NAR settlement 8/17/2024

[Fernando]

It's confusing. NAR settlement regarding agents' compensation will start 8/17/2024 but San Francisco MLS won't disclose the commission starting 9/16/2024. That means MLS won't give out commission information and appraisers will have to figure it out themselves. To be thorough, I would have to call each comps and see how if different commissions affect the price. Ugh.
Or if my peers don't care, I'll do the same.

For agents, the forms have been changed and it's a headache for me to learn (appraisers may have to read these forms too for thoroughness).
The listing agreement for CA is 7 pages long. WTF.
It was so much easier being a real estate agent in the past .... and additional work and analysis for appraisers to come.

 

[David S]

It's confusing. NAR settlement regarding agents' compensation will start 8/17/2024 but San Francisco MLS won't disclose the commission starting 9/16/2024. That means MLS won't give out commission information and appraisers will have to figure it out themselves. To be thorough, I would have to call each comps and see how if different commissions affect the price. Ugh.
Or if my peers don't care, I'll do the same.

For agents, the forms have been changed and it's a headache for me to learn (appraisers may have to read these forms too for thoroughness).
The listing agreement for CA is 7 pages long. WTF.
It was so much easier being a real estate agent in the past .... and additional work and analysis for appraisers to come.

Do you have the link?

This one said 08/13/2024.

NAR Settlement FAQs - California Regional Multiple Listing Service

 

[Terrel L. Shields]

And if the agents refuse to divulge the terms of the commission as "confidential" what are you going to do? Guess?

 

[Fernando]

Do you have the link?

This one said 08/13/2024.

NAR Settlement FAQs - California Regional Multiple Listing Service

NAR Settlement FAQs

Get answers about NAR’s settlement, including key terms, who is covered, practice changes, and NAR operations.

www.nar.realtor

• Compensation offers moved off MLS: NAR has agreed to put in place a new rule prohibiting offers of compensation on an MLS. Offers of compensation could continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. And sellers can offer buyer concessions on an MLS (for example—concessions for buyer closing costs). This change will go into effect August 17, 2024.
• Written agreements for MLS Participants acting for buyers: While NAR has been advocating for the use of written agreements for years, in this settlement we have agreed to require MLS Participants working with buyers to enter into written agreements with their buyers before touring a home. This change will go into effect August 17, 2024.

 

[Fernando]

Then you're not a good appraiser in getting the commission info.
Fernando can sweet talk them in divulging the privy info.

 

[Mike Ault]

Then you're not a good appraiser in getting the commission info.
Fernando can sweet talk them in divulging the privy info.

Can you verify them?

 

[Fernando]

Can you verify them?

Have to take them by their word on the phone. Why would they lay to Fernando?

 

[Mike Ault]

Have to take them by their word on the phone. Why would they lay to Fernando?

Because they have done so before and gotten away with it?

 

[Fernando]

Because they have done so before and gotten away with it?

It takes additional effort and work and I get sense if they are lying to me.
Just like I don't trust some of my relatives. You get that feeling. Just like Appraisers appraise with their feelings. Don't you?

 

[Mike Ault]

It takes additional effort and work and I get sense if they are lying to me.
Just like I don't trust some of my relatives. You get that feeling. Just like Appraisers appraise with their feelings. Don't you?

Most realtors who would lie to you about confidential information are pretty good at it. You would never know that you were being manipulated. I don't encourage realtors to violate their professional ethics, and therefore, they don't encourage me to violate mine. That policy has worked out reasonably well for me over the decades.