COLUMBUS, OHIO (Aug. 15, 2024)—Columbus REALTORS®, the local real estate trade association representing nearly 10,000 members in central Ohio, reminds members and consumers that on August 16, 2024, the practice changes following NAR’s Settlement Agreement, which would resolve claims brought on behalf of home sellers related to broker commissions, will be implemented in the Columbus & Central Ohio Regional MLS.
Under the settlement, the following practice changes will take effect:
Offers of compensation will be prohibited on Multiple Listing Services (MLSs). Offers of compensation will continue to be an option consumers can pursue off-MLS through negotiation and consultation with real estate professionals. Offers of compensation help make homeownership and the benefits of professional representation more accessible to buyers—especially first-time homebuyers—increase homeownership opportunities for historically underserved groups and benefit sellers by expanding the potential buyer pool and ensuring they receive the best offer possible for their property. Agents working with a buyer must enter into a written buyer agreement before touring a home. The practice changes do not require an agency agreement or dictate any type of relationship. Columbus REALTORS® encourages all members to address form changes and prepare to educate real estate professionals and consumers about revised forms.
“Since we learned about NAR’s proposed settlement in March, Columbus REALTORS® leadership has been working tirelessly to educate the membership on the changes that are about to take place,” said 2024 President Scott Hrabcak.
“We understand that this represents a shift in the industry, but we also know that real estate professionals provide an undisputable value in the home-buying process. I’m confident that our REALTOR® members will continue to represent their customers as they always have…with elite service and expertise as they guide their clients through one of the most significant financial decisions of their lifetime.”
Columbus REALTORS® is composed of almost 10,000 real estate professionals engaged in residential and commercial sales and leasing, property management, appraisal, consultation, real estate syndication, land development, and more.
The Columbus REALTORS® Multiple Listing Service (MLS) serves all of Franklin, Delaware, Fayette, Licking, Madison, Marion, Morrow, Pickaway, and Union Counties and parts of Athens, Champaign, Clark, Clinton, Fairfield, Hocking, Knox, Logan, Muskingum, Perry, and Ross counties.
For media inquiries, please contactCraig Hicks, Senior Director of Communication & Engagement at Columbus REALTORS®
