The National Association of Realtors has issued new rules for all realtors nationwide who participate in the Multiple Listing Service (MLS) platform. Under this ruling:

1. Realtors are prohibited from including commission information on an MLS listing.
2. All homebuyers must sign a written agreement with their “buyer agent” prior to being shown a property listed on MLS. The rule also applies to “virtual showings.”
3. The agreement must have specific dollar amounts (flat fee), or can be an hourly rate or a percentage of the sales price (typically 2% to 3%).  Terms cannot be open-ended (such as “subject to negotiation at time of offer.”)
4. The agreement can be for just one day, or any specific period of time.
5. Under the new rule, the seller can still pay for the buyer’s agent fee. They must sign a written agreement stating they will pay the fee.
6. Realtors can advertise privately on social media, flyers, or on their private websites.

Anna provides some practical tips on NTD News about the new real estate commission rules.

New real estate commission rules NTD Good Morning, 8/16/24