Please check back for regular updates.
NAR & the NAR Settlement
Where can I find the latest updates and REALTOR® resources related to the NAR Settlement?
Where can I find answers to my NAR-specific questions?
https://www.nar.realtor/the-facts/nar-settlement-faqs
Are agents still required to be members of NAR?
There is no OneKey® current requirement that an agent/subscriber hold membership with NAR. The requirement exists at the broker/participant level and that requirement is not changing at this time.
OneKey® & OneKey®’s Response to the NAR Settlement
Is OneKey® participating in the NAR Settlement agreement?
Yes, OneKey® is participating in the NAR Settlement agreement.
How is the MLS changing as a result of the settlement?
- Effective 8/8/24:
- Compensation fields have been removed from the MLS.
- NO mention of compensation is permitted in the MLS.
- Buyer agreements are required prior to clients touring a property.
- New listing agreements without the mention of compensation (and/or addendums) are in use.
- Agreements no longer need to be uploaded to the MLS, however they must be made available within 24 hours upon request.
- Effective 7/16/24:
- Pre-Sale Concession fields were added to the MLS.
When will there be additional information on OneKey®'s response to the settlement?
You can read the initial communication regarding the NAR settlement here.
From the Desk of CEO, Richard Haggerty
Pre-Sale Concessions Fields Added
Regular updates will be provided as there is more information available. Please look out for email, MLS pop up messages, and follow this site for more information.
What’s the value of the MLS without compensation?
The MLSs’ value extends beyond the previous guaranteed offer of unilateral compensation. OneKey® MLS extends the interest of real estate professionals by curating the best products and services to support our customers. We support fair housing practices and equitable access to information for consumers.
Additionally, MLSs (per NAR’s FAQs):
- Enable comprehensive marketplaces: Access to inventory and widespread advertising incentivizes local broker participation.
- Ensure reliable data access: NAR guidelines for local MLS broker marketplaces enable hubs of trusted, verified information where all participants have equitable access.
- Create connections: Local MLS broker marketplaces create the largest opportunity for connections between real estate agents with properties to sell and those with clients looking to buy.
- Advance small business: Compiling housing information that is accessible to all businesses, in one place, allows smaller real estate brokerages to compete with larger ones.
- Encourage entrepreneurship: Because of lower barriers to entry enabled by local MLS broker marketplaces, new market entrants can advance technology, consumer service and other innovations.
Buyer Agency
What’s happening with buyer agency? Is buyer agency going away?
Buyer agency is not impacted by the NAR settlement.
What are the different types of agency?
NAR offers good resources for understanding agency, speak with your broker and check out: https://www.nar.realtor/magazine/tools/client-education/handouts-for-buyers/vocabulary-agency-agency-relationships
Are buyer agents now expected to work for free? / How does this affect my commission?
The best practice is to speak with your broker. OneKey® abides by the NAR Handbook for MLS Policy which includes Policy Statement 8.4 Services Advertised as “Free”
MLS participants and subscribers must not represent that their brokerage services to a client or customer are free or available at no cost to their clients, unless the participant or subscriber will receive no financial compensation from any source for those services.
Is the buyer's representative paid directly by the buyer and when?
There is no change in how buyer's agent compensation may be negotiated or paid. One difference is that the buyer representative will be required to have a signed Buyer Representation Agreement before showing a property to their client. That agreement will define what compensation will be owed for the buy agent's services, whether paid by the buyer directly, or negotiated with the listing brokerage/seller.
Compensation/Commission
How do I find out if a listing agent if the seller is offering any type of compensation or concession?
You may ask the listing agent if there is any offer of compensation or concessions offered.
What if the agent is not responding to my requests for information?
Like in any other instance when an agent is not responding, you may want to reach out to the broker, and if needed, the association.
Can I put in the private remarks field “tenant pays commission” on my rental listings?
No mention of compensation may be included in OneKey® listings as soon as these new policies go into effect on August 8. Keep an eye on your inbox for regular communications regarding changes in policy.
What property types does the prohibition against mention of compensation apply to?
ALL property types -- no mention of compensation may be included in the MLS. This includes (but is not limited to) Rentals, and "if, or, or when" statements regarding payment.
If an agent gets a listing prior to new policies taking effect and the owner does not want to offer compensation, can they just put 0 in the compensation sections?
Yes, OneKey® current policies are in effect until revisions are published.
Will the compensation fields just disappear on August 17th or will it be a different date?
