Ensuring Compliance with the NAR Settlement Ruling: What You Need to Know
Here’s your quick guide on what actions you need to take regarding the NAR Settlement ruling by the August 17, 2024 deadline.
Do I need to take any action on or before August 17?
No action is required on your end. According to guidance from your MLS Board, Sierra will handle the removal of any compensation-related fields from your IDX feed before the August 17, 2024 deadline. This means you can focus on your clients without worrying about adjustments.
My MLS board shared they have a new commission field, but I don’t see it available in Sierra. Can that field be added?
Currently, you should use the Buyer Compensation Field (BCF) instead of waiting for a new field in Sierra. This field is designed to ensure that your listings are compliant with current regulations.
What am I authorized to post in the Buyer Compensation Field?
For specific guidance on what to include in the Buyer Compensation Field, please consult with your real estate brokerage and/or your MLS Board. They will provide the necessary advice for compliant and accurate postings.