June 2024 Broker Report

Adapt to Thrive

Important Rule Changes Effective 8/13
You can review the new rules now before they are enacted on August 13

Following the proposed NAR settlement, it became essential that some of CRMLS’s rules and policies would need to change to comply with the ruling.

After much deliberation by our Board of Directors and CRMLS leadership, we have published new and updated rules which will be effective on August 13.

As of August 13, 2024, we will be enacting new rules regarding offers of compensation in the MLS, new showing requirements, and more.

Click here to read the full set of rules changes.

You may also review the complete CRMLS Rules and Policies here.

Don’t worry, you will have time to adjust. While these rules were published on June 1, they will not go into effect until August 13.

Visit our CRMLS Resources: NAR Proposed Settlement page for more information regarding the case. We are committed to being transparent and delivering timely information on any developments to come.

Resources for NAR Proposed Settlement

In the wake of the settlement, CRMLS has been hard at work understanding the implications, keeping our users up to date, and planning for the future. If you have questions or are looking for the latest developments, please consult our dedicated resource page, which includes videos, Q&As, and other vital sources of information that will be updated as more information develops.

• Art Carter, CRMLS CEO and Ed Zorn, Vice President & General Counsel got together on Friday, May 10, to communicate important updates and dates on the NAR Proposed Settlement.

Concessions in Price (CiP) Fields Launched on May 29

On May 29, optional Concessions in Price (CiP) fields were added to the MLS as an optional part of the listing process, and for users to view on published listings. Please review our infograph below to see how these fields have been used since launch: 

The facts:

• In 2023, nearly 40% of closed residential listings included some form of concessions, including seller paying for escrow and title fees, loan discount points, repair and/or upgrade costs.
• 15% of those closed residential listings in 2023 had some sort of advertisement for Concessions being offered in the Private Remarks section of the listing.

With such a large amount of our userbase actively offering concessions, we saw an opportunity to create a specific set of dedicated fields for the benefit of our users and their clients. These new CiP fields will allow agents to convey their willingness to offer concessions at the listing level, thus allowing for clearer communication and cooperation between agents and brokers. 

The new fields benefit all parties:

• Listing agents and sellers
  Gain a dedicated space to advertise/market their willingness to consider concessions at the listing input level
  
• Buyer’s agents
  Are able to better serve their clients with up-front information on which listings will consider concessions to assist in transaction fees
  
• Homebuyers
  Enhanced transparency on which listings are willing to consider concessions to assist with their financial needs
  

What’s changed?

Previously, concessions were recorded only at the close of a transaction with a mandatory requirement to state the amount of any concession. The new, more descriptive CiP fields are available for input at the listing level.

To be clear, the new CiP fields are optional and only reflect a client’s willingness to consider concessions. Details regarding the concessions that may be offered must be discussed outside of the MLS and after a written agreement is signed.

The new fields are titled:

• Concessions in Price: a text box for numerical input only. This amount should include any and all potential concessions in a single total amount.
• Concessions in Price Type: classify the number above as either $ or %
• Seller Consider Concessions?: either Yes or No. If Yes, then the listing will include the phrase “A Seller may consider a buyer concession if made in an offer.”  

Additional CiP Resources

• Art Carter, CRMLS CEO and Ed Zorn, Vice President & General Counsel discuss the addition of “Concessions in Price” fields to all CRMLS systems in this video
• The Facts About Concessions Infographic
• Concessions in Price Infographic
• Quick Reference Guide
• FAQs

Compliance

Broker Compliance Helpline

You can contact the Broker Compliance Helpline in three simple steps:

1. Make sure your MLS ID is ready (note that only active Brokers, Office Managers, and Personal/Office Assistants connected to a Broker or Office Manager can use the Helpline). To learn if your ID has the correct MLS user class, please email brokers@crmls.org. 
2. Call 909-859-2043.
3. Press 3 to speak directly to a Compliance Analyst for assistance. 

You can reach us Monday – Friday from 8:30 AM – 4:00 PM PT. Please do NOT share this phone number with agents. 

If you have questions regarding your user class or Personal Assistant/Office Assistant accounts, please email us at brokers@crmls.org. 

Question of the Month

Q: “My listing agreement has a listing period of February 1 through November 1. The seller signed the listing agreement on February 5. For purposes of CRMLS Rules, which date is the effective date for the listing agreement?”

1. February 1 because that is the start date of the listing period on the agreement
2. February 5 because the effective date of a listing agreement is either the date of the last required signature, or the beginning date of the listing period as specified in the listing agreement, whichever is later
3. Neither February 1 nor February 5. You would use the date that you entered the listing into the MLS
4. It doesn’t matter, you can use either February 1 or February 5

Answer: B

Per CRMLS Rule 7.8: “The Effective Date of a listing agreement is the later of all necessary signatures of the seller(s) have been obtained, or at the beginning date of the listing as specified in the contract.”

Additional resources are available here: 

• Compliance Rules and Policies
• CRMLS Compliance FAQs

Register for our Top Violations Overview Webinars

The Compliance Quarterly General Sessions featuring the Top Violations Overview will be held July 23 & 24, 2024! This is an excellent resource for all agents and brokers, new and seasoned alike. Join us as we discuss the most common violations and provide tips on avoiding them and the associated fines.   

Other topics will include CRMLS Rules & Policies, the CRMLS Citation Policy, Registered Process, Clear Cooperation, Coming Soon Status, and CRMLS Member Resources. Please spread the word and share the registration links below!

Matrix
Tuesday, July 23 at 10AM PT

Flex & Paragon
Wednesday, July 24 at 2PM PT
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Enhancements & Products

Matrix

Users from both MLSs now enjoy reciprocal listing data
CRMLS Matrix users can view listings from BeachesMLS as of June 14

CRMLS is proud to announce that reciprocal access to southern Florida’s BeachesMLS is now available in the CRMLS Matrix system. This will provide all our Matrix users with access to BeachesMLS’s data while giving BeachesMLS users access to CRMLS’s data.

BeachesMLS is comprised of Broward, Palm Beach, and St. Lucie County Realtors® and is the third largest Local Realtor® Association in the nation. BeachesMLS currently has more than 43,000 users, boasts 46,000 listings, and represents areas covering over 100 miles of Florida coastline.

CRMLS is committed to making as much data available to our users as possible, whether in California or out. The reciprocated database will improve the accuracy and reliability of sales comparables, offer real estate professionals more of the listing data they need, and simplify transactions between California and Florida counterparts, opening up further possibilities of cross-country deals. 

To view BeachesMLS data and listings from their own CRMLS Matrix system, users should navigate to the “LINKS” tab in the top menu, then scroll down to find the “Reciprocal Access” section.

Paragon

• The latest CRMLS Paragon Connect update includes a new EasyCMA view, the option to assign a Contact within the Published Listing form, and additional improvements
• CRMLS Paragon Updates arrive one July 3