Communications

Communications
PSAR Communications makes announcements on behalf of the organization as a whole.

Recent Posts

Important - Compensation Field Removal from CRMLS on August 13th.

Posted by Communications on Jul 10, 2024 5:39:08 PM

Effective August 13:

  1. Removal of Compensation Fields
    • From Matrix, Paragon, and Flexmls.
    • CRMLS Rules and Policy changes go into effect.
    • The concession field at Close will include a category list.

Key Points:

  • Reason for Removal:

    • NAR settled the Sitzer/Burnett case regarding MLS commissions.
    • Compliance with the settlement requires MLS systems to remove all Compensation fields.
  • Impact on Active Listings:

    • Compensation fields for Coming Soon, Active, Hold, and Withdrawn listings will be removed.
  • Historical Listings:

    • Compensation fields for Active Under Contract, Pending, Closed, Expired, and Cancelled listings will remain but cannot be edited.
  • C.A.R. Forms:

    • Release of updated forms postponed. Updates will be provided.
  • Payment Methods Post-Removal:

    • Buyer's Broker compensation can be included in the buyer's offer.
    • Payment details can be included in the Escrow Instructions if using the C.A.R. Residential Purchase Agreement.
  • CRMLS Rules & Policy Changes:

    • Rule 7.15: Renamed to No Offers of Compensation in the MLS.
    • Rule 7.19: Renamed to No Disclosure of Listing Broker Total Commission.
    • Rule 9.1: Renamed to Showings.
    • A signed Buyer Broker Agreement is required before showing a property.
    • View all changes here.
  • Reporting Seller Concessions at Close:

    • New required fields: Closing Costs, Property Improvements, Financing Costs, Buyer Broker Fee, Other, and Total Calculated.
  • Difference Between Concessions and Compensation:

    • Concessions allow buyers to choose how money is spent, supporting a consumer-centric model. Watch the Concessions vs. Compensation video for more information.
  • Staying Updated:

    • Visit the CRMLS Resource Center frequently for updates and information.

compensation

 

Topics: CRMLS

New Feature Alert: Access by Appointment Now Available foR Sentrilock Users

Posted by Communications on Jun 25, 2024 1:45:27 PM

As of June 24th, the Access by Appointment (ABA) setting is now available for Sentrilock users. LIcensees can now restrict access to their lockboxes, allowing entry only to agents with an approved appointment on SentriKey. This feature can be easily enabled using either the SentriKey Real Estate (SKRE) app or the SentriKey website. 

Enabling ABA ensures that only approved licensees can access your property’s lockbox, enhancing security and control. Follow these simple steps to get started and secure your listings effectively.

What is Access by Appointment?

Access by Appointment (ABA) is a feature that requires REALTORS® to have an approved appointment in the SentriKey system to access the lockbox assigned to a listing. This feature adds an extra layer of security, ensuring that only those with scheduled access can enter the property.

How to Enable ABA on the SentriKey Real Estate App:

sentrilock app


  1. Open the SKRE App: Start by opening the SentriKey Real Estate app on your smartphone.
  2. Access the Menu: From your Home Screen, tap the Menu icon in the upper left-hand corner.

  3. Select My Lockboxes: Navigate to 'My Lockboxes'.

  4. Assign the Lockbox: If the lockbox is not already assigned to a property, select 'Assign/Unassign Property' and complete the assignment process. If the lockbox is already assigned, proceed to 'Property Access Settings' and choose the listing.

  5. Enable ABA: Select' More Settings' once the lockbox is assigned. Here, you can turn on the ABA feature.

 

How to Enable ABA on the SentriKey Website:

Sentrilock Access by Appointment
  1. Log In to SentriKey: Visit the SentriKey website and log in to your account.

  2. Go to Listings: Select 'Listings' from the toolbar on the left-hand side of the screen.

  3. Select Your Listing: Click on the Ellipses (three dots) on the right-hand side of the listing you wish to manage.

  4. Enable ABA: Choose 'Enable ABA' from the dropdown menu.

 

 

By following these steps, you can easily manage property access and ensure that only approved REALTORS® can enter your listings.

Stay Informed and Secure

Keeping your properties secure is crucial. SentriLock’s ABA feature provides peace of mind by adding layer of control over who can access your listings. For more tips and tutorials on managing your properties effectively, subscribe to our blog and stay updated with the latest real estate technology insights.

