ELECTIONS NOW OPEN! Cast your vote for GLAR and MSI Board of Directors

ELECTIONS NOW OPEN! Cast your vote for GLAR and MSI Board of Directors

New this year, on Monday, July 22 at 9:00am when voting opens, all eligible REALTOR® members received a system-generated email with voting instructions and a unique password to access the voting site. This unique password is specific ONLY to you; our GLAR staff does not have access to this information. If you did not receive your system-generated email, please request the email be sent again by contacting Lindsay Ford at Lindsay@LouisvilleRealtors.com.

NAR Settlement FAQs

KCREA is a CIE (Commercial Information Exchange), see below frequently asked questions regarding the NAR settlement.

https://www.nar.realtor/the-facts/nar-settlement-faqs#:~:text=Commercial%20Non%2DResidential%20Listings

Commercial Non-Residential Listings:

What do these practice changes mean for commercial practitioners?
The proposed settlement agreement—like the Sitzer-Burnett lawsuit and the copycat lawsuits—is focused on residential real estate transactions. That means most commercial transactions will not be affected.
In many markets, commercial listings appear in commercial information exchanges (CIEs) and not multiple listing services (MLSs), and do not include an offer of compensation.
The settlement prohibits offers of compensation on an MLS and requires MLS Participants working with buyers to enter into written agreements with their buyers. These practice changes will go into effect August 17, 2024.

Are commercial listing services that don’t pull from an MLS subject to the practice change prohibiting offers of compensation on an MLS?
No. That practice change prohibits offers of compensation on the MLS and it prohibits MLSs from allowing third parties to use MLS data to facilitate a platform for multiple brokerages to make offers of compensation.

Does the requirement to use a written agreement before showings apply to commercial transactions?
No. The settlement and the practice changes it requires are focused on residential transactions, not commercial transactions, or leases.

If a commercial broker who is a REALTOR® has access to an MLS, but is showing a property on CIE or another platform that is not associated with an MLS, does the requirement to use a written agreement apply for that property?
No. The settlement and the practice changes it requires are focused on residential transactions, not commercial transactions, or leases.

NAR Settlement – Commercial Transactions

NAR provided us with some Talking Points:

• The proposed settlement agreement—like the Sitzer-Burnett lawsuit and the copycat lawsuits—is focused on residential real estate transactions. That means most commercial transactions will not be affected.
• In many markets, commercial listings appear in commercial information exchanges (CIEs) and not multiple listing services (MLSs), and do not include an offer of compensation.
• The settlement prohibits offers of compensation on an MLS and requires MLS participants working with buyers to enter into written agreements with their buyers. These practice changes will go into effect around late July.
• For properties listed on an MLS, offers of compensation continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals—as is the case for most commercial transactions.
• In addition, sellers can offer buyer concessions on an MLS (for example—concessions for buyer closing costs, tenant improvement allowances, etc.) provided that such concessions are not conditioned on the use of or payment to a buyer broker.
• For all transactions, the types of compensation available for buyer/tenant brokers continues to take multiple forms, depending on broker-consumer negotiations.
• For all real estate professionals, compensation would continue to be negotiable and should always be negotiated between agents and the consumers they serve.

Q&A
1. Are REALTORS® who deal in commercial real estate covered under the terms of the agreement?
• The settlement does not distinguish between REALTORS® who deal in commercial real estate from those who work in residential real estate.
• If you are an NAR member, you are covered by the settlement unless:
o You are an employee of: At World Properties, LLC; Compass, Inc.; Douglas Elliman, Inc.; Douglas Elliman Realty, LLC; eXp Realty, LLC; eXp World Holdings, Inc.; Hanna Holdings, Inc.; HomeSmart International, LLC; Howard Hanna Real Estate Services; Keller Williams Realty, Inc.; Real Broker, LLC; The Real Brokerage, Inc.; Realogy Holdings Corp.; Realty ONE Group, Inc.; Redfin Corporation; RE/MAX, LLC; United Real Estate; or Weichert, Realtors® OR
o You are an independent contractor or employee associated with HomeServices of America or one of its affiliates.

2. What do these practice changes mean for commercial practitioners?
• The proposed settlement agreement—like the Sitzer-Burnett lawsuit and the copycat lawsuits—is focused on residential real estate transactions. That means most commercial transactions will not be affected.
• In many markets, commercial listings appear in commercial information exchanges (CIEs) and not multiple listing services (MLSs), and do not include an offer of compensation.
• The settlement prohibits offers of compensation on the MLS and requires MLS participants working with buyers to enter into written agreements with their buyers. These practice changes will go into effect around late July.

https://www.nar.realtor/commercial

Economists: Rate Cuts Will Help Commercial Recovery

https://www.nar.realtor/magazine/real-estate-news/commercial/economists-rate-cuts-will-help-commercial-recovery

NAR Real Estate Forecast Summit-Commercial

On March 7, 2024, from 12:00 – 1:00 p.m. ET, NAR will hold a virtual economic and real estate summit that will provide an outlook on the changing commercial real estate market.

https://www.nar.realtor/events/nar-real-estate-forecast-summit