Share
Get Ready for NAR Settlement Practice Changes
Dear GLAR & MSI members,

As we navigate through these changing times, I want to take a moment to encourage all members during this transitional period. The real estate market is ever-changing, and now more than ever, our ability to continuously adapt will persevere.

That is because, we’ve pivoted before, and we can certainly do it again.
Your efforts to clients and our industry have not gone unnoticed. Every phone call, every showing, every late night spent working a transaction demonstrates your commitment. It's this collective effort that will continue to shine a positive light on our profession and exude excellence, especially through these shifting times.

I encourage each of you to continue to push forward with the same tenacity and teamwork that has brought us thus far. Lean on each other, share your successes and challenges, and remember that together we are stronger. Let’s always be reminded that our collaborative spirit is our greatest asset, and by supporting one another, we can overcome any shift.

I urge you to make sure you stay tuned to new information that will be shared from the association throughout the coming weeks. Take the time to sign up for an educational session, use the new forms, read through the materials, and ask questions as necessary. That’s why we’re here to help you navigate this new “world.”

I’m confident that with our combined efforts, we will emerge from this period stronger and more resilient than ever. Until then, I look forward to the future when we will look back and say “remember when…”

Warm regards,

Stacy Durbin, MSI President 2024
Greater Louisville Association of REALTORS®
SETTLEMENT OVERVIEW
On March 15, 2024, NAR announced a proposed settlement agreement that would end litigation of claims against NAR, all state/territorial and local associations, most MLSs, almost all members, and most of their brokerages, brought on behalf of home sellers related to broker commissions. The court granted preliminary approval on April 24, 2024. But the settlement is subject to final court approval. A hearing on final approval is scheduled for November 26, 2024. You can access NAR's resources for the settlement along with their extensive FAQ on their Facts for Realtors® webpage.
NEW GLARFACTS.COM LANDING PAGE
The Greater Louisville Association of REALTORS® and Metro Search, Inc. (MSI), our MLS Company, have already opted in to be covered by this settlement.

We have created a new resource landing page at GLARfacts.com to assist members in navigating settlement changes. You will find information and guidance on how the proposed settlement will affect your business as well as important changes to our MLS platform, MLS rules and regulations, practice implementation dates, FAQ, and more. We will continue to update this site regularly in the coming months as more information is shared with us from NAR.

 
AUGUST 13, 2024
KEY CHANGES AFFECTING YOUR BUSINESS
1. Review changes to the MLS platform.
Beginning AUGUST 13, 2024, we are removing all compensation fields in the MLS. No offer of compensation information will be allowed in any MLS fields. Violators will be fined, and fines are listed on GLARfacts.com.

2. Confirm Written Buyer-Broker Agreement Practices
Buyer-broker agreements are required before ALL in-person or live-virtual home tours beginning AUGUST 13, 2024. However, we strongly encourage you to start utilizing all new forms even before August 13th. Find more information on GLAR's new forms and best practices on GLARfacts.com.
3. Review other important reminders.
Be aware of several other smaller items included in the settlement that affect you. Find the full list on GLARfacts.com.
 
UPCOMING EDUCATIONAL SESSIONS
AUGUST 5, 2024
BROKER SESSION (9:30am -12:30pm)
That Was Then, This Is Now Broker Session:
Understanding Practice Changes for the NAR Settlement and New Forms Training


AGENT SESSION (1:30pm - 4:30pm)
That Was Then, This Is Now Agent Session:
Understanding Practice Changes for the NAR Settlement and New Forms Training  
IN-PERSON SESSION - REGISTER HERE on your member portal

* Recordings of these sessions will be available afterward on GLARfacts.com.
SEPTEMBER 16-17 | FREE for Members
Accredited Buyer’s Representative ABR® Designation Course with Maurice Hampton


SEPTEMBER 18-19 | $249 by 9/2/24
Real Estate Negotiation Expert (RENE) Certification Course with Maurice Hampton

All in-person training and courses listed above are held at the Association office at 12300 Sycamore Station Place, Louisville, KY.
 

Greater Louisville Association of REALTORS
502-894-9860  |  www.LouisvilleRealtors.com

You are receiving this email because you subscribed to GLAR communications. Click here to manage your subscriptions.



Email Marketing by ActiveCampaign