Let’s unlock success together!

Topics: Announcements, Sentrilock

Understanding the New Concession Fields in the MLS

Posted by Communications on Jun 20, 2024 10:29:00 AM

Key Changes:

  1. New Concession Fields (CiP):

    • Added to the MLS on May 29.
    • Concessions are now formally introduced at the listing level.
  2. Removal of Compensation Fields:

    • Effective August 13, compensation fields will be removed from the MLS.

How It Works:

  • Concessions:

    • The seller may agree to pay the buyer for concessions, such as closing costs or loan points.
    • These concessions must be included in the purchase agreement and negotiated between the buyer and seller.
    • The buyer can allocate concession amounts to various costs, including reducing the purchase price, covering loan points, or paying for title and escrow fees.
  • Buyer Representation Agreements:

    • Starting in August, the fee for the Buyer’s Broker will be set in a mandatory buyer representation agreement before property tours.
    • This ensures that the Buyer’s Broker’s fee is predetermined and not influenced by concessions.

Benefits:

  • For Buyers:

    • More flexibility in how to use concession amounts.
    • Greater transparency in the costs associated with purchasing a property.
  • For Sellers:

    • Flexibility to offer concessions without specifying exact amounts.
    • It helps buyers craft more tailored offers.

CRMLS Adjustment Period:

  • As these new practices are implemented, there will be a period of adjustment.
  • CRMLS is committed to transparency and efficiency as users adapt to these changes.

This new approach aims to provide more flexible options for buyers and sellers in real estate transactions.

Questions? 

Chat with CRMLS Compliance Here

DALL·E 2024-06-18 10.22.14 - Abstract depiction of negotiations, featuring intertwining shapes and contrasting colors representing two sides. The image should have a dynamic balan

 

New Optional Fields Make Agent Communication easier and Direct

Posted by Communications on May 30, 2024 3:21:21 PM

As of May 29, all CRMLS Paragon and Matrix now feature optional "Concessions in Price" (CiP) fields. These fields help communicate the seller's willingness to offer concessions, providing sellers an edge and giving buyers a clearer idea of a property's total cost. Learn how to navigate the CiP fields in this guide and find them in your MLS system here:

Last year, nearly 40% of CRMLS closed listings included some form of concession, such as broker fee payments or repair costs. Previously, this information was only available after a listing closed. Now, active listings will display concession details, motivating sales and making it easier to find the perfect property.

For sellers, the new fields allow highlighting a willingness to offer concessions. For buyers, identifying listings with potential incentives helps overcome financial obstacles. The CiP fields benefit everyone.

New Concessions in Price (CiP) Fields:

  • Concessions in Price: A text box for numerical input only, representing the total potential concessions.
  • Concessions in Price Type: Classify the amount as either a dollar amount ($) or a percentage (%).
  • Seller Consider Concessions?: A simple Y or N field. If "Y," additional information appears when hovering over the help (?) icon, indicating that the seller may consider a buyer concession in an offer.

By CRMLS launching these optional fields before the deadline, subscribers will gain valuable real-world implementation experience. This early access allows for necessary adjustments based on practical feedback, ensuring a smoother transition when the fields become mandatory.

For questions, please refer to the FAQ.

Remember, the CiP fields are optional, and concessions are not mandatory.

 

 

Topics: CRMLS

NEW - Optional Concessions In Price MLS Field.

Posted by Communications on May 15, 2024 3:26:14 PM

Concession_240515_Blog (1)

Starting May 29, users will have access to the optional Concessions in Price (CiP) fields when creating a listing. 

The facts:

  • In 2023, nearly 40% of closed residential listings included some form of concessions, including the seller paying for escrow and title fees, loan discount points, and repair and/or upgrade costs.
  • 15% of those closed residential listings in 2023 had some sort of advertisement for Concessions being offered in the Private Remarks section of the listing.

With such a large amount of our user base actively offering concessions, we saw an opportunity to create a specific set of dedicated fields for the benefit of our users and their clients. These new CiP fields will allow agents to convey their willingness to offer concessions at the listing level, thus allowing for clearer communication and cooperation between agents and brokers. 

