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On October 2, 2023, CVR MLS will update our listing entry system to allow users to enter any amount in a listing’s cooperative compensation fields. Before this update, the cooperative compensation fields required entry of at least one dollar. We are making this small change to underscore the complete flexibility of CVR MLS users to engage in transparent negotiations with their clients.
What are the changes?
- Starting October 2, the compensation field will allow any amount from zero and up.
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CVR MLS Rules will be revised to reflect this change. A redlined copy of the updated rules can be found on our Rules Page.
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To accommodate this rule change, updated versions of the following CVR MLS Forms will be available in the TransactionDesk forms library on October 2. Remember to update any transaction templates you have created with these new versions:
- CVR 150 – Coming Soon Addendum (rev 10.2023)
- CVR 200 – Commercial Listing Agreement (rev 10.2023)
- CVR 340 – Residential Listing Agreement - Limited Service (rev 10.2023)
- CVR 345 – Residential Listing Agreement - Standard Agency (rev 10.2023)
- CVR 350 – Residential Listing Agreement - IC (rev 10.2023)
Resources:
We encourage you to access our CVR MLS Compensation Toolkit to answer any questions you may have, which includes the following:
- An explanation of the negotiability of agent compensation
- The REALTOR® Code of Ethics and how it addresses agent compensation
- Frequently Asked Questions about the rule change and buyer agent compensation
- Tips for discussing buyer agent compensation with your buyer
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A standard clause for the CVR MLS Purchase Agreement, for if a buyer seeks buyer agent compensation from the Seller (watch this short tutorial for instructions on how to use standard clauses in TransactionDesk)
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A recording of the live Town Hall meeting with Michael Lafayette (coming soon!)
For more information about the CVR MLS Rule Change, visit our KnowledgeBase.
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