NAR Approves Several Highly Debated MLS Policies: Display of Buyer Broker Commissions And Listing Agent Attribution

By
Real Estate Technology with Realtyna 4966111

On November 15, NAR passed several highly debated policies-Display of Buyer Broker Commission and Listing Agent Attribution.

The reception of these policies was equivocal. Some agents disagree with these laws and think that NAR is trying to appease the DOJ that withdrew from a settlement with NAR. Others think it will greatly improve the transparency of real estate transactions and make consumer experience more enjoyable.

Display of Buyer Broker Commissions

Although the new policy doesn’t require agents and brokers to display commission, it still requires MLS to include commissions on their listing sites and data feeds. During the Realtor & Expo Conference, the board voted 521 in favor and 285 opposed.

MLSs that are Realtor-affiliated are required to comply with the new policy.

Listing Attribution Policy

Listing Attribution was even more controversial than the buyer broker commission. As a result, many companies urged the NAR to drop this policy completely, or at least change some controversial parts of it. And that’s exactly what happened. 

One of the requirements to display the listing firm contact information at least as prominently as any other contact information was deleted from the proposal.

The proposed policy was passed on Monday.

Internet Data Exchange (IDX) Policy, Policy Statement 7.58

Policies Applicable to Participants’ IDX Websites and Displays

  1. An MLS Participant’s IDX display must identify the listing firm, and listing participant identified email or phone number in a reasonably prominent location and in a readily visible color and typeface not smaller than the median used in the display of listing data. The contact information for the listing firm must be clearly identified and displayed at least as prominently as any other contact information or lead form on the site.
  2. Requirements that MLSs May Impose on the Operation of VOWs and Participants, Policy Statement 7.91.
  3. Any listing displayed on a VOW shall identify the name of the listing firm, and listing participant identified email or phone number in a reasonably prominent location, and in typeface not smaller than the median typeface used in the display of listing data. The contact information for the listing firm must be clearly identified and displayed at least as prominently as any other contact information or lead form on the site. readily visible color, and reasonably prominent location, and in typeface not smaller than the median typeface used in the display of listing data. The contact information for the listing firm must be clearly identified and displayed at least as prominently as any other contact information or lead form on the site.

Comments (4)

Will Hamm
Hamm Homes - Aurora, CO
"Where There's a Will, There's a Way!"

Hello and thank you for your blog that is so true.  Hope you have great plans for today.

 

Nov 30, 2021 10:05 AM
Ed Silva
Mapleridge Realty, CT 203-206-0754 - Waterbury, CT
Central CT Real Estate Broker Serving all equally

Our statewide system sent out notice of this earlier in the week and most changes are minimal to the way we do business in the state

Nov 30, 2021 10:10 AM
Realtyna Inc
Realtyna - Newark, DE
Realtyna- MLS RETS Integration software & services

Hi Will, thanks. Busy day ahead for us. And you?

Dec 01, 2021 03:52 AM
Realtyna Inc
Realtyna - Newark, DE
Realtyna- MLS RETS Integration software & services

Hi Ed, I'm glad you won't see too much disruption.

Dec 01, 2021 03:53 AM