Three Key Critical Changes coming to Greater Southern MLS
We have three key changes related to the NAR Anti-Trust settlement coming to the MLS on August 13th .
We have hosted a series of NAR Settlement Workshops that cover these changes in great detail. Here’s a recording of our most recent workshop delivered earlier this week.
Here are three key changes:
#1 – All Compensation fields being removed from MLS
To comply with the NAR Anti-Trust settlement Greater Southern MLS will be removing all references to offers of compensation and will no longer allow compensation offers to be included anywhere in the MLS including, but not limited to: Public Remarks, Private Remarks, Compensation Fields etc.
#2 – Automatic Fee for BROKER AND AGENT for Including Compensation in MLS
To protect our brokerages and minimize the risk of additional litigation for our customers, Greater Southern MLS will be issuing an AUTOMATIC fine to BOTH the Listing Broker and Agent for inadvertently including a mention of compensation whether subtly or obviously. Compensation cannot be mentioned or even hinted at in public/private remarks, text fields, photos, virtual tours, or any other method. If a listing is identified that violates this rule the automatic fees will be issued:
Automatic Fees:
Broker: $1500
Agent: $1000
3. Post-Close Concessions Required
To make it easier for appraisers to determine the true value of a home, we will be continuing to offer the ability to include concessions that were included in a transaction post-close. The system will now allow you to indicate whether concessions were included or not and categorize the types of concessions that were included.
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