North Cincy News

The National Association of Realtors (NAR) has announced significant changes to its Multiple Listing Service (MLS) policies, set to take effect on August 17, 2024. These adjustments stem from a Settlement Agreement requiring NAR to revise the MLS policy handbook.

NAR is ensuring members and MLSs are well-prepared by announcing these changes ahead of time. "Our settlement requires NAR to implement the practice changes no later than the date of class notice," stated in their announcement. The earliest possible date for class notice is August 17, 2024.

MLSs participating in the settlement have until September 16, 2024, to adopt these policy modifications and be recognized as released parties. However, under NAR's accelerated rule change process, REALTOR® MLSs must comply by August 17, 2024. NAR suggests that all opting-in MLSs follow suit by this deadline.

In the coming days, further discussions will be held regarding these changes. Meanwhile, an updated FAQ is available with additional implementation details. "We are committed to working together to navigate these adjustments and providing as much guidance to our members as possible," assured Katie from NAR.

Key policy updates include eliminating any requirement for offers of compensation between listing brokers or sellers and buyer brokers within the MLS framework. The term "cooperation" for MLS Participation will be retained and defined more clearly. Other notable changes include prohibiting MLS Participants from offering compensation through non-MLS mechanisms and reinforcing restrictions against filtering listings based on compensation levels.

These revisions were reviewed by the MLS Emerging Issues and Technology Advisory Board and adopted by the NAR Leadership Team.

For further inquiries or information about these new practices, stakeholders are encouraged to reach out directly.