How MLSs Are Taking the Reins in Enforcing NAR Settlement Changes
Lisa Mailhot | May 8, 2024
Buyers
Lisa Mailhot | May 8, 2024
Buyers
The landscape of real estate transactions is undergoing a significant transformation. As the National Association of Realtors (NAR) rolls out new commission rules as part of a proposed antitrust settlement with the government, the responsibility of enforcement is shifting to Multiple Listing Services (MLSs). This change, announced at the Realtors Legislative Meetings, marks a crucial step in compliance before a final court ruling later this year.
During a recent conference in Washington, D.C., NAR's associate counsel, Deanne Rymarowicz, outlined the enforcement strategy for the new rules. MLSs, traditionally at the helm of local real estate regulations, are now tasked with ensuring that real estate professionals adhere to updated policies regarding buyer-broker agreements. This move to a complaint-driven enforcement model is not just a procedural update but a significant shift in how real estate transactions are monitored and managed.
Merri Jo Cowen, CEO of Stellar MLS, voiced concerns about the clarity and practical implementation of these changes. The removal of buyer-broker compensation fields and the introduction of new data fields like seller concessions have raised questions about liability and the potential for misinterpretation. Cowen's insights reveal the on-ground challenges MLSs face as they navigate these uncharted waters.
In Orange County, these changes could significantly alter the dynamics between real estate professionals and clients. Local MLSs will need to adjust their practices to align with the new guidelines, potentially influencing everything from listing presentations to closing transactions. This local perspective ensures that professionals in Orange County are well-prepared to adapt to these evolving industry standards.
As we observe these transformative times in the real estate industry, it's clear that the path forward is through adaptation and collaboration. If you're considering a move in Orange County and looking for a seamless real estate experience, let's connect and explore the possibilities together.
Pending home sales barely budged in recent months. Learn what this market shift means for buyers, sellers, and real estate strategies in today's housing landscape.
New construction homes declining, builder incentives rising
Discover the best neighborhoods to buy a home in Orange County in 2025. Expert insights on top areas, pricing trends, and investment opportunities.
Mortgage rates drop near a three-year low, improving affordability and boosting buyer power, but pending sales and demand remain sluggish as uncertainty tempers activi… Read more
A new CNBC Housing Market Survey reveals that most potential homebuyers expect mortgage rates to keep falling — and that’s why they’re waiting to buy. With affordabili… Read more
Homebuyers across the U.S.—and right here in Orange County—are scoring the biggest fall discounts since 2019. With homes spending more time on the market and sellers g… Read more
Homebuilder confidence is ticking upward as the Federal Reserve’s recent rate cuts offer a glimmer of hope for the housing market. Despite lingering challenges like ma… Read more
President Trump’s new tariffs on imported lumber, cabinets, and furniture are expected to raise homebuilding and renovation costs nationwide. This blog explores how th… Read more
Across the U.S., new listings are on the rise, yet many buyers remain cautious as mortgage rates hover above 6%. In Orange County, this national slowdown echoes local … Read more
Let's find a time that suits you best to chat about your goals, show you how we work, and figure out how we can help you the most
Get In Touch With Lisa
Broker Associate
949-877-7087
124 Tustin Ave Suite 200, Newport Beach, CA 92663
