Hilton Head, South Carolina-based “borderless” MLS REsides is joining firms like MLS Property Information Network and Northwest MLS by not opting into the National Association of Realtors’ (NAR) nationwide commission lawsuit settlement agreement.
The non-Realtor-owned MLS announced its decision to opt out on Monday. MLSs had until June 18 to opt in to the settlement through a pathway negotiated by NAR as part of its agreement.
In a statements, REsides said it will implement its own changes beginning in late August. The firm noted that this decision is part of its “ongoing commitment to being a strategic partner for Brokers with expanded opportunities and support to manage their business into the future.”
REsides also noted that it has not participated in the cooperative compensation field requirements that are central to the commission lawsuits and NAR’s settlement.
Despite not opting into the settlement, REsides acknowledges that changes are coming to the industry. It noted that, this week, it launched REsides University, which offers classes and webinars designed to help agents navigate the changes.
Additionally, the MLS noted that in anticipation of the upcoming industry changes that agents on the platform will experience, it has launched several new features. These include new fields where sellers can list potential concessions, allowances, listing media and documentation, as well as new buyer agreements, listing agreements, listing addendums and input forms.
The MLS noted that the listing addendum will be issued in early July, allowing agents to address any issues that may arise with their long-standing clients.
“We are very proactive in our rule making and normally make changes before they become issues in the marketplace. Even so, transformation can sometimes be the best thing,“ Colette Stevenson, the CEO of REsides, said in a statement. “By rolling out additional changes, we are helping our subscribers prepare for advancement by providing more options for them and their clients while providing increased transparency.
“Our goal is to provide subscribers with the information they need to do their jobs effectively, efficiently, and with the least amount of friction. This is an ongoing and fluid process, but we are committed to supporting our subscribers to fulfill their goals. By empowering our Brokers with choice, we enable them to evaluate the options independently to determine what is best for them.”
According to a report from Inman News, 18 of the 40 non-Realtor-owned MLSs have chosen to opt in to NAR’s settlement agreement. These MLSs include Alaska MLS, Central New York Information Service, Central Virginia Regional MLS, MetroList, Real Estate Board of New York RLS, Southeast Georgia MLS and West Penn Multilist.
By opting in to the settlement, the MLSs will be required to pay a combined total of roughly $5.4 million to the settlement fund.
Each of the MLSs that opt in to NAR’s settlement will be required to ban offers of cooperative compensation on the MLS.
