REsides is Second Privately Owned MLS to Opt Out of NAR Settlement

A second privately owned MLS has opted out of the NAR Anti-Trust Settlement stating that their rules were always more transparent than the standard NAR rules. A truly broker-centric, independent MLS, Resides.io MLS in Hilton Head, South Carolina is launching an inclusive concessions field and options for brokers to upload listing and buyers broker agreements. The organization is also building forms to make it easier for brokers to adapt to the new changes removing compensation as one of the center points of an MLS.

Read the full press release below:

Independent and Borderless MLS – Stays Independent.

REsides, Inc. an equity ownership MLS, Plans to Opt-Out, Expand Options, and Implement Changes Ahead of NAR Settlement

Hilton Head Island, SC – June 18, 2024 – In a move to support its subscribers, REsides MLS has announced it will not be opting into the National Association of Realtors (NAR) settlement. Instead, REsides will implement its own changes, beginning in late August. This decision is part of REsides’ ongoing commitment to being a strategic partner for Brokers with expanded opportunities and support to manage their business into the future.

REsides has not participated in the field requirements that are the issue at the center of the NAR settlement. “We are very proactive in our rule making and normally make changes before they become issues in the marketplace. Even so, transformation can sometimes be the best thing,” said Colette Stevenson, CEO of REsides. “By rolling out additional changes, we are helping our subscribers prepare for advancement by providing more options for them and their clients while providing increased transparency.”

Being Proactive is Key

With the NAR settlement changes coming soon, REsides is preparing initiatives to ensure a smooth transition for its subscribers. The organization launched its new REsides University this week – featuring webinars and classes over the coming months to empower agents with tools to propel them into the next era of Real Estate.

New Features for Subscriber Success

The platform used by REsides has expanded Broker options with several new features in response to the upcoming changes. These include new fields where sellers can list potential concessions, allowances, listing media, documentation, and more. Other rollouts include flexible new buyer agreements, listing agreements, listing addendums, and input forms.

Stevenson emphasized the importance of the decision, stating, “Our goal is to provide subscribers with the information they need to do their jobs effectively, efficiently, and with the least amount of friction. This is an ongoing and fluid process, but we are committed to supporting our subscribers to fulfill their goals. By empowering our Brokers with choice, we enable them to evaluate the options independently to determine what is best for them.” explained Stevenson.

New Forms

A listing Addendum will be issued in early July to make it easier for agents to maintain long-standing relationships with their clients and address any potential issues that may arise.

“Our state law allows for compensation to be offered.” noted Stevenson. “Agents need to be able to communicate options to buyers and sellers in a clear and concise manner. It’s understandable that change can be frustrating, but we are encouraging our subscribers to embrace forward-thinking strategies to improve conversations with their clients. The highest level of communication and transparency is essential for one of the most important financial transactions a consumer can make.”

Much like Northwest MLS in Washington State, REsides is taking an independent approach to these industry changes. Northwest MLS, which is broker-owned, also opted out of joining the NAR settlement, noting its compensation field offers greater transparency for consumers.

While acknowledging that agents question the basis for the settlement decisions, Stevenson remains positive “Our industry is so adaptive and resilient, hundreds of brokers are already making smart decisions and strategic changes. The path may be a little rocky, but we believe that moving into 2025 will be much smoother than anticipated. REsides’ course and purpose remain the same for our subscribers – which is to provide the best professional advisory services to homebuyers and sellers. REsides is committed to working closely with our brokers to provide the most flexible and supportive environment possible.”

About REsides

REsides is a groundbreaking, independent, and borderless MLS with a unique equity-ownership model. With a focus on innovation and modernization, REsides puts the power of listing data back in the hands of brokers, providing strategies that break traditional barriers, expand business, and provide unprecedented access to a diversified avenue of compensation. Headquartered on Hilton Head Island, SC, REsides is ranked in the top 25% of all MLSs in the United States, serving Real Estate professionals across the Southeast. For more information, visit www.joinresides.com or www.resides.io

Contact:

Colette Stevenson, CEO

cstevenson@resides.io

843-785-9696