COMPENSATION RULE CHANGE
Effective October 11, 2023, LAR has updated its MLS listing entry system to allow users to enter any amount in a listing’s cooperative compensation fields, including zero. Before this update, the cooperative compensation fields required entry of some amount of compensation. We are making this small change to underscore the complete flexibility of LAR MLS users to engage in transparent negotiations with their clients. This is consistent with recent NAR Policy statements.
What are the changes?
- In the MLS, the compensation field will allow any amount from zero and up.
- LAR Rules have been revised to reflect this change. A redline copy of the updated rules can be found below.
Revised MLS Rules and Regulations (Section 5)
Resources:
We encourage you to access our LAR Compensation Toolkit to answer any questions you may have, which includes the following:
- An explanation of the negotiability of agent compensation
- The REALTOR® Code of Ethics and how it addresses agent compensation
- Frequently Asked Questions about the rule change and buyer agent compensation
- Tips for discussing buyer agent compensation with your buyer
- A standard clause for the LAR Purchase Agreement, for if a buyer seeks buyer agent compensation from the Seller
- A live workshop with LAR legal counsel, Michael Lafayette, on October 18 at 10:00 a.m.