Connect RE officials noted that the brokerage is built by agents for agents and the firm’s mission “is to empower agents, transform careers, and elevate real estate to new heights.”
Fines issued by the DOS in these Consent Orders have ranged between $500 and $6,000. Brokers must carefully monitor all websites and social media pages of their associated licensees.
As State President, Phillips will oversee the council’s activities within New York State and act as a liaison between the regional vice president, the council’s leadership team, and its staff.
Under practice changes that will take effect Aug. 17, real estate professionals will no longer be able to communicate offers of compensation in the MLS.
Editor’s Note: This article first appeared in Realtor Magazine.
Starting Aug. 17, the MLS will no longer be a platform for communicating offers of compensation. However, they still remain an option for consumers.
Under practice changes that will take effect Aug. 17, real estate professionals will no longer be able to communicate offers of compensation in the MLS. However, offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with their real estate professionals.
MLS policies have been changed to reflect the practice changes under the proposed settlement agreement. The National Association of Realtors’ legal team has developed a series of “Window to the Law” videos to explain the coming changes, with the first video focusing on compensation—which is and always has been negotiable.
Charlie Lee, NAR’s senior counsel and director of legal affairs, says real estate pros have a variety of ways to negotiate and communicate offers of compensation, including through:
Marketing: If the listing broker or seller is offering compensation for the buyer’s broker, the listing agent can share that offer through their marketing, such as in flyers, signs or emails.
Website displays: “A broker can show offers of compensation for their listings on their website display,” Lee says. “Brokers must not display offers of compensation for other broker’s listings on their website display.” You can show other brokers’ compensation on your listings if you don’t get it from MLS data or an MLS feed, he adds.
Seller concessions: Sellers may elect to offer concessions to the buyer, which may include items like paying for the buyer’s closing costs or the commission for the buyer’s agent. If the local MLS allows, such concessions can be communicated on the MLS within designated fields. However, any concessions listed cannot be conditioned on the use of or payment to a buyer broker, Lee says.
Negotiations: Buyers may request that their agent include broker compensation as part of the terms of a purchase offer.
Buyer agreements: NAR’s proposed settlement agreement will require buyers and their agents to enter into written agreements before touring homes. These agreements will detail the compensation for using the buyer broker’s services.
Melissa Dittmann Tracey is a contributing editor for REALTOR® Magazine, editor of the Styled, Staged & Sold blog, and produces a segment called "Hot or Not?" in home design that airs on NAR’s Real Estate Today radio show. Follow Melissa on Instagram and Twitter at @housingmuse.
Reprinted from REALTOR® Magazine Online (http://realtormag.realtor.org), June 5, 2024, with permission of the NATIONAL ASSOCIATION OF REALTORS®. Copyright 2024. All rights reserved.
Connect RE officials noted that the brokerage is built by agents for agents and the firm’s mission “is to empower agents, transform careers, and elevate real estate to new heights.”
As State President, Phillips will oversee the council’s activities within New York State and act as a liaison between the regional vice president, the council’s leadership team, and its staff.
“Home sales momentum is building,” said NAR Chief Economist Lawrence Yun.
Inventory for all property types declined in almost all areas, except for Rockland’s condo and co-op markets, the latter with an 84.6% gain. The Bronx led the region for new listings, with a 31.9% increase.
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