RIDGELAND, MISS. (August 1, 2024) – Central Mississippi REALTORS® (CMR) reminds members, real estate professionals and consumers that on August 17, 2024, the practice changes following NAR’s Settlement Agreement that would resolve claims brought on behalf of home sellers related to broker commissions will be implemented across the country.

Under the settlement, the following practice changes will take effect:

• Offers of compensation will be prohibited on Multiple Listing Services (MLSs). Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. Offers of compensation help make homeownership and the benefits of professional representation more accessible to buyers, including first-time homebuyers, increase homeownership opportunities for historically underserved groups, and benefit sellers by expanding the potential buyer pool. and ensuring they receive the best offer possible for their property.

• Agents working with a buyer will enter into a written buyer agreement before touring a home. The practice changes do not require an agency agreement or dictate any type of relationship. Resources are available to assist with the implementation of the settlement terms—such as tips on clarity and emphasizing consumer choice and a “Written Buyer Agreements 101” resource.

“In today’s rapidly evolving real estate market, it is imperative that we adapt and implement strategic changes to meet the demands of both consumers and the industry,” said Sterling McCool, 2024 CMR President. “Central Mississippi REALTORS® play a crucial role in this dynamic landscape, offering unparalleled expertise, guidance, and personalized service that empower consumers to make informed decisions.”

Consumers can find additional information on what these changes mean for their homebuying and selling experiences in NAR’s buyers and sellers guides. For NAR members, the practice changes are outlined in detail here, and detailed information is available in NAR’s FAQ. Please visit facts.realtor for the latest updates on the settlement and practice changes. 

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Central Mississippi Realtors® (CMR) is a 501c6 non-profit trade association chartered in 1924 by the National Association of Realtors®. CMR represents over 2,100 Realtor® members and serves ten counties of central Mississippi: Hinds, Madison, Rankin, Yazoo, Holmes, Attala, Leake, Scott, Copiah, and Simpson.