Faced with impending changes in their ability to publish salary information, MLSs are rethinking their rules and developing new policies.
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Each week on Download, Inman’s Christy Murdoch goes deeper into the week’s hottest stories to give you the information you need to face Monday. This week: Facing impending changes to its ability to release salary information, MLS reconsiders rules and creates new policies.
Since the NAR Commission Litigation Settlement was announced, most of the discussion has centered around how individual agents and brokerage firms will implement the proposed changes, which are set to take effect in mid-August.
To that end, we’ve been discussing buyer agreements, client conversations, and various strategies, primarily from an agent-client perspective. However, the past week has seen a number of new initiatives by MLS as they look for ways to continue providing service and transparency without having to issue compensation packages.
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At an MLS forum held during the NAR’s midyear legislative session, MLS executives seemed uncomfortable (and even left the room) when discussing how to handle agent-client conversations. Now, however, the MLS appears to have found its footing and made decisions on how to serve its constituents in the new paradigm.
On Tuesday, May 28, Northwest MLS announced that it would not take advantage of a provision that would allow MLSs to opt-in to NAR transactions, thereby immunizing them from potential antitrust claims that could be brought against the MLS over its commission rules.
The proposed settlement, which has received preliminary but not final court approval, would require the NWMLS to prohibit listing brokers from providing compensation to buyer’s brokers through, but not outside, the MLS. That rule appears to be the main sticking point for NWMLS choosing not to join the deal.
When asked if the NWMLS was concerned that not settling would leave MLS vulnerable to such lawsuits, NWMLS President and CEO Justin Haag told Inman, “The NWMLS has been directly pursuing opportunities since 2019, Better serve consumers through industry-leading change.
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We’ll continue to follow this story in the coming months as more and more MLSs will make adjustments before the settlement is implemented and ultimately approved. Have a news tip about changes happening at your company or local MLS? Submit it to our newsroom.
At the same time, our goal is always to help you work smarter. While everyone else is figuring out what to do next, our Inman contributors are sharing their insights and advice so you can make your own decisions about how your business should run. Here are some of their best strategies for coping with the moment.
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The coach wrote that we are in this together Darryl Davisso here’s how to avoid burnout and frustration by charting a path forward for your real estate business.
Bonus: What are you looking forward to this summer? pulse
