Are you ready for the changes coming to our MLS and marketplace on August 13? Things are moving quickly as we prepare for the NAR-required MLS rules and broker business practice changes. Unlock MLS is consistently releasing new information and resources to ensure you are ready when the changes roll out. Here is a summary of the new resources available right now.
Your Questions Answered
To ensure everyone moves into this transition with confidence, Unlock MLS recently released a list of FAQs related to the upcoming changes, which will be updated as new information arises. Download the FAQs via the Right Here, Right Now resource hub at ABoR.com/RightNow.
We’ve Got You Covered: Seven Additional Forms Released
As your president, I, along with the board, am diligently listening to your feedback. Based on your input, we’ve updated the four original forms from our May Right Here, Right Now campaign and added seven more, bringing your transaction resources to 11 optional and proprietary forms to aid in this transition.
Here is a list of all 11 forms with brief descriptions. Access them at ABoR.com/RightNow:
1. NEW (Lease Transaction) Addendum Confirming Broker Compensation – This addendum confirms who will pay each portion of the compensation to be paid to the brokers in the transaction associated with the contract to which it is attached.
2. NEW Amendment to Buyer-Tenant Representation Agreement – An evergreen amendment to be used with Buyer/Tenant Representation Agreement(s).
3. NEW Amendment to Real Estate Listing Agreement (Unlock MLS) – An evergreen amendment to be used with Exclusive Right to Sell Agreement(s).
4. NEW Amendment To Residential Real Estate Listing Agreement (NAR Settlement Compliance) – An amendment intended to be used in conjunction with active listing agreements executed prior to August 13 that includes the required disclosures under the new Unlock MLS rules taking effect August 13. Use of this amendment will bring current agreements into compliance with the new Unlock MLS rules and the requirements of the NAR settlement.
5. NEW Residential Listing Agreement Exclusive Right to Lease – This agreement is a contract between a landlord and a real estate broker, granting the broker the exclusive right to lease the landlord’s property.
6. NEW Residential Listing Agreement Exclusive Right to Sell – The Exclusive Right to Sell Agreement is a binding contract between a property seller and a real estate broker. It grants the broker the exclusive right to market and sell the property. Let’s dive into the key sections and important legal points under Texas real estate law.
7. NEW Unrepresented Buyer Tenant Acknowledgment – An acknowledgment and disclosure form that confirms an unrepresented buyer has been advised of the role and duties of the Listing Broker or Broker Associate in conjunction with a property the buyer is seeking to tour.
8. Addendum Confirming Broker Compensation (Sale Transaction) – This addendum to sales contracts confirms who will pay each portion of the compensation to be paid to the brokers in the transaction associated with the contract to which it is attached.
9. Buyer/Tenant Representation Agreement (Limited Services) – This form has a single-day term and allows agents to list multiple property addresses to be shown as well as list the provision of services in addition to showing the property(ies).
10. Buyer/Tenant Representation Agreement (Short Form) – A one-page buyer/tenant representation form. *Note: Intermediary section has been omitted. As a result, there is currently no authorization in the short form for the Buyer’s Broker to act as an intermediary (and show the broker’s own listings).
11. Residential Buyer Tenant Representation Agreement (Long Form) – This form includes the necessary protections and transparency offered by a traditional buyer’s rep agreement and clearly discloses how much a buyer/renter will pay their agent for their services.
Dive deeper into these new forms by tuning into our MLS Quick Tip video playlist where you’ll find a breakdown of each form. Access the YouTube playlist at ABoR.com/NewForms.
Alongside these FAQs and new forms, you can download additional resources at ABoR.com/RightNow, including the new Buyer’s Agent Portfolio featuring research on demographic trends in Austin, a Buy vs. Rent Addendum, mid-year review, and a leasing report.
Take Advantage of Upcoming Education & Events Surrounding MLS Rules Changes
• July 23 – Broker & Sales Manager Forum: Navigate upcoming MLS rules and business practice changes for your brokerage with confidence. Join other brokers to maximize this moment ahead of anyone else. Register at ABoR.com/Events.
• August 1 – MLS Power Hour: This summer’s MLS rules and business practice changes are a once-in-a-generation opportunity for agents to own their value and gain a competitive edge in the market. Deep dive into the new MLS rules and compliance changes. Register at ABoR.com/Events.
• Buyer’s Agent Education Track: Check out our ongoing buyer’s education at ABoR.com/course-type/buyers-agent-track.
I’ve said it before and I’ll say it again: If you’re a broker, it’s crucial to update your business practices and train your agents before the August 13 deadline. Agents, sales managers and team leads, ensure you are in lockstep with your broker to comply with these new practices. We’ll continue to navigate this together, and the ABoR team and I are here to support you.