The new fields benefit all parties:

  • Listing agents and sellers
    Will gain a dedicated space to advertise/market their willingness to consider concessions at the listing input level
  • Buyer's agents
    Will be able to better serve their clients with up-front information on which listings will consider concessions to assist in transaction fees 
  • Homebuyers
    Enhanced transparency on which listings are willing to consider concessions to assist with their financial needs  

What's changing?
Currently, concessions are recorded only at the close of a transaction with a mandatory requirement to state the amount of any concession. The new, more descriptive CiP fields will be available for input at the listing level.

To be clear, the new CiP fields will be optional and only reflect a client's willingness to consider concessions. Details regarding the concessions that may be offered must be discussed outside of the MLS and after a written agreement is signed.

The new fields will be titled: 

  • Concessions in Price: a text box for numerical input only. This amount should include any and all potential concessions in a single total amount.
  • Concessions in Price Type: classify the number above as either $ or %
  • Seller Consider Concessions?: either Yes or No. If Yes, then the listing will include the phrase “A Seller may consider a buyer concession if made in an offer.”  

As of May 29, the new fields in your Matrix system will appear here:

Additional CiP Resources
FAQs
The Facts About Concessions Infographic
Concessions in Price Infographic

 

 

 

Topics: CRMLS

Navigating Price Gouging Laws in California: A Guide For Real Estate

Posted by Communications on Mar 12, 2024 10:00:00 AM

Price Gouging Laws in California
In the wake of emergencies, the real estate industry in California faces unique challenges. Understanding the state's anti-price gouging laws is crucial whether you're a sales agent, broker, or property manager. These laws not only protect consumers during crises but also guide professionals in maintaining ethical standards.

Here's what you need to know: 

The Essence of Price Gouging in Real Estate
Price gouging occurs when prices for housing, rentals, or other essential services are significantly increased to exploit an emergency. For real estate professionals, this typically relates to the pricing of rentals, homes for sale, and emergency lodging. The goal is to prevent undue strain on those affected by disasters, ensuring access to housing remains fair and equitable.

California’s Stance on Price Gouging
California law, specifically Penal Code Section 396, restricts increasing the price of housing and other essential services by more than 10% following an emergency declaration. This applies to sales, rentals, and services across the board, ensuring that real estate professionals are aligned with legal and ethical pricing standards during critical times.

Timing and Application of the Law
These protections activate immediately upon an emergency declaration by federal, state, or local authorities and are initially set for 30 days. For real estate-related services, like reconstruction and cleanup, the period extends to 180 days. Importantly, officials can extend these timeframes to meet ongoing needs, affecting how properties are marketed and managed.

Staying Informed on Declarations
Real estate professionals should closely monitor emergency declarations to comply with legal requirements. This includes staying updated through the Governor's website and local government channels. Awareness of state and local declarations is key to ensuring your practices align with current regulations. The following locations are under price gouging protections.

Who and What Is Covered?
The statute broadly applies to all entities within the real estate sector, including individuals and companies involved in selling, renting, or managing properties. It covers a wide range of necessities, notably including rental housing, hotels, and motels, ensuring that the industry's response to emergencies is comprehensive and compliant.

Addressing Cost Increases and Violations
If your costs increase due to supplier price hikes, the law allows the cost to be factored into pricing, provided it can be justified. However, compliance with the statute is closely monitored, and violations can lead to severe penalties, including fines and criminal charges. Ensuring transparency and fairness in pricing is crucial to avoid legal repercussions.

Role of Real Estate Professionals in Compliance
As gatekeepers of housing and essential services, real estate professionals have a pivotal role in upholding these laws. This involves adhering to pricing regulations and advising clients and the community on their rights and protections. Your guidance can help navigate the complexities of emergencies, ensuring access to housing remains fair and stable.

Conclusion
For real estate professionals in California, understanding and complying with anti-price gouging laws is essential. These regulations ensure that during emergencies, the industry acts with integrity, maintaining fair pricing and access to housing. By staying informed and adhering to these laws, you play a vital role in supporting communities during their most vulnerable times, reinforcing the ethical standards that define the real estate profession.

This link provides useful guidance for identifying if a state of emergency affecting price gouging in rental housing is in effect. Simply locate your rental property's county on the list and note the code (a letter in parentheses) next to it. Then, refer to the explanations at the bottom of the page to understand which price gouging laws apply to your situation

 

Important Disclosure
Please note that the information provided in this blog post is for general informational purposes only and does not constitute legal advice. Real estate laws and regulations can be complex and subject to change. While we strive to present accurate and up-to-date information, we cannot guarantee the completeness, reliability, or applicability of the content to your specific situation.

