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.
Compensation and Concsessions Q&A
Compensation Q&A
Q: When will the Compensation fields be removed from the MLS?
A: The fields will be removed beginning August 12, 2024.
Q: Will the compensation information for Active and Pending Status be removed?
A: Yes.
Q: Can I publish the compensation in public or confidential remarks?
A: No, you cannot add compensation information anywhere within the MLS.
Q: Can I include compensation information within the disclosure documents within the MLS?
A: No, you cannot add compensation information anywhere within the MLS including within disclosures linked in the MLS..
Q: Will I see historical Compensation data?
A: No, all compensation data will be hidden from view.
Q: What will happen if I add compensation information in the MLS?
A: Bay East staff will remove the information and a fine will be sent to the listing agent.
Q: Can the MLS have a Yes/No Compensation field?
A: No. The new MLS policies prohibit presenting any information about compensation on an MLS
Q: Can a listing broker communicate offers of compensation on a broker website which has an IDX or VOW feed?
A: Yes, MLS Participants may augment MLS data or data feeds with offers of compensation to buyer brokers or other buyer representatives only for listings from their own brokerage.
Q: Can you provide the MLS Rule section numbers prohibiting compensation information within the MLS?
A: MLS Rule Section 7.12, 12.5.1 and 12.5.2.
Q: What is the fine amount for adding compensation information in the MLS?
A: 1st offense $500
2nd offense $1,000 + $200 admin fee + MLS Class
3rd offense Violation Forwarded to Professional Standards
Concession Q&A
Q: Will we have a Post Sale Concession field?
A. Yes. It will be named “Concessions at COE”. (COE stands for Close of Escrow) and it will replace the current “Concessions” field in the MLS. You will only have a Yes/No option.
Q: When do I complete the Concessions at COE field?
A: This field is completed when marking a listing sold
Q: Will the Concessions at COE field be required?
A: Yes.
Q: Will the Concessions at COE field be searchable?
A: No, the field will not be searchable.
Q: Will I see historical Concession data?
A: Yes, historical concession data will be viewable on the listing reports
Q: When will these changes take effect?
A: You will see these new fields in the MLS system beginning August 12, 2024.
Q: Can I add concession or credit comments in the Public or Confidential remarks?
A: No, MLS Rule sections 12.5.1g and 12.5.2f indicate “Seller concessions or credit information and comments are prohibited”
Q: What is the fine amount for adding concession or credit information in public or confidential remarks?
A: 1st offense $500
2nd offense $1,000 + $200 admin fee + MLS Class
3rd offense Violation Forwarded to Professional Standards