Month: August 2024

MLS Rules:

  1. No Compensation in MLS:  Compensation Information must not be specified anywhere in the MLS, including public or confidential remarks, disclosures, or any other place within the MLS.
  2. Buyer Broker Agreement:  When working with a buyer, you must enter into a written agreement with the buyer before touring a home.
  3. Buyer Broker Agreement Documentation:  If the MLS requests the Buyer Broker agreement, you must provide it within 1 day.
  4. Required Consumer Disclosures Regarding Compensation: Participants and subscribers must disclose to prospective sellers and buyers that broker compensation is not set by law and is fully negotiable.

MLS System Changes:

New Field: Concessions Considered (Sellers are considering giving concessions to the buyers)

  • Description: A new field named “Concessions Considered” will be added to the listing entry.
  • Options: Yes/No
  • Requirement: This field is optional.
  • Searchability: This field cannot be used to search the MLS system, but the information will be visible on the listing report.

Modified Field: Concessions at COE (Did the sellers pay concession to the buyers)

  • Previous Name: Concession
  • New Name: Concessions at COE
  • Options: Yes/No
  • Requirement: This field remains mandatory.
  • Searchability: This field cannot be used to search the MLS system, but the information will be visible on the listing report.

If you have any questions, please email us at mlsservices@bayeast.org.

As a result of the NAR Settlement, Bay East will implement the following changes to our Paragon MLS Platform beginning Monday, August 12:

  • All compensation, across all property types and statuses, including historical data, will be removed.
  • Upon listing entry, a new field called “Concessions Considered” will be added, with a Yes/No option.
  • The current post-sale concessions field will change to a Yes/No option.
  • The Post-Sale Concessions field name will change from “Concessions” to “Concessions at COE” (CEO stands for Close of Escrow)

Note: Historical concessions data for off-market listings will still be visible.

REALTOR® advocates are using the Congressional break during August to personally deliver this message: update tax laws, increase access to homeownership, expand the housing supply and help ensure buyers have professional representation. 

This month, REALTORS® across the country and here in the Bay Area, are meeting with their Congress members, urging them to support current legislation that helps home ownership including:

  • More Homes on the Market Act (H.R. 1321), which will increase the capital gains exclusion to make it possible for long-term homeowners to sell their homes without facing a massive tax bill. 
  • Neighborhood Homes Investment Act (S.657/H.R. 3940), which will attract private investment to build and rehabilitate owner-occupied homes.
  • Revitalizing Downtowns and Main Streets Act (H.R. 9002), which will incentivize converting  commercial buildings into residential and mixed use properties.
  • VA Housing Loan Forever Act (H.R. 8607), which will allow certain descendants of veterans to use the VA home loan benefit.
  • Yes in My Backyard (YIMBY) Act (S.1688/H.R.3507), which will help remove barriers to housing development.
  • Direct Seller and Real Estate Agent Harmonization Act (H.R. 5419), which will ensure real estate agents maintain their independent contractor status.