“Borderless” MLS in Hilton Head, South Carolina place of residence Are joining companies like this Mulinsen Real Estate Information Network and Northwest MLS By not opting in national association of realtors (NAR) National Council Litigation Settlement Agreement.
MLSs not owned by real estate agents announced their decision to opt out on Monday. MLS has until June 18 to choose to join the settlement through NAR, which is negotiated as part of the agreement.
REsides said in a statement that it would implement its own changes starting at the end of August. The company noted that the decision was part of its “continued commitment to becoming a strategic partner to brokers and providing them with additional opportunities and support for managing their businesses in the future.”
REsides also noted that it did not participate in the requirements for cooperation in the area of indemnification, which were critical to the settlement of the Commission proceedings and the NAR.
While not opting for settlement, REsides acknowledges the industry is changing. It noted that this week, it launched University of residencewhich offers courses and webinars designed to help agents navigate change.
Additionally, MLS noted that it is launching several new features in consideration of the upcoming industry changes that agents on the platform will experience. These include new fields where sellers can list potential offers, perks, listing media and documents, as well as new buyer agreements, listing agreements, listing addendums and entry forms.
The MLS noted that a listing addendum will be released in early July to allow agents to address any questions their long-time clients may have.
“We are very proactive in rulemaking and often make changes before rules become a market issue. Even so, transformation can sometimes be the best thing,” REsides CEO Colette Stevenson said in a statement. “By rolling out additional changes, we are helping our subscribers prepare for progress by giving them and their customers more choice while increasing transparency.
“Our goal is to provide our subscribers with the information they need to do their jobs effectively, efficiently, and with as little friction as possible. This is an ongoing process, but we are committed to supporting our subscribers in achieving their goals. By By giving our brokers the power of choice, we enable them to independently evaluate options to determine which one is best for them.
according to a report inman newsEighteen of 40 non-real estate agent-owned MLSs have chosen to join NAR’s settlement. These MLS include Alaska MLS, New York Central Information Service Center, Central Virginia MLS, Subway list, Real Estate Board of New York (RLS), Southeast Georgia MLS and West Pennsylvania Diverse List.
By electing to settle, MLS will be required to pay a total of approximately $5.4 million to the settlement fund.
Each MLS that chooses to accept a NAR settlement will be required to prohibit cooperative compensation on the MLS.
