Pressure test: Buyer broker agreements and the legal fault lines ahead
 | Michele Harrington Chief Executive Officer First Team Real Estate |
 | Jonathan Lickstein COO LoKation® Real Estate |
 | Tracey Velt Senior Director of Data and Content HousingWire |
Overview
The real estate industry isn’t debating change anymore. It’s living with the consequences. In this panel, brokerage leaders Michele Harrington, CEO of FirstTeam Real Estate and Jonathan Lickstein, COO of LoKation Real Estate examine important industry topics.
Buyer broker agreements are now mandatory, enforceable and, for the first time, being tested in real arbitration cases. This raises uncomfortable questions about enforcement and professionalism.
At the same time, broader legal uncertainty continues to hover over the industry. Some legal experts and industry leaders believe the NAR settlement may not be the final chapter, introducing new questions about what could happen if parts of the agreement are challenged, revised or overturned.
This is not about revisiting old headlines. It’s about understanding how the rules are actually working and where they may be headed next.
Session Notes
Key takeaway
Buyer broker agreements are becoming an operational and competitive tool, not just a compliance box to check. In a post-settlement environment, Anthony Lahey and Gaby Harrington described two paths: treating the agreement as an enforceable contract in select cases, or using it to clearly explain buyer representation and compensation.
What leaders need to know:
- Brokerages are taking different enforcement approaches. Lahey said his company will enforce buyer broker agreements in certain situations. Harrington said First Team uses them primarily as a way to communicate value to buyers.
- Buyer representation requires clearer messaging. Harrington said her team uses the agreement to spell out what agents do for buyers and why that work should be compensated.
- Independents see opportunity in consolidation. Both speakers said industry consolidation could create openings for independent brokerages that can move faster, differentiate locally and stay closer to agent needs.
- AI could narrow the technology gap. Harrington said tools are getting cheaper and easier to build, potentially reducing the advantage large firms get from bigger technology teams.
- Agent development is harder to replicate than software. Both speakers pointed to coaching, productivity and agent growth as areas where independents can differentiate.
- Private listings remain a fault line. Harrington described private listings as a pre-marketing strategy to build momentum. Lahey said broad exposure is usually the best way to help sellers reach the highest price.
HousingWire perspective
The discussion reflected how quickly real estate brokerages are being forced to make decisions in the post-settlement landscape. Buyer broker agreements, private listings, consolidation and AI are converging — and policies are still being defined in real time. Brokerages that clearly communicate value, move quickly and keep consumer outcomes at the center will be better positioned as expectations continue to shift.
Presentation Materials
Pressure test: Buyer broker agreements and the legal fault lines ahead
Download the full presentation from the session including charts, data visualizations, and key takeaways.
