Option to List Zero Compensation Added
On November 9, 2023, MIAMI MLS made changes to the MLS Rules to reinforce Participants/Subscribers’ ability to engage in transparent negotiations with customers and prospective buyers by allowing Participants/Subscribers to enter ANY amount in a listing’s cooperative compensation fields, from $0 and up.
MIAMI REALTORS® continues to support the most efficient, pro-consumer, pro-competitive marketplace by making property information widely and transparently available. In part, this includes facilitating blanket offers of cooperative compensation available to all buyer brokers on an impartial basis and in accordance with the law. On November 9, 2023, MIAMI REALTORS® made a change to the MLS to allow Participants/Subscribers to enter any amount in a listing’s cooperative compensation fields.
Prior to this minor change, the cooperative compensation fields required entry of at least one cent, which is as close to zero as you can get. The fields now allow any amount, from zero and up, which just clarifies the complete flexibility of our MLS subscribers to engage in transparent negotiations. With this update, a listing agent continues to be able to enter the cooperative compensation amount agreed upon with their seller client, from zero and up, and continues to negotiate compensation at their client’s direction.
MIAMI REALTORS® made this small change to the MLS Rules, which is in line with NAR’s interpretation of the Participation Rule and MIAMI’s Antitrust Policy, to reinforce the complete autonomy of MIAMI MLS Participants/Subscribers to engage in transparent negotiations with their customers and to underscore that commissions are always negotiable.
What does this change mean for you?
Listing brokers still have the ability to make impartial, blanket offers of cooperative compensation through the MLS. MIAMI MLS has never specified a cooperative compensation amount. This rule change is not a requirement that you must enter zero or any other amount in the MLS. Remember, all business decisions must always made unilaterally and independently.
What is not changing?
This change does not impact the efficient, impartial system of offers of cooperative compensation that MIAMI MLS supports for its Participants/Subscribers, including:
Offers of cooperative compensation remain negotiable.
Participants/Subscribers continue to be able to make impartial, blanket offers of cooperative compensation to every buyer’s broker through this MLS.
The Florida Realtors® contracts and forms in FormSimplicity are the same – for now. Note that Florida Realtors® is working on updated forms.
All business decisions – including compensation and commissions – must be made unilaterally and independently.