To improve transparency in a time where forces are pushing to muddy waters, the National Association of REALTORS® (NAR) announced today that proposed changes to its guidance for local Multiple Listing Service (MLS) broker marketplaces have been approved by a Board of Directors vote.
The following changes are set to take effect Jan. 1, 2022 (per NAR):
(1) Reinforce that local marketplace participants do not represent brokerage services as free. While REALTORS® always have been required to advertise their services accurately and truthfully, this change creates a bright line rule on the use of the word “free” that is easy to follow and enforce.
(2) Ensure disclosure of compensation offered to buyer agents. The change bolsters transparency and REALTORS®’ existing duties and practices to talk with their clients about what services they provide and how they are compensated.
(3) Ensure listings aren’t excluded from search results based on the amount of compensation offered to buyer agents. This changes wording to reiterate REALTORS®’ existing duty to inform clients about all relevant properties meeting their criteria.