From the Desk of Karen Kage
Subject: NAR Settlement
You have all no doubt heard about the recent settlement of the National Association of REALTORS® (NAR) anti-trust litigation. Realcomp has been following this very closely to prepare for the changes to the rules, data entry, and published information. It is important to point out that the terms of this settlement are not yet finalized and approved by all necessary parties. We have held off on making the changes until such time as the terms are agreed to. Here is a review of some significant aspects of the proposed settlement:
Compensation offers moved off the MLS: NAR has agreed to a change in the MLS rules that would prohibit offers of compensation from being included in the MLS. Such offers can continue to be an option but can no longer be published in the MLS.
Offers of compensation could continue to be an option consumers can pursue off MLS through negotiation and consultation with real estate professionals. Additionally, Brokers can show offers of compensation on their own websites, for their own listings.
Written agreements for MLS Participants acting for buyers: MLS participants working with buyers will be required to enter into written agreements with their buyers.
What will change in the MLS?: Realcomp will be looking at removing the fields for cooperation and compensation from all data entry forms and from the add/edit program. This information will also be removed from the listings in RCO3 and all related programs (i.e. MLS Touch and OneHome). The current proposal does not include removing this information from previous listings.
It is very important to again point out that all of this information is tentative until the final agreement has been reached and approved by all parties, including a court. It is also important that you know we are staying on top of these changes and will communicate with all of you as soon as the information becomes available. In the meantime, please don’t hesitate to send me your questions or suggestions. I can be reached by email at kkage@corp.realcomp.com.