The rules changed. Buyer agent compensation is no longer offered through the MLS. Here's what it means for your business and how CloseDaily helps you adapt.
Sitzer/Burnett and other class-action lawsuits alleged that NAR rules requiring listing agents to offer buyer agent compensation inflated commissions and harmed consumers.
A jury found NAR and major brokerages liable, awarding $1.78 billion in damages (later reduced). The verdict sent shockwaves through the industry.
NAR agreed to a $418 million settlement and committed to sweeping rule changes affecting how buyer agent compensation is handled nationwide.
New MLS rules go live: offers of buyer agent compensation removed from MLS listings. Written buyer agreements required before showing homes. The industry enters a new era.
Buyer agent compensation can no longer be advertised or offered through the MLS.
Buyer agents must have a signed agreement before touring homes with a client.
Agent commissions are now openly negotiated between all parties.
Agents must now clearly articulate and demonstrate their value to earn compensation.
The agents who thrive in this new landscape will be the ones with the best tools, the best systems, and the best follow-up.
Pre-built buyer representation agreement templates in your transaction manager. Customize, send for e-signature, and store — all inside CloseDaily.
Track negotiated commissions per transaction. See your expected income, actual payments, and commission breakdowns at a glance in your pipeline.
Built-in checklists ensure you have a signed buyer agreement before showings, proper disclosures, and documentation at every stage.
Cleo AI helps you craft compelling value propositions, buyer consultation scripts, and objection handlers for the "why should I pay you?" conversation.
Your CloseDaily website showcases your expertise with market data, neighborhood guides, and property search — proving your value before the first meeting.
Track every detail of the buyer-side transaction: agreement status, commission terms, closing timeline, and compliance documentation in one place.
The NAR settlement eliminated mandatory offers of buyer agent compensation through the MLS. Buyer agents must now use written buyer agreements before showing homes, and compensation must be negotiated directly between buyers and agents.
Yes. As of August 2024, buyer agents must have a written buyer representation agreement in place before touring homes with a client. The agreement must clearly state how and how much the buyer agent will be compensated.
CloseDaily provides buyer agreement templates, commission tracking per transaction, compliance checklists, and CRM tools to document every step of the buyer relationship — keeping you organized and compliant in the post-settlement landscape.
Buyer agreements, commission tracking, compliance checklists — built into your CRM.