Happy Tuesday:
As we approach the implementation of the NAR Settlement on August 14, 2024, there are still many questions about how compensation will be handled in a post-settlement world. Here are some important points from the NAR Settlement FAQs: Communicating Seller-Offered Compensation It’s crucial to share information about seller-offered compensation in a manner approved by NAR. Avoid ambiguity and ensure you understand the guidelines. When in doubt, consult the NAR guidelines, your broker, and leadership for additional clarification, especially when taking a listing and writing an offer under the new contracts. FAQ Highlights Can a listing broker communicate offers of compensation on a broker website with an IDX or VOW feed? Yes, MLS Participants may augment MLS data or data feeds with offers of compensation to buyer brokers or other buyer representatives, but only for listings of their own brokerage. How will offers of compensation be communicated if brokers can’t use MLSs? Offers of compensation can still be negotiated and communicated off-MLS through consultation with real estate professionals. Sellers can offer buyer concessions on an MLS, such as concessions for buyer closing costs. The settlement does not change the ethical duties that NAR members owe their clients. REALTORS® must continue to protect and promote the interests of their clients and treat all parties honestly, in accordance with Article 1 of the Code of Ethics. NAR members will continue to use their skill, care, and diligence to protect their clients’ interests. NAR is committed to maintaining transparency in the marketplace, ensuring consumers have access to comprehensive, equitable, and reliable property information, and providing affordable professional representation in real estate transactions. Additional Opportunities for Communication An area of opportunity for sharing compensation information is through the use of single property landing pages. These pages can be created and shared directly through blog posts, flyers, signs, riders, emails, texts, QR codes, but they cannot be posted directly into the MLS, agent remarks, or ShowingTime. For any further questions, always refer to the NAR guidelines and consult with your broker and leadership. DDD _____________________________________________________________________________________
Single Property Landing Page for Shared Compensation Marketing:
https://answers.kw.com/hc/en-us/articles/28488478655379-Create-a-Single-Property-Landing-Page _____________________________________________________________________________________ Would you like to talk about what changes you might make in your business through utilizing the leverage of KW Command for your business? Schedule Time with David Donaldson and Get your Growth & Tech Business Evaluation Here: https://calendly.com/daviddonaldson/rtt-growth-conversation If you need a refresher Course to get re-introduced or gain clarity around the Fundamental use of Command register for our Aug 5-9, 2024, Training Sessions Training Here: https://kwregion12training.com Do you need to get some insight on what KW Command is. Learn more: https://getcommand.com/ or https://technology.kw.com/