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What’s new at WVMLS in 2024?

  • In late 2023/early 2024, we updated our rules and forms to provide Buyers and Sellers with more agency and transparency around compensation – including giving them direct control of their brokerage commission. This means Listing Brokerages no longer “split” a total commission amount with Buyer Brokerages, and Buyers pay their own Brokers through written agreements.

  • Another big change is the removal of the Buyer Brokerage Fee field from the WVMLS system as of August 16, 2024.

 

What about the NAR Settlement?

  • As an independent, member-owned MLS, WVMLS had no part in the NAR Settlement, which was a result of antitrust lawsuits against NAR and some major real estate brokerages.  However, the resulting shift in industry standards toward MLS’s NOT publishing the offer of Buyer Brokerage Fee (if any) inside the MLS has caused us to remove the field from our systems as of August 16, 2024.

 

Did WVMLS join the NAR Settlement?

  • No, WVMLS did not enter into the settlement agreement, but our rules and processes are changing in alignment with changing industry “best practices.”

 

How will these changes impact the overall transaction process?

  • The changes WVMLS made in late 2023/early 2024 to give Buyers and Sellers more agency and transparency around compensation – including giving them direct control of their broker commission – meant that Buyer Representation Agreements became necessary.

  • The changes made in the industry by which Buyer Brokerage Fees are not displayed in MLS mean that you may be negotiating on behalf of your Buyer for compensation more often than before when you could see the amount offered in MLS.

 

Does this affect all property types including commercial and lease?

  • Yes, all property types are included in the removal of Buyer Brokerage Fees from WVMLS Systems.

 

Why is WVMLS no longer publishing the offer of Buyer Brokerage Fees on listings?

  • The industry standard for how MLS’s deal with Buyer Brokerage Fees has changed and WVMLS strives to stay current with industry “best practices.”

  • Following advice from our legal counsel, membership, and leadership team, and in alignment with industry trends, we decided to remove Buyer Brokerage Fees from our system as of August 16, 2024.

 

Is the existing commission on listings staying or will the history be taken off?

  • Our goal is to retain historical information. We are still working out technical challenges related to this, but the plan is that data from past listings will continue to be accessible to members.

 

Isn’t it against the law or the Code of Ethics or something to negotiate commissions in the Sale Agreement?

  • No. While there is a specific section of the REALTOR® Code of Ethics that speaks to Brokers not holding a deal hostage over commissions, that article is related to Listing Broker shared commission, not the Seller directed version currently implemented by WVMLS.  Negotiating to include Buyer Brokerage Fees in a transaction is an excellent tool to help cash-strapped Buyers close a deal.

 

Who can I contact if I have more questions or need further clarification?

  • If you have additional questions or need further clarification your Designated or Managing Broker can’t answer, please contact our support team. We are here to assist you!

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