HUGHESVILLE, Md. -- Bright MLS recently introduced new seller concession fields for listing entry and close. Below are some important facts about these new additions. Misuse of these fields can lead to fines and potential legal trouble. Understand proper use prior to entering this information in Bright.

1. They are optional and not new to Bright listing entry.

The new concession fields are optional. The listing entry fields can be used based on your client’s instructions. Subscribers have routinely entered concession offers into the remarks fields, communicating various concessions in price. These new fields simply make it clearer and better organized to present that concession information. You still may add any concession information in the remarks in addition to these optional fields, or instead of them.

After closing, you can opt to enter specifics about the concessions that were agreed upon. Concession fields have been available at close in Bright listing entry for years. These fields continue to be used to document final negotiations between a buyer and seller based on the deal that closed.

2. They may not be used as compensation fields.

To ensure compliance with the NAR settlement, compensation fields will be removed from Bright and all our reports and information in August. The seller concession fields are not to be used to communicate compensation information. Bright has a zero-tolerance policy with this and will institute fines for misuse.

3. They are negotiable.

Concessions stated in the MLS may not be limited to or conditioned on the retention of or payment to a cooperating/buyer broker. They are subject to negotiation between a buyer and seller. In addition, each broker representing a buyer must negotiate with their buyer client to agree on the amount the broker may earn in the transaction. A broker or agent may not steer their buyer clients based on the amount being offered to them or the identity of the listing brokerage.
 

They are the first of several changes to come this summer

Additional Bright policy changes will launch on August 14. These include:

• Removal of compensation fields
• Removal of time limit on Coming Soon status
• Clarification that the MLS Entry Date must be within 2 days of the listing term beginning, which is the first date any potential buyer may learn about the property
• Requirement of the new disclosure form

For a detailed overview of the recent and upcoming Bright changes associated with the NAR settlement, register for an upcoming webinar. Register here.

Contact Bright MLS or your broker if you have additional questions about the concession fields.