Traditionally, real estate agents have listed the commission offering on the Multiple Listing Service (MLS), a database used by real estate professionals to share property information. However, in light of the National Association of Realtors (NAR) settlement regarding commissions, the MLS will NO longer be allowed to post commission offerings on the MLS starting August 17, 2024 or sooner depending on the MLS.

This change is a result of the National Association of Realtors (NAR) lawsuit, which affects how commissions are advertised on the Multiple Listing Service (MLS).

What You Need to Know:

Starting on August 17th, or sooner depending on the MLS in which your property is listed, buyer agent commissions will no longer be allowed to be advertised on the MLS. The relevant fields will be automatically removed from the MLS on this date.

What Does This Mean for You, the Seller?

• Incentivizing Buyer Agents: You are still able to incentivize buyer agents by offering them a commission OUTSIDE of the MLS. However, this commission will no longer be listed on the MLS.

• Agent Inquiries: Agents may start calling you to inquire if you are offering a buyer agent commission.

• Offer Presentation: When an offer is presented, it will now include how much you are willing to pay the buyer’s agent as part of the offer, if any.

• Negotiable Commissions: Remember, real estate commissions are not set by law and are negotiable. You have the flexibility to discuss and agree upon commission terms that work best for you.

Transparency and Online Listing:

We will be changing the name of "buyer agent commission" to "Seller Concession" on our website. To maintain transparency and ensure potential buyers and their agents are informed, we will display the Seller Concession information on our website for your listing. This allows potential buyers and their agents to see any concessions you are offering when they view your property on our platform. We're able to do this because NAR states that brokerages may display Concession offerings on their websites for their own listings.

From the National Association of Realtors:

Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. The types of compensation available for buyer brokers would continue to take multiple forms, including but not limited to:

• Fixed-fee commission paid directly by consumers

• Concession from the seller

• Portion of the listing broker’s compensation

Compensation will continue to be negotiable and should always be negotiated between agents and the consumers they represent.