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The National Association of Realtors (NAR) continues to face mounting pressure as industry practices come under scrutiny. In a recent development, the Park City Board of Realtors has announced that it will no longer enforce the Clear Cooperation Rule, a NAR mandate since 2020.
For those unfamiliar, the Clear Cooperation Rule requires realtors to list a property on the Multiple Listing Service (MLS) within one day of taking the listing. The recent decision by Park City to ignore this rule raises questions about its timing and implications.
One possible reason for this move could be to avoid potential legal issues when marketing properties with buyer-side commissions outside the MLS. By not listing on the MLS, agents might sidestep certain NAR and MLS rules that some view as overreaching, particularly regarding property marketing and commission structures.
Adding to NAR’s troubles, the Department of Justice is currently investigating the Clear Cooperation Rule. This scrutiny highlights potential legal vulnerabilities in NAR’s policies and raises questions about the effectiveness of their legal team.
For real estate agents, these developments present an opportunity to reassess their affiliations. With modern communication and marketing tools at their disposal, some may question the necessity of the traditional MLS system. As one industry observer put it, “It’s an 8-track in a download world.”
On a related note, the Freddie Mac 30-year fixed-rate average has surged to 6.34%. While this rate might be attractive for regional banking operations, many brokers often outperform this average.
While the mantra “don’t sell rate” remains popular among sales managers, it’s worth considering why you wouldn’t want competitive rates. After all, given the choice, wouldn’t you prefer better rates for your clients?
For loan officers looking for comprehensive tools without breaking the bank, solutions like Broker Plus offer a full suite of services (POS, LOS, e-signature, CRM, marketing tools, etc.) for just $99 per month.
The real estate market continues to evolve, presenting both challenges and opportunities for industry professionals. Staying informed and adaptable will be key to navigating these changing times.