HOW TO DO BUSINESS NOW: TOOLKITS TO NAVIGATE THE NAR SETTLEMENT

Posted June 3, 2024

Updated August 13, 2024

Since the NAR settlement was announced on March 15, 2024, MIAMI Association of REALTORS® (MIAMI)has moved quickly to help our membership understand the new way of doing business. Within seven hours of that announcement, we had already posted critical information and resources for our members on our website. On the next working day, we hosted our first legal update for members, which was followed by four more that week, in English and Spanish. By the end of that first week, we reached nearly 5,000 attendees.

Since then, as of May 31, 2024, MIAMI REALTORS® has hosted more than 13,000 total participants in 60 training sessions, created and licensed MIAMI buyer broker courses for free to our brokers and we will be adding seller concession fields to the MLS. Launching today: new toolkits and forms based on the feedback you have provided to MIAMI REALTORS®.

MIAMI REALTORS®’ NEW TOOLKITS AND FORMS:

• HOW TO DO BUSINESS NOW: CHECKLIST TO GET READY FOR THE 8/17/24 PRACTICE CHANGES. Learn what you need to do to get ready for the practice changes taking effect on August 17, 2024. NOTE: COMPENSATION FIELDS WILL NO LONGER BE AVAILABLE IN THE MLS AS OF AUGUST 13, 2024.

• SLIDE DECK: HOW TO DO BUSINESS NOW – LEGAL UPDATE AND ACTION PLAN.Get the updated timeline on Florida REALTORS® forms, the SEFMLS Rule changes that take effect on August 17, 2024, and the toolkits MIAMI REALTORS® has prepared for you to navigate how to do business NOW.

• SLIDE DECK (EN ESPAÑOL): CÓMO HACER NEGOCIOS AHORA. Guía para prepararse para el 17 de agosto.

• COMPENSATION DISCLOSURE FORM. You can use this form both now and after the SEFMLS Rule changes take effect on August 17, 2024. It contains the required disclosures for ALL transactions – for both listing brokers and buyer brokers.

• COMPENSATION MODELS. This menu of options is a reference guide for brokerages – both for listing brokers and buyer brokers. Compensation models and amounts, if any, are always fully negotiable and are not set by law. Like compensation amounts, the compensation models a brokerage uses are independent and unilateral business decisions.

• SELLER CONCESSION OPTIONS. This menu of options is a reference guide for brokers and agents. Seller concessions are an opportunity to benefit both the seller and the buyer – buyers and sellers do not have to wait to incorporate them into their deals now! Remember, seller concessions are fully negotiable. The amount and kind of concessions sellers, buyers, and their brokers decide to incorporate into their deals are unilateral and independent business decisions.

• BEST PRACTICES: DEVELOPER OWNED PROPERTIES. South Florida is a unique market where many sales include developer owned inventory and new construction. Make sure your business practices and contracts get you paid. This toolkit guides you through best practices for listing brokers and buyer brokers both before August 17, 2024, and after that, which is when the new changes to the Southeast Florida Multiple Listing Service go live.

• FLORIDA: AUTHORIZED BROKER RELATIONSHIPS. MIAMI REALTORS® continues to get questions about how the NAR settlement is going to impact Florida, since we are a presumed transaction broker state. Short answer – Florida law has not changed. Our members have used buyer representation agreements for years and may continue to do so without impacting the presumed transaction broker relationship. This toolkit explains the differences between transaction brokers, single agents, and no brokerage relationship.

• BEST PRACTICES: DATA FEEDS, WEBSITES, AND COMPENSATION. This is a guide as to what you, as a listing broker, should and should not do if and when offering any compensation to a cooperating broker (if any) and advertising the same.

• TOOLKIT: ROADMAP FOR THE NEW FORMS and SLIDE DECK FOR THE ROADMAP FOR THE NEW FORMS. This is an overview of the new forms (as of August 13, 2024) that Florida REALTORS® has released as a result of the practice changes required by the NAR settlement agreement.

• TOOLKIT: MUST-KNOW ANSWERS TO YOUR TOP QUESTIONS. These are the top 20 questions you are sending to MIAMI REALTORS® – with short answers and resources.

NAR TOOLS:

• facts.realtor

• Written Buyer Agreements 101

• Financing FAQ

• Settlement FAQ

• NAR Settlement Agreement

• Settlement Timeline

FLORIDA REALTORS® TOOLS:

• Let’s Talk Listing Agreements webinar with Juana Watkins, General Counsel and VP of Law & Policy, Florida REALTORS®

• Let’s Talk Buyer Broker Agreements webinar with Juana Watkins, General Counsel and VP of Law & Policy, Florida REALTORS®

QUESTIONS?

Send your questions to legal@miamire.com.

DISCLAIMER:

This is provided for educational and informational purposes only, and should not be construed as legal advice or as an offer to perform legal services on any subject matter. The content contains general information and may not reflect current legal developments or information. The information is not guaranteed to be correct, complete, current, or suitable. MIAMI Association of REALTORS® (“MIAMI REALTORS®”) makes no warranty, expressed or implied, about the accuracy or reliability of the information in this program or materials. The materials may contain technical or typographical errors. MIAMI REALTORS® does not guarantee their accuracy, completeness, or suitability. Recipients of the information in this program or materials should not act or refrain from acting on the basis of any information without seeking appropriate legal advice on the particular facts and circumstances at issue from an attorney licensed in the recipient’s state. MIAMI REALTORS® expressly disclaims all liability with respect to actions taken or not taken by the recipient based on any or all of the information in this program and materials. Communications with or from MIAMI REALTORS® or do not constitute or create an attorney-client relationship between any recipients. Nothing herein is intended to create an attorney-client relationship and shall not be construed as legal advice. IN NO EVENT SHALL MIAMI REALTORS® BE LIABLE FOR ANY SPECIAL, INDIRECT, OR CONSEQUENTIAL DAMAGES RELATING TO THESE MATERIALS OR FOR ANY USE OF OR RELIANCE ON THESE MATERIALS.