REINCheck

You're listening to REINCheck with Andrea

Rice, Contracts and Industry specialist

at REIN, where you get the latest member

news and information
delivered straight from the source,

REIN MLS.

Hello and welcome to REINCheck.

I’m your host, Andrea Rice, and today

we are checking in with attorney Brandon Allred,

who is legal counsel for REIN’s

Sales Managers Advisory Committee, and Becky

Claggett with SMAC as well to discuss the form

changes coming September 4th.

Becky, Brandon, thank you so much for being here
today.

It’s my pleasure.

Thank you for having me.

Thank you for having me as well.

It's always a pleasure to be with REIN.

Yes. You guys are pros at this by now.

You've been on a bunch of times

and we really appreciate it.

And I have to start by saying it has been a busy year.

You know, REIN tries to keep updates to twice a year,

but we have not been able to do that this year

with all the changes going on in the industry.

I know we had changes July 1st that addressed,

the Virginia code updates and then July 22nd

for the buyer broker agreements.

And so today we are here

to discuss another forms update
and that is September 4th.

And these will primarily address the NAR requirements

that REIN has to align to
as well as the new REIN rules.

Well Andrea, you're right.

this has been a busy year for REIN.

I know, it's been a busy year
for all of REIN's members

and it's been a challenging time for the industry.

But, you know,
hopefully we're seeing some of the light

at end of the tunnel here.

And I think with his upcoming forms

release,
our members are really going to start to see how

this is all going to take shape and impact them.

As a practical matter.

I think everybody's aware by now

that REIN opted into the NAR settlement agreement

because REIN and its board of directors

thought that they were significant value

in the antitrust protection

that opting in would provide for REIN

and its members and the entire organization.

But what's come from

that is a number of practice changes

that REIN now has to comply with.

And we'll talk about those practice changes

in a little bit more detail and you're already getting

lots of information
about those out to the broader community.

I know.

But the deadline for compliance with

those requirements is September 16th.

And that's why we're going ahead

and pushing out forms now,

because we want to give members plenty of time

to look at the new forms, understand the new forms,

think about how those are going

to impact their business, and then implement

the changes within their own business.

So the effective date, for compliance

under the NAR settlement agreement is September 16th.

We are releasing forms on September 4th

to give people plenty of time to make those changes.

And then you'll recall

that the buyer brokerage agreements,

which were updated to comply with the NAR

settlement agreement, were released,

back in July, on July 22nd,

to allow some additional time to transition

on the buyer broker agreement side of the world.

So lots of big things happening.

Yes, yes.

And that kept SMAC very busy this year.

Becky, I know SMAC met several times,

you know, more than usual to get everything

in place. Yes.

And we've met a lot of times

and but even though 21 forms have been,

are being released, it's essentially

very much
the same changes throughout all of the forms.

It’s just extended over each of those forms.

The SAER, the SAEA,

the ICER, the ICEA, the input forms, the LSER

just all the forms

are seeing the change across the board.

Right. So don't be too overwhelmed.

And today we are giving just a high level

overview of the form changes.

But Becky, Brandon and I have also prepared

a video that will detail the red line changes.

So you'll get the exact changes.

You'll get all the details in that other video.

But today we just wanted to give you a glimpse

at what you can expect coming September 4th.

So Brandon, one of the biggest changes,

I think, are the changes

coming to the listing brokerage agreements.

Do you want to speak to that?

Yeah, absolutely.

I'm happy to do that.

And I think this probably is going to have

the most significant impact on how our members

and their licensees conduct business.

so, you know,
you'll see when you look at the new forms

that are being released on September 4th
on the listing

brokerage agreements,

that there is no longer a field for the sellers offer

of compensation to a buyer, broker

or other buyer representative,

that comes directly from the settlement agreement,

and we can certainly talk about that a little more.

But the bottom line is no more offers

of compensation from a seller

to a buyer, broker or other buyer representative,

whether direct from the seller or through the listing

form through the MLS period.

Right.

And so that's a big change.

Yeah it is.

The commission fields were moved
from the data input sheets.

And so that's going to be the big change.

Yeah.

And again that comes directly

from the settlement agreement.

So this isn't just a forms change.

It impacts the forms obviously.

But maybe the bigger change for our members

and their licensees is,

as Becky said, is the practice of,

you know, inputting that offer

of compensation directly into the MLS.

because that feature, that functionality on the MLS

simply won't be available anymore.

All right.

So Becky, tell us a little bit more

about the input sheets
and how that's going to be impacted.

All right.

Well the commission fields
have been removed from the data input sheets.

So you won't see those anymore.

So the selling broker fee is going to be removed.

And the special commission field

is going to be removed okay.

So those are really the big changes
that everyone can expect.

And Brandon, I know

we've talked a little bit about the rules.

The REIN rules will reflect these changes as well.

And everything.

The rules, the new forms,

everything is coming out September 4th.

Exactly.

So all of this has been designed to align

with the requirements of the NAR settlement agreement.

Again, deadline for that is September 16th.

We're trying to get a little bit ahead of the curve.

As Andrea said, give everybody sufficient

time to to get used to this, to understand

what's going to happen,
why it's going to happen, how it's going to happen.

and that's why we're talking about this now.

That's why we're trying to give everybody a heads up
and that's

why we're rolling out forms and changes

on September 4th, to leave a little bit of a buffer

to make sure that everybody gets there

by September 16th.

Right. Exactly.

And before we wrap things up here today, again,

this is just a high level
overview of what you guys can expect

because there is a video with details,

red lines, everything you need to know.

But before we wrap things up today,

Becky, Brandon,
is there anything else that you would like

our members to know or be aware of?

Well, we want to let you know

that SMAC is always interested in feedback,

and how REIN forms can be better
to serve our members.

So be sure to submit any suggestions

or comments to smac@reininc.com.

Thank you.

l Thank you for having us.

Thank you, Brandon.

Thank you, Becky.

It's always a pleasure
and thank all of you for listening.

I really appreciate it.

Don't forget to check out that video

and all of the redline changes.

And if you've missed
any of the previous episodes of REINCheck,

I do invite you to go to reinmls.com
and take a listen.

And don't forget to subscribe
so that you get new episodes

delivered directly to your email
when they're released.

Thank you and have a great rest of your day.

You've been listening to REINCheck with Andrea Rice.

Stay in the know from those who know.

Delivered straight from the source, REIN MLS.