Effective immediately, references to compensation, commissions or co-brokerage are prohibited in the MLS and its platforms due to mandated changes by the National Association of Realtors. Additionally, you are required to have a written agreement with buyers before touring a home and must use the new required WB forms reflecting the NAR changes.
Metro MLS has updated its rules and procedures to comply with these NAR mandates. Any violations will result in sanctions.
Three Concession Fields Added in Flexmls
There are now three new unrequired concession fields in Flexmls. You may indicate concession information but cannot condition it on payment to a buyer’s firm. You cannot put a dollar figure for concessions in the public or private remarks.
- Listing Input: Seller Offers Concession (Y/N)
- Change Sold Status: Sellers Final Concession Type: (% or $)
- Change Sold Status: Sellers Final Concession Amt
Today, Metro MLS removed these six fields in Flexmls due to the mandated changes:
- Sub-agent commission
- Sub-agent commission type
- Buyer agent commission
- Buyer agent commission type
- Variable commission
- Concession remarks
Visit MetroMLS.com/Settlement for full practice changes. We’re here to help! Contact us at Admin@MetroMLS.com for assistance.