Dear WVMLS Members,
You’ve probably heard TONS about the “NAR settlement,” but what is YOUR MLS, the WVMLS, doing about it as an independent, Member-Owned MLS?
WVMLS did not officially “join” the settlement since we’d already made significant changes to our system at the end of 2023 to provide Buyers and Sellers with more agency and transparency – including giving them direct control of their broker commission agreements. (AKA Listing Brokerages no longer “split” a total commission amount with Buyers Brokerages, and Buyers pay their own Brokers through a written agreement.)
While we made Buyer Representation Agreements “necessary” with that change, Buyers Representation Agreements are mandated by Oregon law beginning January 1st of 2025.
The main thing the NAR settlement did was shift the industry standard toward MLS’s NOT publishing the offer of Buyer Brokerage Fee (if any) in a listing. As of August 16, 2024, the Buyer Brokerage Fee will no longer be collected or published in WVMLS systems.
Here are some important things to know:
Listing Brokers
Educate your Sellers on commission options, and that they may receive offers that request something toward Buyer Brokerage Fees. The Seller has the option to accept, counter or reject. We’ve left language in the Listing Forms helping to explain this.
Buyers Brokers
Use a Buyer Rep Agreements to ensure you get paid for your work! (And to comply with Oregon Law after 1/1/25.)
Educate your Buyers on how Brokers get paid, and that Buyer Brokerage Fees may be requested from Sellers in an offer to purchase, just like other concessions. Get their instructions, especially those related to negotiating with Sellers for the fees they will owe at closing, in writing.
ALL Brokers
As with other concessions – If it’s not in the Sales Agreement, it doesn’t convey. Contact your Designated or Managing Broker or legal counsel if you need advice on how to negotiate commissions on behalf of your client.
We Know You Probably Have Other Questions, Like:
CAN WE JUST ADD THE COMPENSATION OFFER IN THE REMARKS? (No)
WILL THERE BE ANY FORMS OR RULE CHANGES ON OR NEAR AUGUST 16? (Yes)
DOES THIS AFFECT ALL PROPERTY TYPES INCLUDING COMMERCIAL AND LEASE? (Yes)
WHAT ABOUT EXISTING LISTINGS FROM BEFORE AUGUST 16? ... WILL WE NEED A NEW LISTING OR ADDENDUM? ... WILL THERE BE ANY NEW FIELDS ADDED FOR SELLER CONCESSIONS? ... ETC...
A Frequently Asked Questions (FAQ) page has been developed to answer these and many other questions: https://www.wvmls.com/wvmls-changes-faq
If you don’t find your answer, call us, we’re here to help!
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