete changes to how real estate commissions work in the United States. First, sellers are no longer required to offer buyer agent compensation through the MLS. Second, buyers must sign a written representation agreement with their agent before touring homes. Everything else — including the seller's right to offer buyer agent comp as a negotiating tool — stayed the same.
Two years in, the actual impact in markets like Reno has been more nuanced than the headlines suggested. Here is what changed, what did not, and how sellers should think about it now.
What the Settlement Actually Changed
Before August 2024, MLS rules across the country required sellers to offer buyer agent compensation as a condition of listing on the MLS. The offer could be as low as $1, but it had to exist. This structure effectively made the seller responsible for paying both agents in nearly every transaction.
The NAR settlement — reached after a series of federal antitrust lawsuits — eliminated that requirement. Sellers can now list on the MLS without offering any buyer agent compensation. Buyer agent fees are handled separately, negotiated between buyers and their agents through written representation agreements.
The second change is the written buyer representation agreement. Buyers must now sign a contract with their agent that spells out the compensation arrangement before touring homes. This agreement can be funded by the buyer directly, paid by the seller as a concession, or structured in other ways — but the terms must be documented upfront.
What Did Not Change
Sellers can still choose to offer buyer agent compensation, and many do. In competitive markets, offering compensation is a practical tool to attract buyer agent showings and offers. The settlement removed the mandate, not the option.
Listing agent commissions were not capped or regulated by the settlement. A seller's listing commission is negotiated directly with the listing agent, as it always has been. The settlement addressed the buyer side of the commission structure — specifically the bundling of both commissions into a single MLS-mandated offer from the seller.
After August 2024: Buyer agent comp is optional and negotiated separately
What stayed: Listing commission is still negotiated between seller and listing agent
Reno median home price: ~$575,000 · Average days on market: 54 days
How Buyer Agent Compensation Works Now
In practice, sellers still frequently offer buyer agent compensation — typically 2–2.5% — because it reduces friction in the sale. A buyer working with an agent who is not being compensated by the seller may push the buyer to make a lower offer or seek compensation through other concessions.
The difference is that this is now a conversation, not a default. A seller who wants to reduce total commission costs can list without offering buyer agent compensation, price the home accordingly, and negotiate compensation in the context of specific offers. Some buyers will ask for it as part of their offer. Others, particularly cash buyers or buyers purchasing without representation, will not.
The right approach depends on the Reno market conditions at the time of listing — inventory levels, buyer demand, and what other sellers in the same price range are offering. This is one of the strategic conversations OPL Realty has with every seller before the listing goes live.
What It Means for Reno Sellers Now
For Reno sellers in 2026, the post-settlement environment creates more flexibility and more decisions. The listing commission remains separately negotiable — and at 1.5% with a full-service firm, sellers can structure the total commission picture more intentionally than was possible before.
A seller working with OPL at 1.5% listing commission who also offers 2.5% buyer agent compensation is paying 4% total. At a traditional 3% listing commission plus 2.5% buyer agent, the total would be 5.5%. On a $575,000 home, that difference is $8,625 — real money at closing.
The important point is that the decision about what to offer buyer agents should be based on current market conditions in Reno, not on outdated assumptions about what sellers are required to do. The mandate is gone. The strategy remains.
For Buyers: What the Settlement Means on Your Side
Buyers working with an agent in Reno will be asked to sign a written buyer representation agreement before the first home tour. This agreement will specify the agent's compensation. In most cases, buyers can negotiate with the seller to cover or offset that cost through a seller concession, as long as the lender allows it. Buyers purchasing without representation are not affected.
The settlement has not materially changed the cost of buying a home in most transactions. It has shifted who negotiates what and when — making the commission structure more transparent for everyone involved.