NAR Settlement Practice Changes: New Flow of Compensation Effective August 1, 2024

📣 Welcome to the previously announced NAR Settlement Practice Changes which have gone into effect 🕛 today, Thursday, the 1st of August 2024, which entail the following two essential enhancements. 📚 Learn more from Changes in Rules and Real Estate Practices - NAR Settlement.

 

1️⃣ The Buyer-Broker Commission % – helpfully displayed in the past within all Multiple Listing Service (MLS) systems nationwide – has been 🚫 deleted from our Arizona Regional Multiple Listing Service (ARMLS). This will be the case for all MLS systems nationwide by the 17th of August 2024.

 

The following fields have been removed from ARMLS, data feeds, and all MLS systems for all property classes and all statuses, including previously closed listings.
 
❌ Buyer/Broker (Y/N) ❌ Buyer Broker $/% ❌ Comp to Buyer Broker
❌ Commission ❌ Commission Paid
❌ Comp for Sale ❌ Other Compensation ❌ Renewal Comp
❌ Subagents (Y/N) ❌ Sub Agent $/% ❌ Comp to Subagent
❌ Variable Commission (Y/N)

 

💡 Commission information will no longer be allowed in any field within any MLS nationwide. Listing (seller) agents will no longer be able to share a portion of their commission from the seller with the buyer’s brokerage (agent). Sellers will however be able to offer seller concessions to the buyer to help the buyer pay for their buyer agent’s (brokerage) fees and/or any other closing costs allowed by the lender.

 

✅ Home Sellers: Here's What the NAR Settlement Means for You

 

2️⃣ Your buyer’s agent will no longer be able to simply show you any home on-demand without a previously signed and executed Buyer-Broker Representation Agreement (Buyer-Broker Exclusive Employment Agreement). The agreement will indicate the commission owed by the buyer to the buyer’s agent. This employment agreement can be established for one or multiple properties, for a limited period, or exclusively for a set period for any home.

 

✅ Homebuyers: Here's What the NAR Settlement Means for You

 

💡 Please access and read through any of my previous blogs and articles, followed by 📲 giving me a jingle or scheduling time with me if you have any questions pertaining to the decoupling of commissions.

 

📚 What you need to know about the NAR’s commission lawsuit (March 28, 2024)
📚 179 Ways REALTORS® Are Worth Every Penny (August 01, 2023)
📚 105 More Ways REALTORS® Are Worth Every Penny (April 01, 2024)
📚 What do Real Estate Agents and Transaction Coordinators do? (April 02, 2024)
📚 A World-Class Buying Experience with Boutique-Style Service (April 05, 2024)
📚 What Buyers should know about the NAR lawsuit settlement (April 07, 2024)
📚 What Sellers should know about the NAR lawsuit settlement (April 07, 2024)
📚 Revolutionizing the Seller Experience for You (April 08, 2024)
📚 The Settlement & What’s Next? (April 11, 2024)
📚 Maximizing Your Home’s Appeal: The Role of Seller Concessions (April 28, 2024)
📚 My Expertise and Value for You (June 01, 2024)
📚 My Expertise and Value for You in the Valley of the Sun (Metro Phoenix) (June 06, 2024)
📚 Commission Structure for Buyers and Sellers (June 11, 2024)
📚 NAR Settlement Practice Changes and New Rules Start with ARMLS on August 1, 2024 (June 27, 2024)

 

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