Jeff’s Corner: Reflecting on One Year Since the NAR Settlement

This month marks one year since we began implementing policy changes required by
the NAR settlement. The settlement was initially announced on March 15, 2024, and
August 17, 2024 marked the deadline for MLSs like IRES to implement the terms. As we
look back on the past year, I’d like to acknowledge great work by our staff to make sure
we comply and thank our subscribers for adapting to help us avoid liability risk.

Now, nearly a year later, plaintiff’s attorneys are asking selected MLSs and Realtor® associations across the country to explain, in writing, what they have done to comply. With that in mind, we want to provide subscribers with information on how IRES is adhering to the settlement rules while making sure you can still do business.

To meet the new requirements, IRES staff manually reviewed over 100,000 listings.
During that process, we trained an AI tool to flag listings that needed human attention.

In total, IRES reviewed well over 1 million listings, checking for:

• Compensation: IRES removed all references to or details of compensation.
• Concessions: IRES originally removed specific seller concession information and any specific financing terms in an abundance of caution and to avoid concession amounts potentially being used to communicate compensation amounts. Following conversations with subscribers and advice from our legal counsel, IRES decided to allow seller concession information on listings.

In addition, IRES has educated subscribers on the new buyer/broker agreement required under the NAR settlement, which outlines the relationship between a buyer and a real estate agent and details how an agent will be paid. We’ve provided resources and updates on this new policy so our subscribers have the tools they need to ensure buyers sign this agreement before they tour a home.

The past year has been one filled with immense change but I’m grateful for how IRES staff has stepped up to the challenge and for how our subscribers have responded to the changes. Please continue to share your feedback, questions and updates as we navigate a rapidly changing industry.