NAR clears up MLS policy changes
#39
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Preparing For Real Estate’s ‘New Normal’
If you’ve been following the NAR’s massive lawsuit case, which requires the NAR to pay a $418M settlement and change several key policies and MLS practices, you know the new rules are set to take effect on August 17. To continue clarifying how these new policies will impact the way agents do business, NAR recently released its “Window to the Law” video series, available here.
Here’s a breakdown of the latest clarifications the association has offered, and what they mean for your workflow:
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Compensation offers: While MLSs can no longer be used to communicate compensation offers, agents can include these offers in their own marketing materials and on their personal website displays, as long as they don't use MLS data for listings they don't manage.
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Concessions and negotiations: Sellers can still make concessions that can be used towards the buyer's closing costs or to cover the commission of the buyer’s agent. These can be negotiated directly as part of the purchase offer and may still be listed on the MLS if your local MLS permits it.
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Mandatory buyer agreements: Under the new rules, agents are required to secure a written agreement with potential buyers before taking them on a home tour. These agreements must detail the terms of compensation for the buyer’s agent’s services, so there's full pay transparency and consent before the buyer views properties.
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