Broker/Manager Resources: NAR Settlement and MLS Changes
To keep you informed, we’re sharing important details about upcoming MLS changes that may impact your company’s operations. In compliance with the NAR settlement, we will fully implement changes to MLS policies and practices by July 29, 2024. Although the final deadline set by NAR is August 17, 2024, we are completing these updates ahead of schedule to ensure a smooth transition.
Below, you will find a summary of the MLS changes resulting from the NAR settlement, as well as resources to help you understand its history and impact.
MLS Changes Include:
Removal of ALL Compensation Fields
- Effective July 29, 2024, we will eliminate all compensation fields from the MLS.
- This includes ALL property categories.
- You cannot discuss or mention compensation on ANY listing in the MLS.
- Listing Data Checker will monitor this activity, and fines for violations will start at $1,000.
Addition of Seller Concession Field
- We will add a new field labeled “Seller Concession? Y/N” to the MLS.
- If a seller offers concessions, you may communicate further concession information via the Property Description or Private Remarks.
- Seller concessions may not be conditioned on their use toward buyer’s agent compensation.
Requirement for Written Buyer Agreement
- The MLS will enforce the requirement for a Written Buyer Agreement prior to showing a property.
- If someone files a complaint, we will request a copy of the Written Buyer Agreement.
- If you present a Written Buyer Agreement, no further action will be taken, and we will issue a report to the complainant stating that a buyer agreement exists.
- The buyer agreement will remain confidential and will not be shared with the complainant.
- If no Written Buyer Agreement exists, you may face fines starting at $1,000.
Updated Forms for Compliance
- Updated real estate forms took effect on June 24. You must amend or re-sign any grandfathered listings or buyer/tenant representation agreements by August 17.
- Click here to access Texas REALTORS®’ updated forms.
From July 30 through September 15, we will issue warnings to individuals and/or brokerages found to have violated any of the policies above. Starting September 16, we will impose fines starting at $1,000.
Additional Resources
For comprehensive details and further guidance on these changes, review our MLS Timeline.
For a quick list of items to talk to your broker about to make sure you’re prepared for August 17th, take a look at this helpful checklist.
For any questions, feel free to contact MetroTex MLS at 214-540-2755.
Please note we will defer inquiries related to these policies from anyone other than the broker or office manager of your firm to the broker or manager to avoid conflicts with company policies related to the settlement.
Access more resources on the NAR settlement: