Frequently Asked Questions

Please reach us at lknonepercent@gmail.com if you cannot find an answer to your question.

1) What services are offered by Lake Norman One Percent Listings?

We offer both a 1% Listing Fee Service and a 2% Listing Fee Service. You can view and compare both packages here.

2) What is the duration of the contract?

There is no set contract length, and you can cancel the agreement at any time. If canceled within the first 3 months, we simply ask that a $300 photography and marketing fee be reimbursed.

3) What is happening on August 17th, 2024, with the new NAR settlement rules?

On August 17, 2024, significant changes to the National Association of Realtors (NAR) settlement rules will take effect. These changes result from a settlement agreement intended to address antitrust claims against NAR and certain large brokerages. Here are the key changes:

Elimination of Compensation Requirements: The new rules will eliminate and prohibit any requirement for offers of compensation in the MLS (Multiple Listing Service) from listing brokers or sellers to buyer brokers or representatives. This means that listing brokers will no longer be required to offer a commission to buyer agents within the MLS (www.nar.realtor) (Florida Realtors).
Removal of Compensation Fields: MLSs will be required to remove all broker compensation fields and information from their systems. Additionally, MLSs must not support or facilitate any mechanisms for listing brokers or sellers to offer compensation to buyer brokers (www.nar.realtor) (Florida Realtors).
Prohibition of Data Use for Compensation Platforms: The use of MLS data or data feeds to establish or maintain platforms for offers of compensation from multiple brokers will be prohibited. Violation of this will result in the termination of MLS access for the offending participant (Florida Realtors).
Compensation Disclosures: There will be new requirements for disclosures related to compensation, ensuring that sellers, prospective sellers, and buyers are fully informed about these arrangements (The Real Deal).
Written Agreements for Buyer Agents: Agents working with buyers must secure a signed agreement outlining the services provided and the expected compensation before taking buyers to tour properties (The Real Deal).

These changes are part of a broader effort to increase transparency and competition within the real estate industry, following the preliminary approval of a $418 million settlement agreement. MLSs that opt into the settlement have until September 16, 2024, to implement these changes, but those under NAR’s mandatory policies must comply by August 17, 2024 (www.nar.realtor) (Deeds).

4) Can I upgrade to the 2% package if I decide to later?

Yes, but it’s much better to upgrade at the beginning to take full advantage of all the marketing and exposure we generate when your property is first listed.

5) Is the process entirely online, or do you visit the property in person?

With the 2% package, we come to your home for a staging consultation and offer additional in-person services. The 1% package is handled entirely online or over the phone — though we still love meeting you when we drop off the sign! :)