NAR settlement guide fore realtors.

NAR Settlement Changes: How Ohio Realtors Can Prepare  

June 18, 2024

Attention, Ohio realtors! The National Association of Realtors (NAR) Settlement is scheduled to go into effect later this summer, introducing changes that will reshape how we operate in the real estate market. Here are some key dates to mark on your calendar: 

  1. June 18th – NAR Settlement opt in Deadline 
  • MLS’s must opt into the NAR settlement by completing the required appendices by June 18th. 
  1. August 17th – Implementation of New Rules 
  • Compensation will be moved off MLS. 
  • Written agreements for MLS participants acting for buyers will now be required. 

What do these changes mean for Ohio realtors? 

With offers of compensation being stripped from MLS, Ohio licensees will soon find themselves directly managing any compensation from their own clients and negotiating such compensation from the other party, if any is offered. To aid, Ohio Realtor members in these negotiations and discussions surrounding compensation, a voluntary form has been developed by the Ohio Realtor forms committee: the Buyer Broker Compensation Agreement.  

The form is designed to clearly outline compensation arrangements to ensure all parties have a shared understanding, and is just one of the many resources offered by Ohio Realtors to help its members navigate the changing real estate landscape. Members will also have access to updated communications, sample scripts, FAQs, and specialized training to help them address the NAR settlement with other agents, seller clients, and potential buyers. 

Moreover, Ohio Realtors will be hosting their annual Ohio Realtors Convention and Expo from September 9th to 11th. This event provides a great opportunity to stay informed and up to date with relevant information on these new business practices. If you’re a realtor in Ohio, don’t miss out on this invaluable chance to network, learn, and grow in your profession. 

At Ohio Real Title, we understand that successful transactions are built on clear communication, informed decisions, and seamless processes. As the NAR Settlement brings significant changes to the real estate landscape in Ohio, we are dedicated to supporting our state’s realtors every step of the way. 

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