NEW REW BUYER-COMMISSION WEBSITE FEATURE LIKELY A GAME CHANGER
“We already have a feature that allows them to enhance their listings, add other photos, and do other stuff. So really, I thought to make an extension of that would be pretty easy and add another field that allows them for their own listings only to display the compensation.”
Morgan Carey in an interview with Michael Catarevas of RISMedia
Is this kosher under the new settlement rules? From my understanding if you are receiving a feed from the MLS you can’t have compensation information, even on your own listings. Although, I think this would be hard to enforce.
I believe if you manually entered a listing and added your own compensation that would be cool. But the fact you are receiving a feed from the MLS limits you. Maybe a VOW/BBO feed would be okay? Love to hear from anyone who has a good take on this.
The proposed settlement agreement states: (in Section H “Practice Changes” Paragraph 58 – v.)
NAR will “agree not to create, facilitate, or support any non-MLS mechanism (including by providing listing information to an internet aggregators’ website for such purpose) for listing brokers or sellers to make offers of compensation to buyer brokers or other buyer representatives.
BUT, later in the paragraph it says:
“however, this provision is **not** violated by…
(b) a REALTOR® or REALTOR® MLS Participant displaying both (1) data or data feeds from a REALTOR® MLS and (2) offers of compensation to buyer brokers or other buyer representatives but only on listings from their own brokerage”
My take on that is as long as the brokerage is showing compensation only on their own listings, it is fine.
At some point I saw agreement with my take included in an NAR FAQ (or maybe it was a presentation). I can’t find that now, but it’s probably somewhere in one of the many docs and statements NAR has issued.