With the coming changes no longer allowing offers of compensation on MLS platforms, the cooperative compensation rule lies at the center of the commission lawsuits, putting MLSs squarely in the middle of the conversation.
Two of the nation’s largest MLSs recently made headlines in RISMedia news when they announced new additions to their user platforms in an effort to add clarity to financial options available to their subscribers.
California Regional MLS (CRMLS) with over 110,000 members and Bright MLS, which covers six Mid-Atlantic states and the District of Columbia, both announced new fields for seller concessions in May, with CRMLS’s additions promising to enhance communication between listing and buyer agents, as well as homebuyers, by providing “up-front” information surrounding concessions. The additions allow concession information to be made at the listing level, are directly available in the MLS and allow sellers to advertise monetary concessions and buyers to “receive a clearer idea of financial options,” CRMLS stated.
“We’re always looking for ways to improve user experience, and, considering the fact that data shows an extensive use of concessions in CRMLS’ Closed listings, these new Concessions in Price fields at the listing level seemed like no-brainers,” CRMLS CEO Art Carter said. “By providing new fields that clearly specify a seller’s willingness to consider concessions, we can better foster communication between all of our users to make finding the right property that much easier.”
Bright MLS’s addition, also announced this past May, included a set of system changes to ease subscriber use and give brokers the ability to specify that they’re willing to entertain seller concessions, with users even being able to input a percentage or dollar amount to start negotiations with.
“We want to focus on what works, what furthers market transparency and what benefits consumers. So we have been looking at a number of our policies, and we will continue to look at policies to make sure we’re modernizing the rules of the road and how folks interact with our system,” said Rene Galicia, who runs Bright’s policy and education divisions and serves as EVP of its customer advocacy group, back in May.
Carter, along with Bright MLS President and CEO Brian Donnellan, and four more top MLS leaders will be discussing how they are adapting their policies and overall organizations to respond to the current legal climate and address future broker needs in an interactive session being held at RISMedia’s upcoming CEO & Leadership Exchange on Sept. 4-6 at the Mayflower Hotel in Washington, D.C.
The session, titled, “POWER HOUR: How MLSs Are Adapting in the Commission Lawsuit Era,” is taking place on Wednesday, Sept. 4 from 10-11 a.m. ET.
The full panel includes:
Art Carter
CEO, California Regional MLS-CRMLS
Brian Donnellan
President & CEO, Bright MLS
Dionna Hall
CEO of Broward, Palm Beaches and St. Lucie REALTORS® and BeachesMLS
Merri Jo Cowen
CEO, Stellar MLS
Michael Wurzer
President and CEO, FBS
Richard Haggerty
CEO, OneKey® MLS
Now more than ever, RISMedia’s 36th Annual CEO & Leadership Exchange is a can’t-miss gathering of more than 400 of the industry’s most powerful residential real estate decision-makers. More than 100 of the industry’s top minds will take the stage to candidly discuss the most critical trends and issues currently affecting real estate professionals and reshaping the future of this business. The CEO & Leadership Exchange will provide invaluable insights and opportunities that are pivotal to your organization’s growth and innovation in this rapidly evolving industry.
Don’t miss this opportunity to be a part of this important think tank where leaders will address the most pressing issues in our industry and prepare you for the changes to come in the year ahead.
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