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 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 that MLS Participants working with a buyer 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 (ACT 690) requires the use of Buyer Representation Agreements when practicing real estate in Louisiana, effective August 19, 2024. Upon the effective date of state law, ROAM shareholders will report the offense to LREC.
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.
Download the Guidebook
We've assembled a toolkit with helpful graphics and resources to assist in navigating the post-settlement landscape.
MLS Bear Traps
Tools
Bookmark this page now and check back frequently, as we will update it accordingly as new resources and information become available.
NEW! How to Talk to Consumers About the Settlement
In these factsheets from NAR, you will learn how to clearly explain the terms of the settlement to your clients.
ACT 690
ACT 690, signed into law, requires that all Louisiana Real Estate Licensees incorporate the use of buyer representation agreements when working with a buyer, effective August 19, 2024.
NAR Requirements vs. State Law Requirements
Louisiana REALTORS® has produced a handy comparison chart that breaks down what is required of MLS participants from the NAR settlement vs. what is required by the new law.
Louisiana REALTORS® Broker Toolkit
Access the Broker Toolkit from Louisiana REALTORS®, which includes links and resources that you may find useful. Check back frequently for updates!
Statewide Sample Forms Library
Includes basic buyer representation agreement, short form, long form, and 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.
NAR's Broker-to-Broker Agreements 101
Effective August 15, 2024, offers of compensation will no longer be permitted via ROAM MLS and all compensation fields will be eliminated across MLS platforms. However, the settlement expressly preserves offers of compensation as an option when agreed upon by the consumer and the broker. Broker-to-broker agreements are one way compensation can occur off of the MLS.
Visit this page to access fast facts from NAR on requirements and best practices when crafting a broker-to-broker agreement.
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!
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.
