RESOURCES

This tool was developed to help managing principal brokers create a training plan and roll-out for how their firm will adapt to the new NAR practice changes outlined in the proposed settlement.  Note: the deadline for practice change implementation is August 17th, 2024, and preparation time is recommended before that date.

• Review all settlement resources at facts.realtor.
• Identify any company policies that need to change for compliance.
• Outline training topic points to share with brokers in your brokerage.
• Identify which current contracts will require modification based on practice changes.
• Create any addenda or tools your brokers will need for implementation.
• Stay current on announcements of changes from all MLS systems in which your brokerage holds membership.
• To avoid having to make changes again in January 2025, review the requirements of House Bill 4058 and determine what you might incorporate into the NAR practice changes.
• Be prepared and have a plan for when BAC fields are removed from MLS.  This may include printing an Agent-Full report for all pending sales before the field is removed.
• Network with other managing principal brokers to see what their plans are and share your plan. While we are all competing brokerages, we are all faced with the same practice change requirements.
• Know that associations, MLSs, and form providers are working to make form changes, policy changes, rule changes, changes on the tech platforms, and educating their own teams on how to support us through these required practice changes. Perfect timelines and playbooks would be excellent to receive, but may not be ready before your brokers need to make the practice changes.