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NAR Lawsuit Settlement: Will there be any changes to how homes are listed on MLS

Posted By: Mark Fitzgerald In: Development
Date: Tue, Mar 19th 2024 12:38 pm

The recent landmark settlement reached by the National Association of Realtors (NAR) will indeed bring changes to how homes are listed on the Multiple Listing Service (MLS). Here’s what you can expect:

1. Removal of Agent Commission Field:
2. The NAR will remove the agent commission field from the MLS.
   This means that the commission information, previously displayed alongside property listings, will no longer be visible to buyers and sellers on the MLS1.
   Prohibition of Broker Compensation Offers:
3. NAR members will be prohibited from offering broker compensation when they list a home on the MLS.
   Sellers will no longer be required to make a compensation proposal to prospective buyers and their agents upfront1.
   Buyer’s Agent Agreements:
4. Homebuyers must sign an explicit agreement with a broker before working with one.
   This change may lead many homebuyers to consider whether to use brokers or explore alternative options.
   Transition Period:
5. The new rules are expected to kick in within months of approval, which is anticipated around mid-July.
   During this transition, the real estate market may experience some uncertainty as everyone adapts to the changes.
   

In summary, the settlement will significantly impact how homes are listed on the MLS, providing more transparency and allowing buyers and sellers greater flexibility in negotiating commissions and working with agents.