As of August 17, 2024, the National Association of Realtors (NAR) no longer allows MLSes to display or communicate offers of compensation. While consumers may still negotiate compensation with real estate professionals, it is currently prohibited to display compensation amounts on MLS listings.
To alleviate the challenges presented by this change in practice, we've introduced the Concessions Settings feature, which will allow brokers and Agents to continue sharing details about seller offer concessions on your websites.
Enabling the Concessions Settings Feature
Before Concessions Settings can be turned on, the account holder (or contract signer) will need to sign a Feature Access Agreement. Once the agreement is signed, Inside Real Estate will activate the feature. Company Admins will have control over turning the feature on or off for all Agents on the platform.
To enable Concessions Settings as a Company Admin, first navigate to My Profile at the top right of your CRM, and open the Company settings. Scroll down to the lower half of the page and turn on the feature using the toggle (disabled by default).
Concessions Settings Configuration
Once the feature has been enabled, Company Admins may set a description or use the default verbiage. They will also be able to toggle on the Allow Maximum Total Concessions option, which can be set using a percentage or a flat dollar amount.
Note: The Description field cannot be left blank. If a custom description is not included, the platform-provided verbiage will appear as default.
Listings
Within the Listings section, Concessions settings will automatically appear underneath a listing's price in the CRM once the feature has been turned on. Company Admins or Agents may turn on Concessions for any applicable listing, add a description, and set the maximum total concession (percentage or dollar amount).
Seller Willingness to Provide Concessions
When a lead views a listing on the website, there will be an additional section titled Concessions. This includes the description and the maximum total concession that you would have added in the CRM.
Alternative Language Fields for Concessions
If you would like to use alternative language for listings that allow concessions, you have the option to edit the Feature Title and Field Title (for Maximum Total Concessions) once the Concessions feature is enabled. The language entered in these fields will appear as the main titles across the entire CRM and website.
Have more questions? Please reach out to Customer Support via the blue chat bubble to the right or by emailing support@insiderealestate.com!