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

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An Overview of the Changes

What's ahead

Effective 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.

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.


Tools

Bookmark this page now and check back frequently, as we will update it accordingly as new resources and information become available.
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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, sponsored by Title Management Group.

 

Register
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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, sponsored by DR Horton.

 

Register
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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!

 

Register
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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! 

 

Register
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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.

Learn More
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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.

 

Learn More
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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.

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