OneKey® removed Compensation fields on August 8, 2024 in compliance with the NAR Settlement agreement. Agents will be responsible for ensuring any reference to compensation in text fields is removed by that date, or face an immediate fine. New listings with this information will be subject to immediate removal of the information by MLS staff.
What are the compliance repercussions for including compensation content?
An automatic fine will occur.
Where do we state/put the amount of commission paid by seller to the listing broker?
Commission will be captured in their contract but has never been captured by the MLS.
May we use any part of the commission paid to the listing broker as part of the seller's concession to the buyer?
The concession field is an incentive from the seller directly to a potential buyer, so that cannot come from the listing brokerage directly. The commission paid to the listing brokerage can be used to pay a cooperating broker, should they choose to. One important thing to remember is that the concession amount defined in the MLS cannot be conditioned on it being used to pay a cooperating brokerage.
Concessions
Will it be possible to publish on MLS either to the agent or public remarks that the owner (seller) will help pay some of the buyer’s closing costs in the amount of $$$ or a % of the contract price without mention of commissions?
New pre-sale concession fields have been added to the MLS which allow landlords or sellers to indicate a willingness to negotiate with the renter or buyer. This field is optional, as is a secondary field where they may indicate an amount if they so choose. Information of this sort should be entered in those designated fields only.
Why are we planning to allow a concession $ amount instead of a % field?
The decision of what fields to offer was made by the OneKey® Board of Managers in consultation with leadership and legal counsel. As a reminder the concession field does NOT replace the compensation field and is an optional pre-sale offer of negotiation between the seller and buyer.
May any portion of the seller's concession be used by the buyer to pay his/her agent's commission?
They buyer can use the seller paid concession for whatever they would like, including paying their agent. The catch is that the payment of the concession from the seller cannot be conditioned upon it being used as payment to the buyer brokerage.
What is a presale concession and how is it different than the current concession field available?
Pre-sale concession represents a willingness from the seller to provide an additional incentive to a buyer. The existing concession field exists on closing and is to represent the net amount of all concessions made at closing.
Forms & Business Process
If I have a buyer customer (like at an open house) not a buyer client do I need to have the buyer agreement filled out?
The policy changes apply to buyer clients only. If you expect to receive payment, than an agreement is needed.
If a seller is willing to pay a cooperating broker where would that be written if it is no longer on the Listing Agreement?
Compensation information may be negotiated and recorded as desired, but may not be included in the MLS effective August 8, 2024.
How do I pivot my business practices with these changes?
OneKey®, your association, and leadership is here to help you navigate this new landscape, stay tuned for learning opportunities and materials to assist you.
NAR has provided a broker's guide to upcoming practice changes.
OneKey recently had a webinar that talks about the impact of these changes.
Beginning September 4, 2024, when scheduling a buyer tour through the MLS using ShowingTime for the MLS you'll receive a reminder about the requirement to obtain a written buyer agreement prior to showing a property.
How do I explain these changes to my clients?
Fact sheets on what the practice changes mean for homebuyers and sellers are available now from NAR.
When will new forms be available?
New forms are available now. Please note: OneKey® does not mandate use of any particular forms. Any forms that comply with state law and the NAR Settlement guidelines may be implemented. Speak with your broker about your office's policy. We're actively working with our vendor to get the new forms available in Transaction Desk.
Do I need a new agreement for an existing listing (as of August 8, 2024)?
New agreements or addendums are needed for existing listings to replace outdated forms that include mention of compensation.
What if my seller doesn't want to sign the addendum?
Ask why they don't want to sign the addendum, explain the significance of the addendum, and let them know the repercussions, ie, the listing will no longer qualify to be in the MLS and will need to be withdrawn.
Do I need to submit my updated listing agreement or addendum to the MLS (after August 8, 2024)?
Listing agreements are retained by your office but must be submitted to the MLS upon request within 24 hours.
Legal
Where can I find out more information on the legal aspects specific to New York REALTORS®?
What about New York State Association of REALTORS® (NYSAR) members who also belong to OneKey®, what’s their risk?
We cannot speak to the risk of other MLSs’ members, it would be best to consult with your own legal counsel.
Are there other MLSs out there that are going to continue to allow offers of compensation?
Possibly, we cannot speak to what other MLSs are going to do.
The NAR Settlement doesn’t fully mesh with NY State law, which takes precedence?
State law takes precedence. A thorough review of state law as it relates to the settlement terms will be completed prior to changes being implemented.