One of our favorite guests, Kurt von Wasmuth, President and CEO of RMLS, is here to talk about the latest industry upheavals.
Kurt, a frequent guest and one of our biggest advocates, will help clear up some of the confusion and questions about this process.
For years, MLS systems have provided data about properties for sale along with the compensation structure from listing brokers to buyer brokers.
In 2019, the DOJ filed a civil antitrust lawsuit against NAR, alleging that certain rules and policies of NAR were anticompetitive and hindered fair competition in the real estate market.
There was a settlement agreement in 2020 to help promote more competitive practices in the real estate industry. Key components include, disclosure of commission rates, prohibition of misleading practices, and increased transparency.
The compliance deadline is just around the corner on August 17th, 2024. Guess who gets tasked with helping enforce compliance? The MLS systems.
Fresh from his Washington DC trip, Kurt is here to share how RMLS, MLS Aligned, and the other big MLS systems are trying to make compliance as smooth as possible.
He knows there will be unforeseen challenges and obstacles, but they are doing their best to get systems in place to update the database and make the commission check box system standard.
If you want a first hand walk through of the imminent changes, this show is for you. Kurt is always a wealth of knowledge and this conversation is no exception.
We talk about possible issues with enforcement and how it all may play out. How will such a huge upheaval in the industry affect us? How smooth will the transition go? What future obstacles are yet to be seen?
Will these changes lead to more transparency and competitive pricing? Ultimately will any of this benefit consumers? How can those in the industry benefit from these changes?
Join us as we unpack these critical questions and more as we discuss possible implications with Kurt von Wasmuth. This is an episode you won’t want to miss!
Key Takeaways
The real estate world is changing overnight with this settlement
Compensation is no longer guaranteed; subscribers must now negotiate directly with buyers
MLSs are now responsible for ensuring written buyer broker agreements
Policing the new rules may lead to creative and uncertain strategies
Key logistical factors include clean data handoffs and removing compensation fields
Implementation of the new checkbox system is discussed
Websites sharing compensation knowledge cannot have MLS information
Listing percentages can be used on personal website data feeds
Sellers decide what to do with the buyer’s agent’s commission
The changes are expected to be better for consumers
Clarification on when buyer agreements are necessary during showings
Open house agents work for the seller; entering homes requires buyer broker agreements
NAR won’t mandate agreement details
A buyer agreement is needed if you expect to get paid
RMLS will ensure written buyer agreements when required
RMLS won’t act as legal experts on agreements
Agreements can be renegotiated
RMLS requires agreements but has no jurisdiction over disputes
All incentives are separate from the commission
Compliance is critical; potential for lawsuits is high
RMLS is working on the settlement and related tasks
Improvements to Aligned Showings and RMLSweb are ongoing
Advantages of a central MLS are discussed
We discuss the length of remarks in MLS
Reflection on whether past actions could have prevented current changes
More people will be leaving the industry over the next few years
The future is rosy and we have a lot to look forward to
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