Important Updates for REALTORS®: MLS Changes Implemented

As a member of the Greater Lewisville Association of REALTORS®, it’s essential to stay informed about recent changes that impact our industry and our clients. We are pleased to announce that our MLS has already implemented key practice changes ahead of the August 17 deadline set by the National Association of REALTORS® (NAR). Here’s what you need to know.

Key Changes to MLS Practices

1. Prohibition of Offers of Compensation on MLS
   Offers of compensation are no longer permitted on MLS listings. However, buyers can still negotiate and consult with real estate professionals regarding compensation off-MLS. This adjustment aims to enhance homeownership accessibility, particularly for first-time buyers and historically underserved groups, while also benefiting sellers by broadening the buyer pool. See a Summary of MLS Changes here.

2. Written Buyer Agreements
   Agents working with buyers are now required to establish a written agreement before showing homes. This shift clarifies the relationships and expectations between agents and clients. While NAR policy does not dictate the terms of these buyer agreements—including the type of relationship (agency, non-agency, exclusive, or non-exclusive) or the agreement's duration—it emphasizes the need for clear communication and transparency. Written Buyer Agreements 101 resource available here.

New Texas REALTORS® Contract Forms

To assist with these changes, new Texas REALTORS® contract forms are now available on your ZipForms accounts. We encourage you to log in and familiarize yourself with the updated forms to ensure compliance and enhance your service to clients.

Links to Save

NAR has updated how we host settlement-related content on our website. Facts.realtor is now the sole online home of all NAR settlement related content. Competition.realtor and realestatecommissionfacts.com have both been retired, and its contents have been migrated to facts.realtor. 

Visit the Texas REALTORS texasrealestate.com/lawsuit more information. How to use the forms, videos, and Broker fees flowchart are also available. 

As REALTORS®, our commitment to professionalism and ethical practices is paramount. By adapting to these new policies, we can continue to serve our clients effectively and uphold the standards of our profession. Let’s work together to ensure we’re all equipped with the necessary tools and knowledge to navigate these changes.

If you have any questions or need assistance with understanding these updates, please don’t hesitate to reach out to Greater Lewisville Association of REALTORS® or Texas REALTORS®.