If you are nervous about the changes coming to the MLS as of August 17 and aren't sure what your interactions with listing agents and buyer clients will look like, start here! This page is a collection of all of the information and some of the Room recordings that the Radius brokers have shared over the past four months.
1. Elimination of Compensation in MLS Listings:
Starting August 17, 2024, offers of compensation (previously displayed on MLS listings) are prohibited. This change means that any compensation agreements between brokers must be made off-MLS through direct negotiation. Sellers and their agents will no longer be able to list buyer agent compensation on the MLS, requiring agents to be more proactive in communicating compensation details.
2. Mandatory Buyer Representation Agreements:
Real estate professionals representing buyers must have a signed Buyer Representation and Broker Compensation Agreement (BRBC) or a Property Showing Representation Agreement (PSRA) in place before showing any property. This ensures that the buyer understands the agent’s compensation structure upfront, and both parties are clear on the terms before proceeding. This measure enhances transparency and avoids any surprises related to agent fees during the transaction process.
3. Dual Agency and Disclosure Obligations:
Dual agency situations require even more stringent documentation under the new rules. The updated Residential Listing Agreement (RLA) no longer automatically includes compensation details, so agents handling dual agency transactions need to ensure that all compensation and agency roles are clearly disclosed and documented in writing. Failure to do so could lead to legal disputes, particularly if compensation is not properly outlined and agreed upon by all parties involved.
Given the complexity of these changes, CAR has been actively working to provide additional resources and educational tools to help REALTORS® navigate the new landscape. This includes webinars, legal hotlines, and updated forms accessible through platforms like ZipForm® and our TXM Suite.
Additionally, it is crucial for agents to consult with their team leaders and the broker when implementing these new forms and practices. Missteps in completing these forms could result in fines, legal disputes, or other issues that may harm your business.
AUGUST 17, 2024 The effective date for all MLS-related policy changes, including the elimination of compensation listings on the MLS and the requirement for written buyer representation agreements.
SEPTEMBER 16, 2024 Deadline for MLSs that opted into the settlement to implement these changes.
By staying informed and ensuring the correct use of updated forms, you can remain compliant and continue to serve your clients effectively in this new regulatory environment.
Keeping Up with NAR Settlement: Effective Client Communication
April 2024, Under the NAR Settlement, agents will need to explore communication techniques that foster understanding, learn to navigate challenging situations with grace, and discover secrets to exceeding expectations. Join De Wilmore as he outlines the effective ways to build long lasting relationships in a Post-NAR market. Secure your spot today!
Updated MLS Rules for Getting Your Compensations
Updated MLS Rules for Getting Your Compensations
April 2024, Confused about the new MLS rules for disclosing compensation? This presentation clarifies everything! We'll break down the latest regulations regarding how listing brokers must advertise their offered compensation on MLS listings. Whether you use percentages or flat dollar amounts, you'll learn the ins and outs of compliant disclosure. Secure your spot today!
NAR Class Action Settlement: What Comes Next?
NAR Class Action Settlement: What Comes Next?
March 2024, NAR officially released a statement today on Friday regarding the litigation that has been taking place over the past several months. Significant changes will be coming to to the industry as a whole, and we want to keep you as informed as possible! Join us for this very special Room, where De WIlmore will spell out what the case and settlement means for you and your business.
CAR New Forms Workshop
July 2024, The real estate landscape has changed with the NAR settlement, impacting how buyer agents are compensated. This presentation addresses these changes head-on. We'll explore how the settle.
Navigating Buyer Compensation Post NAR Settlement
Navigating Buyer Compensation Post NAR Settlement
April 2024, The real estate landscape has changed with the NAR settlement, impacting how buyer agents are compensated. This presentation addresses these changes head-on. We'll explore how the settlement affects buyer compensation models and navigate the legalities surrounding it. Gain valuable insights on negotiating effectively for your buyer clients in this new era. Whether you're a Realtor® seeking clarity on buyer compensation post-settlement or looking for strategies to ensure your clients get the best deal, this presentation equips you with the knowledge and tools to succeed in the evolving market.
Keeping Up With NAR Settlement: Mandatory Buyer Broker Agreements
Keeping Up With NAR Settlement: Mandatory Buyer Broker Agreements
April 2024, This Room will cover the landmark settlement mandate of BBAs, which clearly outline the scope of representation and compensation for buyer agents. Join De Wilmore, Head of Brokerage at Radius, as he covers a point by point review of the new CA agreements so you can understand its updated language and flow.
Texas Realtors New Forms Workshop
July 2024, An in-depth overview of the recent changes related to the NAR settlement, focusing on how it impacts real estate forms and practices in Texas. The session covers the necessary adjustments in listing agreements, buyer representation, and compensation agreements, highlighting the importance of understanding and complying with the new requirements before the August 17th deadline. Katherine emphasizes the need for clear communication with clients and offers guidance on using updated forms to ensure proper compensation and reduce liability. The video also addresses the transition period and updates to digital tools, ensuring agents are well-prepared to navigate these industry changes.
Florida Realtors New Form Workshop
July 2024, An overview of the recent updates to Florida real estate forms, driven by the NAR settlement. They discuss key settlement terms, including changes to MLS rules and the necessity of written agreements between MLS participants and buyers. The session covers four new compensation agreements, emphasizing the importance of proving procuring cause and securing compensation agreements in writing. Kathy and Dee also address common questions about implementing these changes, including the nuances of compensating buyer brokers and the impact on listing agreements. The video concludes with a reminder to stay informed and utilize legal resources as the industry adapts to these new standards.