Updated: November 13, 2024
Latest Updates | Background | Policy & Practice Changes | Key Dates | Mandatory Training | Violations & Fine Structure | Resources - Member toolkit
Offers of Compensation have been removed from the MLS soon - now what?
Bookmark this page and check back often, as we will update it as new resources and information become available.
WATCH: HiCentral MLS President Cathy Matthews summarizes the upcoming changes to our MLS policies and practices and shares your Board of Directors thoughtful reasons for how HiCentral MLS will implement our path forward.
From utilization of Matrix fields, new/updated required forms, mandatory training class, and a new fine structure for new violation categories, there is a lot of new information coming your way!
BACKGROUND
Through thoughtful and lengthy discussions spanning over 10 hours of meetings, HiCentral MLS gathered input from Participants and Subscribers on the MLS Policy Changes needed as a result of the NAR Settlement.
Participants represented a broad cross-section of the membership including Brokers, Listing Agents, Buyer’s Agents, small to large firms, sole proprietors, franchise and non-franchise firms, members of our Professional Standards, Grievance, Ethics Citation, and Mediation Committees, instructors who teach ethics, contracts, agency and buyer representation, HAR Standard Forms members, HBR and HiCentral MLS past presidents, Directors from both HiCentral MLS and HBR, General Counsel, and Executive staff.
On June 10th, your HiCentral MLS Board of Directors unanimously voted to opt in, and the required Opt-in Agreement was signed and submitted, thereby including HiCentral MLS as a Released Party, joining all local and state REALTOR® associations, including the Honolulu Board of REALTORS®, as well as all individual NAR members. View the email we sent to MLS Participants and Subscribers.
Individual NAR members are already included in the Settlement Agreement and do not need to take any action.
HANDOUT: Click image to download handout
POLICY & PRACTICE CHANGES
Mandatory requirements: Effective Aug. 12, 2024
- Remove offer of compensation field from the MLS (including on historical listings)
- Prohibit offer of compensation from listing broker or seller anywhere on the MLS
- Written Buyer Agreement required when working with buyer before touring a home in person or virtually (e.g., visiting an open house together or a live virtual tour)
- No filtering of listings based on compensation
- No advertising of services as “free”
Board of Directors unanimously approved:
- NO new seller concessions field on Active Listings
- Mandatory MLS training for brokers & agents on NAR settlement provisions & MLS policy changes must be completed by Dec. 31, 2024. Otherwise, MLS suspension until training completed. View class schedule
- Violations result in fines and mandatory classes: if compensation included on MLS or no signed Buyer's Agreement when working with buyer before touring a home in person or virtually (e.g., visiting an open house together or a live virtual tour)
Reasons for Board of Directors' decisions:
- Simplest, most prudent option that follows the intent of the NAR settlement.
- Encourages open negotiations between seller and buyer for broker compensation off the MLS, via e.g., the buyer's offer.
- Allows brokers to continue to use Agent Remarks to provide concessions, but may not include specific information related to compensation.
- Education and training ensures brokers and agents know what to do vs. what not to do.
- Enforcement and training leads to compliance.
KEY DATES TO REMEMBER
- 8/12/2024: Offer to Compensation field removed from the MLS. Written Buyer Agreement required when working with buyer before touring a home in person or virtually (e.g., visiting an open house together or a live virtual tour).
- 12/31/2024: Deadline to complete mandatory MLS training for brokers, agents, and MLS assistants. Otherwise, MLS suspension until training completed.
- 1/01/2025: New compliance fines take effect for Offer of Compensation or Buyer's Written Agreement violations.
MANDATORY TRAINING - All HiCentral MLS Participants, Subscribers, and Assistants must complete by Dec. 31, 2024
- Offered as 90-minute live webinars with Q&A time at the end.
- If not completed by the 12/31/2024 deadline, MLS access will be suspended until training is completed.
- Registration and Zoom attendance required to receive credit for the mandatory training. Our staff will be tracking who logs into the Zoom sessions.
- TIP: Once registered for a mandatory class, you will receive two reminder emails from [email protected] containing the Zoom link on the day before and the morning of your class. If you do not see these emails in your inbox, do a search for that email address in case it gets filtered to your junk/spam/promotions.
- If for any reason you are unable to attend the Zoom class that you registered for, you must register for another class date.
- NOTE: Attendance of the "HAR Updated Standard Forms Educational Webinar" does NOT fulfill the requirement for this MLS mandatory training. Also, do not confuse this "MLS Mandatory NAR Settlement Training" with the "MLS Rules and Regulations Fundamentals" class or the mandatory NAR Code of Ethics training class -- neither fulfills this MLS requirement.
- Presentation slides for the mandatory training are available for download for your use and reference.
- Verify Mandatory Training Completion» - confirm your training requirement has been fulfilled.
Click a date in the grid below to register online. Note: MLS Assistants must call us at 808.732.3000 to register.
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| 12/20: 10AM |
VIOLATIONS & FINE STRUCTURE
RESOURCES: MEMBER TOOLKIT
Materials designed to support your conversations with consumers:
- FAQs about the NAR Settlement and its impact
- NAR: facts.realtor - regularly updated for members and consumers with new resources, FAQs, videos, and the latest information
- NAR Facts Sheets: Consumer Guide series
- What the NAR Settlement Means for Homebuyers (7/02)
- What the NAR Settlement Means for Home Sellers (7/02)
- Consumer Guide: Why am I Being Asked to Sign a Written Buyer Agreement (8/24)
- Consumer Guide: Open Houses and Written Agreements (8/29)
- Consumer Guide: What Veterans Need to Know About Buying a Home (9/04)
- Consumer Guide: Offers of Compensation (9/11)
- Consumer Guide: Negotiating Written Buyer Agreements (9/17)
- Consumer Guide: Seller Concessions (9/24)
- Consumer Guide: Multiple Listing Services (MLSs) (10/01)
- Consumer Guide: Fair Housing (10/08)
- Consumer Guide: Listing Agreements (10/15)
- Consumer Guide: 10 Questions to Ask a Buyer's Agent (10/22)
- Consumer Guide: 10 Questions to Ask a Seller's Agent (10/29)
- Consumer Guide: Buying Your First Home (11/05) NEW
- Consumer Guide: Mortgages and Financing (11/13) NEW
Member-focused resources:
- Dos and Don’ts When Working with Buyers (10/29)
- Dos and Don’ts When Working with Sellers (10/29)
- Overview of HiCentral MLS Policy & Practice Changes
- Clarification on Member FAQs - updated 8.21.2024
- Talking points: Messages for Member Conversation with Consumers
- New/Updated Standard Forms: Hawaii REALTORS® Standard Forms Committee finalized the new forms | Training: HAR Updated Standard Forms Educational Webinar - watch recording
- NAR: facts.realtor - regularly updated for members and consumers with new resources, FAQs, videos, and the latest information