08/04/2024
Hey San Diego Realtors 👋
Came out today - From San Diego MLS:
We are writing to inform you of important upcoming changes to SDMLS policies, effective August 12th, 2024.
These changes are in response to the proposed NAR Settlement eliminating the Offers of Compensation from the MLS. The changes below will be implemented on all data feeds.
SDMLS will continue to work to ensure compliance and avoid liability.
Key Changes:
1) Compensation to Buyers Broker: All fields related to Compensation to Buyers Broker (CBB) will be removed from the MLS (Paragon and ConnectMLS), including all data feeds. All ConnectMLS fields will be removed by August 5th.
All Other Classes:
CBB% (Comp. to Buyers Broker %)
CBB$ (Comp. to Buyers Broker $)
CVR (Variable Commission)
Rental Class:
CBB% (Comp. to Buyers Broker %)
CBB$ (Comp. to Buyers Broker $)
CVR (Variable Commission)
CBB% Contract Length
CBB Paid
2) Rules & Policy Updates: SDMLS has updated its Rules & Policy to align with the NAR Settlement, including changes related to offering compensation and disclosing listing broker total commission.
3) Violations and Fines: Any attempt to indicate compensation within the MLS, including in private remarks, public remarks, showing instructions, images, or documents, will result in a $1,500 (per offense) fine and immediate removal of the violating content.
(REMINDER - SDAR Just partnered with an AI company to review all parts of MLS listings, including photos - https://www.wavgroup.com/2024/07/22/ahead-of-nar-settlement-changes-san-diego-mls-partners-with-the-mls-on-checkmate-compliance-system/)
4) Warning Messages in Listing Input: To help users of the new rule regarding Offers of Compensation, warning messages will be added to the listing input process to remind agents that compensation information is no longer allowed.
How To Prepare For The Change:
Review the updated SDMLS Rules & Policy change summary: SDMLS Rules & Policy Change Summary.
C.A.R. Resources: Update your buyer-broker agreements and listing agreements to comply with the new rules C.A.R. Resources (Login Required).
View our training and informational materials to learn more about these changes and how they will impact your business.
When in doubt, speak with your Broker.
Review antitrust articles at TheDataAdvocate.com.
We understand that these changes will require adjustments to your business practices, and we are here to support you. Please visit our knowledge base at: NAR Settlement Info or reach out to our Support team with any questions.
Thank you for your cooperation and understanding as we work together to ensure compliance.
Sincerely,
SDMLS Team
Compliance software is serious business for MLSs across the nation. It is the keynote of ensuring data integrity and rules compliance in MLS systems that have far too many listings for manual staff supervision. These systems are complex, allowing the MLS to configure playbooks for different types of...
