May 2024 Broker Report

CRMLS Launches “Adapt to Thrive” Campaign

CRMLS’s Resource Page on the 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 Launch on May 29

Communicate concessions at the listing level for you and your clients’ benefit. Listing agents have the opportunity to market their clients’ willingness to consider concessions. 

Starting May 29, users will have access to the optional Concessions in Price (CiP) fields when creating a listing.

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.

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
  Will gain a dedicated space to advertise/market their willingness to consider concessions at the listing input level
  
• Buyer’s agents
  Will be 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 changing?

Currently, concessions are 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 will be available for input at the listing level.

To be clear, the new CiP fields will be 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 will be 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

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

Fair Housing Resources

While Fair Housing Month may be over, our dedication to equal housing opportunity is a year-round commitment. CRMLS has collected several resources on our Fair Housing Page that can help you get better acquainted with the laws and policies that protect housing opportunities for all. You’ll find information about national, state, and association-level resources to improve and inform your real estate business.

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: “I received a citation and fine because I didn’t correct a violation after CRMLS sent me a warning to do so. I didn’t see any emails asking me to correct a violation. How can I make sure that CRMLS’s communications are reaching me in the future?”

1. Confirm with your Association that your email address on file is correct
2. Check your spam folders for emails from CRMLS
3. Nothing — don’t worry about any emails that may have been sent to you and you didn’t see
4. Both A and B

Answer: D

Per CRMLS Rule 12.22: “Every MLS Participant/Subscriber shall be required to maintain on file with the AOR/MLS a current, accurate, and active email address at which they may be contacted.” Please also ensure that you have set your spam filters to allow emails from CRMLS.

Additional resources are available here: 

• Compliance Rules and Policies
• CRMLS Compliance FAQs

Media on the MLS

As a reminder, when submitting media to the MLS that was obtained from another party, CRMLS Rule 11.5(b) requires that rights and all necessary licenses to reproduce or display the media are obtained by the Participant/Subscriber prior to the submission of the subject Media to the MLS.  

“Media” is defined as any depiction or expression of works including, but not limited to, photographs, images, drawings, renderings, audio, video, and virtual tours. Submitted Media is any content placed in a listing, or content that is accessible by external links placed in a listing. 

For more information on submitting media to the MLS, you can visit our Rules and Policies.

REMINDER: CRMLS Offers Webinars Fulfilling the Professional Standards Committee’s Disciplinary Requirements

The CRMLS Compliance Department is pleased to announce that since February 2024, we offer a monthly Top Violations Overview webinar for agents or brokers who fulfill disciplinary requirements assigned by their Professional Standards Committee.

Now, instead of waiting for the next quarter’s Top Violations Overview Quarterly General Session, your agents can access the Top Violations Overview webinar as frequently as once a month. 

Please note that these sessions are solely for the purpose of fulfilling disciplinary requirements of the Pro Standards Committees. CRMLS cannot offer one-on-one presentations for these purposes.

Contact your local AOR for a list of dates and registration links.

Enhancements & Products

Coming Soon to REcenterhub: New Modules for Your Real Estate Business

The REcenterhub dashboard is poised for a big 2024, with expansions and additions aimed at serving your real estate needs. Read our blog post for an in-depth look at the future of REcenterhub – including new Compliance and Add/Edit Listing modules.

Follow CRMLS on Social Media!

Follow CRMLS on both TikTok (@crmlstv) and Instagram (@crmlsnews) to get real estate updates, trends, clips of recent webinars, executive appearances, and yes, even memes, directly in your feeds.

Matrix

• CRMLS Matrix Updates arrived on May 14

Paragon

• CRMLS Paragon Connect Updates arrived on May 21