CRMLS Broker Report: December 2020

2020BrokerReport_Banner

December 2020 CEO Update

Thank you for viewing our December 2020 Broker Report. This information is available for you to share with your agents and office staff. Resources for you and your agents on any modifications to how you do business are available on our webpage: CRMLS COVID-19 Resources. Please make sure to look out for emails from CRMLS and your local association as they become available.

New consumer protection rules will soon affect real estate

On November 19, 2020, the National Association of REALTORS® (NAR) and the U.S. Department of Justice (DOJ) announced that they are in the process of coming to an agreement that will affect how you use CRMLS products and services.

Please note that this agreement is not yet final. As of this writing, they are in the middle of a 45-day communication period that will determine the exact rule changes. We will share the information we have so far, but some specifics may change.

Visit CRMLS.org/NewRules to keep up to date on how CRMLS will implement these rules.

What This Means

Please visit NAR’s official FAQ to learn more and watch a video explaining the agreement. Below is a condensed summary of proposed changes.

  1. Public display of buyer broker compensation
    “…[The] amount of compensation offered to buyers’ agents for each MLS listing will be made publicly available. Publicly accessible MLS data feeds will include offers of compensation, and buyers’ agents will have an affirmative obligation to provide such information to their clients for homes of interest.”
  2. Consumer access to all properties that fit their criteria
    “…MLSs and brokerages, as always, must provide consumers all properties that fit their criteria regardless of compensation offered or the name of the listing brokerage.”
  3. Forbidding buyers’ agents from representing services as “free”
    “While NAR has long encouraged buyers’ agents to explain how they expect to be paid, typically through offers of cooperative compensation from sellers’ agents, there will be a rule that more definitively states that buyers’ agents cannot represent that their services are free to clients.”
  4. Lockboxes and licensed agents
    “[With] the seller’s prior approval, a licensed real estate agent will have access to the lockboxes of properties listed on an MLS even if the agent does not subscribe to the MLS.”

What Happens Next

From 11/19/2020, NAR and the DOJ will have 45 days to agree on exact rule changes. The NAR Board of Directors and DOJ will both have to approve the new rules. Per NAR, the “Court overseeing the settlement must formally approve the agreement, at which point [NAR anticipates] that the new rules will take effect.”

CRMLS plans to fully comply with the terms of this government-mandated agreement, once finalized.

Please continue to read communications from CRMLS, NAR, and your local Association or Board on these changes, and let us know if you have any feedback or questions.


Zillow’s 2021 transition to IDX


Compliance Corner 

Trending Topics for Compliance: December 2020


Education Corner


Enhancement & Product Corner

General


Flex


Matrix

Matrix X is now live

New improvements include modern color palettes, iconography, navigation, and state-of-the-art design. Some aspects of the new interface are visible on every page, while more comprehensive changes are isolated to specific modules.

Click here for a full list of updates.

Rest assured, this is a redesign, not an update to how the system works – all your listings, contacts, and searches are still in place. 

Here’s a short video to introduce you to the new design:

Want to learn more? Sign up for a no-cost webinar on the new Matrix today. We hope you enjoy the new CRMLS Matrix!


Paragon

  • Paragon Enhancements are live as of 12/16
  • Zillow will no longer show under your Listing Distribution on January 12.
  • Here is a guide to issues that have been recently resolved and are currently in progress:
    • RESOLVED – Unit information now showing for inbound data  
    • RESOLVED – Supplements are now flowing between MLSs
    • RESOLVED – Sharing of Coming Soon Listings via Collab Center link
    • IN PROGRESS – Limiting Public Remarks, Private Remarks, and Syndication Remarks to 1500
    • IN PROGRESS – Cleanup of City List
    • IN PROGRESS – Resolving issue with Homesnap showing multiple agent accounts
    • IN PROGRESS – Correction of “CRMLS Fill Agent” appearing on the List Agent ID or Buyer Agent ID on listings reports/displays.

Your dedicated Paragon Upgrade Resources Center will provide you with information you need.

Leave a Reply

Your email address will not be published. Required fields are marked *

+ 48 = 56

This site uses Akismet to reduce spam. Learn how your comment data is processed.