New rules changing how real estate agents are paid to help people buy and sell their homes will go into effect Aug. 17. The 2024 president of the SC Realtors Association said one of the agreements reached with the National Association of Realtors is to remove compensation offers from the MLS. “Very simply, we will not be using the Multiple Listing Service to advertise and make compensation offers for cooperative brokers in our marketplace. So those compensation offers are now leaving the MLS and are being incorporated into individual comprehensive marketing plans for each firm,” she explained. The second part of that means buyers who work with a buyer’s agent to help them view homes will have to use a written agreement. “The important thing is that going forward, if you are working with a real estate agent in a transaction to view a home, you will have to have a written agreement before you view the home, in person or virtually via FaceTime or Zoom or whatever your virtual provider is.” This will also require a written agreement,” she said. Smith said the South Carolina Realtors Association has held more than 90 outreach events via Zoom and in-person meetings, as well as one-on-one meetings with brokers and local board associations to prepare agents and enable them to comply with the settlement guidelines. For more information, click here.
New rules changing how real estate agents are paid to help people buy and sell their homes will come into effect on August 17.
The SC Realtors Association president for 2024 said one of the agreements reached with the National Association of Realtors is to remove MLS compensation offers.
“Simply put, we will no longer be using the Multiple Listing Service to advertise and offer compensation to cooperative brokers in our marketplace. Those compensation offers are now being moved from the MLS to individual, comprehensive marketing plans for each business,” she explains.
Second, buyers who work with a real estate agent to help them tour homes will need to use a written agreement. “What’s important is that going forward, if you’re working with a real estate agent as part of a transaction to tour a home, you’re going to need to have a written agreement before you see the home, whether that’s in person or virtually via FaceTime or Zoom or whatever your virtual provider is. That will also require a written agreement,” she says.
Smith said the South Carolina Realtors Association has held more than 90 outreach events via Zoom and in-person meetings, as well as visiting individual brokers and local board association meetings to prepare agents and enable them to meet the regulatory guidelines.
For more information click here.
