Important Updates on Realcomp's Compliance with the NAR Settlement and Required Practice Changes

Realcomp is on track with finalizing the implementation of the NAR-settlement practice changes. Here are some important things we need to make you aware of and/or for you/your broker to take action on:

Listings: As you already know, we removed all compensation-related fields of data from listings and listing displays in Realcomp the week of July 15th. If you have any on market or pending listings that convey compensation information in the Remarks (or any other fields), you should update them and remove the non-compliant data before Wednesday, August 14th. This way, you can make whatever other changes are necessary to ensure your listing Remarks read well after you have removed the non-compliant terms.

Beginning on Wednesday, August 14th, as part of our ongoing commitment to NAR settlement compliance, Realcomp will begin conducting automatic listing clean-up procedures to remove any compensation/commission data that is found in listings at that time. We prefer that you do this yourself. Additionally, the system will no longer just warn and then allow users to bypass restricted words and phrases. It will prevent you from saving the listing with this verbiage until you have corrected it. So, please know this in advance and review our list of restricted words and phrases to avoid using them.

Broker Forms: If you have online Broker Forms in Realcomp's Transaction Management systems (i.e., Docs+ and/or TransactionDesk) that have not been updated to be NAR settlement compliant, please remove them by August 17th. If you need to submit new compliant forms to us, please do so ASAP. (Note: Remine does not currently charge a fee to update Brokerage forms. LoneWolf does and their fees [i.e., $45 per page] will apply).

If you have any questions about these efforts, please do not hesitate to reach out. Thank you for your continued cooperation in this crucial matter.