Real estate practice changes go into effect on August 17

Beginning on August 17 there will be two major changes. First, cooperative compensation is prohibited on the Multiple Listing Service (MLS); however, it is preserved as an option off-MLS through negotiation between consumers and real estate professionals.

Second, also beginning on August 17, agents and brokers working with a buyer must enter into a written agreement before touring a home as part of the settlement.

More detail about the practice changes set forth as part of the NAR settlement agreement can be found here.

Among what will remain the same is the value Realtors® bring to their clients that includes, but is not limited to, serving as a trusted advisor in the home buying or home selling process, and sharing their expertise in navigating difficult negotiations, writing the best offers possible, setting the right price for a listing, and helping clients to avoid common mistakes.

These are just a few examples of the many ways Realtors® provide great value every day.