FAQ #2
Are still allowed under the proposed Settlement, they just can NOT be offered through the MLS.
MLS ceases to be an “Offer of Compensation” on August 17, 2024.
MLS By-Laws and Rules are being changed to eliminate the “Offer of Compensation” through the MLS, as required by the proposed Settlement.
Keep in mind that the Department of Justice has not weighed in on the proposed Settlement. And remember, the DOJ is not a party to the proposed Settlement but it wasn’t a party to the MLS PIN/Nosalek case either and that did not stop it from filing a Statement of Interest in that case, causing delays.
Some brokers see the “writing on the wall” and are not going to make or accept offers of compensation off MLS.
We once referred to this commission sharing as a broker “Co-op fee.” Competitors sharing is always a ripe target for the DOJ and its antitrust efforts.
2 Responses
Saul, I think we’re all asking the same question right now: why are we paying these hefty fees to call ourselves Realtors and even more to the MLSs when a big part of that value—clear cooperation with other agents and brokers—has just been upended? It’s frustrating, especially when it feels like companies like Zillow are rewriting the rules for their own gain while the rest of us seem to be left in the dust. Isn’t this just another example of unfair competition?
The landscape is changing rapidly, and while the MLS still offers valuable tools and visibility, it’s hard not to feel like the goalposts are being moved without our input. The removal of ‘Offers of Compensation’ from the MLS is a significant shift, and it raises serious questions about what we’re really getting for those fees now. It’s time for a serious conversation about what we want and need from our professional associations and how we can adapt to these new challenges while ensuring a level playing field for everyone.
Hi Vanessa,
I think one of the reasons is to be covered by the Settlement. I saw this just today:
“Ahead of the approaching Aug. 17 deadline for Realtors and MLSs to implement policy changes following NAR’s settlement of antitrust lawsuits, more agents are joining the National Association of Realtors (NAR).
The latest NAR-affiliated state association data shows that NAR membership has rebounded from a slowdown, with over 29,000 agents seeking membership from April to August, bringing the membership total to approximately 1.53 million, Real Estate News reported on Monday.”
In California, one need not be a REALTOR to join the MLS as a Subscriber or Participant, just licensed by the state.
Hope to see you in Milan!