As many of you know, in March of 2024 the National Association of REALTORS® (NAR) announced a settlement agreement that would resolve litigation brought on behalf of home sellers related to broker commissions. The terms of the settlement agreement require covered MLSs to both amend and enforce a new set of rules described in the terms of the settlement agreement.

As such, Bright must take steps to make changes to our rules and systems, to adhere to the terms of the settlement and increase transparency for the consumers we all serve.

Bright will soon be making updates to listing entry and to our policies to move forward together into a new era of real estate. While NAR has provided minimal guidance to MLSs, Bright has worked closely with our associations, board, legal counsel, and leadership to help chart the most collaborative, transparent, and effective path toward the future of real estate in the United States.

Here are 3 things to be aware of:

1. New seller concession fields will be available at listing entry and closing. Starting June 11, you will have a new, optional seller concession field when entering listings in Bright. You will also have the option to specify what specific concessions were included in the transaction at the time of closing.

2. Compensation fields will be removed. As a result of the NAR settlement, compensation fields will be removed, starting August 14. During the period of June 11 to August 13, both the compensation field and the new seller concession fields will be available. This will allow Bright subscribers to become familiar with the new concession fields. The compensation field will no longer be available to use beginning August 14th.

3. Updates will be made to Bright’s Coming Soon and other policies. These updates will begin in August and will offer additional flexibility to your clients to assist them in choosing the right listing entry option for their particular situation. We will provide more details about these changes in the coming weeks.
We will offer many opportunities for you to learn more about the coming changes, but we hope you will take the time to start learning and preparing now to get ahead.

Start by registering for our EXCLUSIVE WEBINAR, where you’ll get a sneak preview of what you can expect in the coming months.

Two Ways to Watch

The webinar will take place on Thursday, May 30, 2024 02:00 PM. Watch the Live Stream in the Bright MLS Community Facebook Group or register for one of our limited spots in Zoom.