Broker Backpack
Quick Access to the Tools You Need
As we work together to understand and implement the changes required by the preliminarily-approved NAR settlement which will go into effect August 15th, we're committed to equipping you with the tools you need to succeed. Bookmark this page now and check back frequently.The path forward: key dates
An Overview of the Changes
What's aheadEffective midnight on Thursday, August 15, 2024, compensation fields will no longer be available at any level (list, active, sold) for any property type (residential, lease, commercial) within ROAM MLS.
In addition to the changes regarding the communication of compensation, NAR Policy Statement 8.13 requires all agents working with a buyer will be required to have a written Buyer Representation Agreement in place prior to touring a home.
All written Buyer Representation Agreements must include, at a minimum, the following:
a. a specific and conspicuous disclosure of the amount or rate of compensation the Participant will receive or how this amount will be determined, to the extent that the Participant will receive compensation from any source.
b. the amount of compensation in a manner that is objectively ascertainable and not open-ended.
c. a term that prohibits the Participant from receiving compensation for brokerage services from any source that exceeds the amount or rate agreed to in the agreement with the buyer; and
d. a conspicuous statement that broker fees and commissions are not set by law and are fully negotiable.
Failure to have an executed, compliant buyer representation agreement prior to touring a residential for sale property will result in the imposition of the following fines:
- 1st Offense: $1,000 Fine
- 2nd Offense: $2,500 Fine
- 3rd Offense: Immediate 90-day suspension of MLS Services for MLS Participant/Subscriber.
Violations may be reported as any other MLS violation, through the link on the listing in the MLS.
State legislation (HB No. 366) is currently pending to require the use of written buyer agreements when practicing real estate in Louisiana. Upon the effective date of state law, ROAM shareholders will report the offense to LREC. In the event a fine is not paid within 20 days of the issue date, MLS access will be suspended immediately.
MLS input fields that will no longer be available:
Matrix: All listing types
- Commission to Cooperating Member Participant
- Commission TCMP Type
Matrix: Lease listing type
- How Commission Paid
- When Commission Paid
Paragon: All listing types
- Commission Type
- Commission Amount
Concessions fields will not change. This field must not include any compensation information. The MLS, or any field contained therein, cannot be used to communicate compensation.
Violations may be reported as any other MLS violation, through the link on the listing in the MLS.
Tools
Bookmark this page now and check back frequently, as we will update it accordingly as new resources and information become available.
Southshore Broker Summit: July 19th
For a full-day exploration of working and advocating in the post-settlement world, join us at our inaugural Broker Summit on the Southshore.
Thank you to our partners!
- Breakfast sponsor: Title Management Group
- Lunch sponsor: Fleur De Lis Law & Title
Northshore Broker Summit: July 26th
For a full-day exploration of working and advocating in the post-settlement world, join us at our inaugural Broker Summit on the Northshore.
Thank you to our partners!
- Breakfast sponsor: D.R. Horton
- Lunch sponsor: Fleur De Lis Law & Title
Broker Power Hour: Legal Update & Unlocking Agent Potential: Mastering Value Proposition in Real Estate
Wednesday, June 26, 1 p.m. EST | 12 p.m. CST
Hear from NAR's Legal Team and John D. Mayfield in an empowering webinar designed specifically for real estate brokers and managers. Explore innovative strategies and practical tools to help your agents stand out in a crowded marketplace by effectively showcasing their unique value to clients.
ABR Designation Course
Throughout 2024, NAR is making the popular Accredited Buyer's Representative (ABR) Designation course FREE to members. Learn how to create a buyer representation agreement, conduct a successful buyer consultation, and communicate your value to clients!
Earn Your RENE Certification
The Real Estate Negotiating Expert Certification course is an interactive experience to help negotiators elevate their game! You will examine all types of negotiation formats and methods — including virtual — so that you can play the game to win!
Best Practices for Using Buyer Representation Agreements
Guidance from Louisiana REALTORS that will assist you in crafting the Buyer Representation Agreement that works for your brokerage.
NAR's Written Buyer Agreements 101
NAR has developed a guide on written buyer agreements to support members as they prepare for and adapt to the upcoming practice changes following NAR's settlement agreement.
Broker Input Form
We know this is a time of great change, but we are united in purpose and committed to supporting you in professional excellence. If you have questions, comments, feedback, or suggestions, please share them with us.
