WHAT TO KNOW:
MLS Now Rules will be updated effective Aug. 12, 2024 with the new Mandates from NAR MLS Policy changes. The rules apply to all users (REALTOR® and non-realtor) and all property types. Corelogic will be removing the compensation specific fields but if you have mentioned compensation in any other areas (remarks, supplements, etc) then you will need to remove all of those for any listings that have not yet Closed or Expired. This includes mentions of auction referral fees, premiums, etc.
NEW NAR POLICY STATEMENT 8.11No Compensation Offers in MLS
The MLS must not accept listings containing an offer of compensation in the MLS to other MLS Participants and Subscribers. Further, the MLS may not create, facilitate, or support any non-MLS mechanism (including by providing listing information to an internet aggregator’s website for such purpose) for Participants, Subscribers, or sellers to make offers of compensation to buyer brokers or other buyer representatives.Use of MLS data or data feeds to directly or indirectly establish or maintain a platform of offers of compensation from multiple brokers to buyer brokers or other buyer representatives is prohibited and must result in the MLS terminating that Participant’s access to any MLS data and data feeds.The multiple listing service must not have a rule requiring the listing broker to disclose the amount of total negotiated commission in his listing contract, and the multiple listing service shall not publish the total negotiated commission on a listing which has been submitted to the MLS by a participant. The multiple listing service must prohibit disclosing in any way the total commission negotiated between the seller and the listing broker, or total broker compensation (i.e. combined compensation to both listing brokers and buyer brokers).The multiple listing service must not have a rule requiring the listing broker to disclose the amount of total negotiated commission in his listing contract, and the multiple listing. service shall not publish the total negotiated commission on a listing which has been submitted to the MLS by a participant. The multiple listing service must prohibit disclosing in any way the total commission negotiated between the seller and the listing broker, or total broker compensation (i.e. combined compensation to both listing brokers and buyer brokers).Note 1: Multiple listing services must give Participants the ability to disclose to other Participants any potential for a short sale. As used in MLS rules, short sales are defined as a transaction where title transfers, where the sales price is insufficient to pay the total of all liens and costs of sale, and where the seller does not bring sufficient liquid assets to the closing to cure all deficiencies. Multiple listing services may, as a matter of local discretion, require Participants to disclose short sales when Participants know a transaction is a potential short sale. (Amended) M
WHAT TO DO:
- Remove all offers of compensation from your listings that have not closed or expired by Aug. 12th
- If you see a listing with offers of compensation, please click the Report an Error button to make MLS staff aware of the violation.
- Follow rules & guidelines for each MLS you use. They may have different effective dates.
WHO TO CONTACT:
If you have questions, email Help@MLSNow.com or call 216-485-4100 x 1480.