The time to comply with the protocols established by the NAR anti-trust settlement is nearing. Realtracs is committed to ensuring our subscribers are prepared to navigate impending practice changes.
Compensation is not allowed in the MLS. The Buyer Broker Compensation Field will be removed from the Realtracs MLS on August 17. Documents that discuss compensation must be removed from Realtracs. Mentions of compensation in Private Remarks, must also be removed. Realtracs will handle anything else regarding the removal of compensation from the system.
Use of Buyer Agreements are required. Per the NAR settlement, when working with a buyer, agents must enter into a written agreement with the buyer prior to touring a home. The Realtracs Showing Modal has been updated to reflect this requirement and will ask subscribers to confirm their understanding of using buyer agreements. Learn more HERE.
Agree to new Participant and User Agreements. On August 19, users will be prompted to agree to the new Participant and User Agreements before gaining system access. Changes being agreed to include the new Realtracs Rules, Infraction and Fines Schedule and Terms of Use. Subscribers can view and read the updates HERE.
Additional Resources –
Understanding Realtracs Seller Concession Fields
Proposed NAR Settlement Resources
