Although cooperative compensation or commission information is no longer available on many MLSs after the National Association of Realtors‘ (NAR) nationwide commission lawsuit settlement agreement went into effect Aug. 17, some MLSs have allowed agents to continue indicating whether their seller is willing to consider concessions.
The Bay East Association of Realtors, located in the San Francisco Bay Area, is taking things a step further by removing its “Concessions Considered: Yes/No” field, according to an announcement on Monday. The changes went into effect Tuesday. The MLS recently made this field mandatory, but in its announcement, it said it decided to make the change following feedback from its members.
Additionally, in a statement on Facebook, the association wrote that “upon legal advice and as a precautionary measure, in light of recent litigations,” it would be removing the field.
“While the initial adjustment aimed to eliminate potential confusion in listing reports by ensuring a clear ‘YES’ or ‘NO’ was displayed, we understand that making this field required may not align with the preferences of all our members,” the statement read. “As an MLS, it is our duty to protect you and your data. We appreciate your understanding as we navigate the current challenges in our industry.”
In late July, the California Regional MLS (CRMLS) announced that it would be removing the seller concessions-in-price data field from its platform. The field allowed listing agents and brokers to note how much a seller was willing to contribute toward the buyer’s transaction costs, including the buyer broker fee.
CRMLS, the nation’s largest MLS, also added a “Yes” or “No” field, which allows listing agents to indicate whether their seller will consider concessions. As of late July, CRMLS was not planning to remove this field.
