Listing Compensation Updates
Most Recent Updates Buyer-Broker Resources Buyers Agents Value
Updated 03/18/2024
A Message from Stellar MLS CEO Merri Jo Cowen
Friday, March 15, 2024, is affirmed as a day of change for organized real estate – including all of us – brokers, agents, Associations, and MLSs. It’s the day that NAR announced its proposed settlement to end litigation of claims brought by home sellers related to broker compensation.
We have known this could happen and have been planning for this “what if.” That said, it’s real now, and we are going into action. Yes, there will be changes coming to our world, but we are not afraid; the MLS is more than compensation, and we stand behind our value!
Below, we have gathered the latest information and resources from NAR. We will keep you informed as we move forward and embrace the changes needed at Stellar to accommodate the settlement.
National Association of REALTORS® Reaches Agreement to Resolve Nationwide Claims Brought by Home Sellers
A Statement from NAR
"The agreement* would resolve claims against NAR, over one million NAR members, all state/territorial and local REALTOR® associations, all association-owned MLSs, and all brokerages with an NAR member as principal that had a residential transaction volume in 2022 of $2 billion or below."
"Hear how NAR's resolution provides a path forward for the industry and helps ensure consumer choice.
Effective Mid-July 2024
- "Compensation offers moved off the MLS: NAR has agreed to put in place a new rule prohibiting offers of compensation on the MLS.
- "Written agreements for MLS participants acting for buyers: " MLS participants working with buyers will be required to enter into written representation agreements with their buyers.
*"Please note that the NAR agreement is still subject to court approval.
NAR Settlement Briefing
Presented by Stellar MLS
"If you missed this live session or would like to revisit the information and insights shared, we're pleased to provide you with the webinar recording:
Resources from NAR
"The materials here are intended for reference by members, staff, and anyone supporting the National Association of REALTORS®. They will help provide background on current events related to the association and give you the tools to talk about them. Communication resources will be updated as needed; readers are cautioned to ensure that the most recent publications are utilized."
Buyers Agents: Showcase Your Value Proposition
In the wake of industry changes, you have a unique opportunity to showcase your value to consumers. As a Stellar MLS agent, we equip you with relevant and innovative services and solutions to support your customers with comprehensive knowledge and expertise. With access to accurate, timely, and expansive data, essential market insights, top-notch customer service, and more, we are here to help you deliver unmatched guidance and support to your customers and prospects throughout their home-buying journey.
We have created downloadable and shareable materials to boost lead generation and support you as you continue to promote your value as a buyers agent.
Click the graphics below to access resources you can share with your customers!
Using Buyer-Broker Agreements
What are buyer-broker agreements?
Buyer-broker agreements formalize the working relationship between consumers and their buying agent by outlining both parties' expectations.
This form may be used when a broker wishes to act as a buyer’s agent and be paid commission by the buyer, and covers what the agent can/can't do by law, the agent’s business routine, a start and end date, and payment guidelines.
Why should I use a buyer-broker agreement?
Using a buyer-broker agreement helps create a long-lasting and corporative relationship through transparency.
Real estate professionals can use a buyer-broker agreements to ensure consumer protection and build strong relationships with buyers.
Where can I find a buyer-broker agreement form?
This form and more can be found on Form Simplicity, a Florida Realtors member benefit.
The Benefits of Buyer-Broker Agreements
Real estate professionals and consumers both benefit from using buy-broker agreements. They foster trust and mutually beneficial relationships through transparent conversations, offering clarity on customer expectations and compensation for the real estate professional. Transparency is essential for customer education through one of the biggest transactions many make in their lifetime.
Be prepared to educate your buyer on the benefits of buyer-broker agreements:
- Guarantee the client has a loyal advocate throughout the transaction.
- Clarifying expected services and facilitating a successful transaction through collaboration.
- Understanding the agent’s representation, duties, and the possibility of serving as a dual agent.
- Providing consumers with an opportunity to inquire about compensation details, including payment responsibilities.
Watch the full video from the National Association of Realtors® to learn more about buyer-broker agreements.
Resources
Stellar MLS Panel on Buyer Broker Agreements
2/21/2024
In this summit, Stellar MLS brokers who have successfully incorporated buyer broker agreements into their business practice shared how they have demonstrated value to their buyers and overcome their buyers’ objections to sign an agreement.
Moderator:
- Kendall Bonner, The Kendall Bonner Team with EXP Realty
Panelists:
- Debra Myers, Broker, CanZell Realty
- Brandy Loebker, Broker, Keller Williams Suncoast and Keller Williams Island Life Realty
- Sandra Hensen, CanZell Realty
- Kevin Hanley, Keller Williams Island Life Realty
Additional Resources
Stellar MLS's Rules and Regulations can be found here.
How Real Estate Compensation Works (NAR)
Fostering Consumer- Friendly Real Estate Market Places
Florida Realtors General Resources
Commission Lawsuits: A Continental Shift (RISMedia Report)
Learn more about buyer-broker agreements
For Consumers:
For Promoting Broker/Agent Value to Consumers:
Free CE Webinar: Understanding Buyer Broker Agreements
Earn 3 CE credit hours free via Zoom while making sure you're up-to-date on the way the real estate business is changing.
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To access Premier by RISMedia, included in your Stellar MLS subscription, log into Stellar Central™, click the Products & Services tab, then click the Premier by RISMedia icon.
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