Information about co-op fees and commissions is no longer available in many MLSs, but National Association of Realtors‘(NAR) The National Sellers Commission Litigation Settlement Agreement went into effect on Aug. 17, but some MLSs continue to allow agents to indicate whether sellers are willing to consider concessions.
of Bay East Real Estate AssociationThe San Francisco Bay Area-based MLS is going a step further by removing the “Concessions Considered: Yes/No” field, according to an announcement on Monday. The change went into effect Tuesday. The MLS recently made the field mandatory, but in its announcement said it decided to make the change after receiving feedback from members.
moreover, FacebookThe association said it was removing the field “based on legal advice and as a precautionary measure in light of recent litigation.”
“While our initial adjustment was intended to eliminate potential confusion on listing reports by providing a clear ‘yes’ or ‘no’, we understand making this field mandatory may not be in line with the preferences of all our members,” the statement read. “As an MLS, it is our duty to protect our customers and their data, and we appreciate your patience as we navigate the current challenges for our industry.”
Late July, California Regional MLS (CRMLS) announced it would be removing the seller price concession data field from its platform, which allows real estate agents and brokers to indicate how much the seller is willing to contribute towards the buyer’s transaction costs, including the buyer’s commission.
CRMLS, the nation’s largest MLS, also added a “yes” or “no” field that allows real estate agents to indicate whether or not they would consider making concessions to a seller. As of late July, CRMLS had no plans to remove the field.