As a real estate professional, it's essential to understand your actions' legal implications, especially in emergencies and price-gouging laws. Therefore, we strongly recommend consulting with a qualified attorney or legal expert to obtain advice tailored to your specific circumstances. Doing so will ensure you navigate these challenges with the utmost compliance and integrity, safeguarding your professional practice and the communities you serve.

 

Topics: Brokers/Managers, Government Affairs, Property Management

Update regarding the DOJ Statement of Interest in the PIN Case.

Posted by Communications on Feb 16, 2024 10:16:19 PM

Katie Johnson NAR's General Council shared an update today regarding the Department of Justice's (DOJ) Statement of Interest in the ongoing lawsuit, Nosalek v. MLS PIN, which scrutinizes the practice of cooperative compensation between listing and buyer brokers.

MLS PIN, not fully owned by REALTOR® associations and not bound by NAR's guidelines, mandates that listing brokers offer compensation to buyer brokers. The DOJ challenges this tradition, suggesting that listing brokers and sellers should not offer compensation to buyer brokers, aiming to change longstanding practices in real estate transactions in the U.S.

Johnson argues that the DOJ's stance could harm consumers by making it more expensive for buyers to obtain representation and limit access to housing, noting the DOJ's lack of new analysis to back its claims. She emphasizes that such DOJ interventions overlook the potential negative impacts on homebuyers, including those buying for the first time or belonging to minority groups, and could disrupt the housing market.

Despite these challenges, NAR remains committed to defending free market competition and ensuring fair home ownership access. Johnson urges members to fully understand the DOJ's position, highlighting its implications for cooperative compensation practices and the broader real estate market. She asserts NAR's dedication to navigating these issues, aiming for outcomes that support property owners and real estate professionals across America.

Hee entire update may be found on the Realtor Hub Here.

Read the DOJ,'s Statement of Interest Here

Topics: Announcements, Brokers/Managers, Industry

Home Buyers and Sellers Profile Draws National Media

Posted by Communications on Nov 13, 2023 7:00:00 AM

blog banner_231112_ Profile of Home Buyers and Sellers

The National Association of REALTORS® released its 2023 Profile of Home Buyers and Sellers this morning, garnering coverage in a wide range of national media outlets, including CNN , Bloomberg and The Washington Post.

For most home buyers, the purchase of real estate is one of the largest financial transactions they will make. Buyers purchase a home not only for the desire to own a home of their own, but also because of changes in jobs, family situations, and the need for a smaller or larger living area. This annual survey was conducted by the NATIONAL ASSOCIATION OF REALTORS® of recent home buyers. Download Highlights (PDF 7 MB) | Get the Full Report(link is external) | News Release

Read additional highlights of the report in REALTOR® Magazine’s “12 Trends That Explain Your Clients’ Real Estate Journey.”

The annual report, which NAR has been conducting since 1981, covers demographics, preferences, and experiences of recent buyers and sellers across the United States. Data was collected from a nationally representative sample of home buyers who purchased a primary residence in the 12-month period between July 2022 and June 2023.

This year’s report shows that reliance on real estate professionals remains strong. Although 100% of respondents said they used the Internet in the home search process, a vast majority—89% of both buyers and sellers—said they worked with a real estate professional on their sale or purchase. Only 5% of sellers cited the “agent’s commission” as an important factor in choosing their agent: The reputation of the agent, whether the agent was “honest and trustworthy,” and knowledge of the neighborhood ranked as the most important factors.

Household annual income among buyers was 22% higher than last year, an indication that high sales prices and rising interest rates have eroded lower-income households’ ability to purchase a home. Among buyers who financed their purchase, the median down payment amount was also up. In this year’s report, it was 8% for first-time buyers, 19% for repeat buyers, and 15% for all buyers.

After several years of losing share in the homebuying market, first-time buyers are making headway. They made up 32% of the market, according to this year’s report—still below the historical rate of 38% but notably higher than last year’s rate of 26%.

As in past years, buyers and sellers report satisfaction with the service provided by their real estate professionals. Ninety percent of buyers said they would definitely (75%) or probably (15%) use their agent again or recommend their agent to others. Eighty-seven percent of sellers said they would definitely (73%) or probably (14%) recommend their agent for future services.

Highlights From the Profile of Home Buyers and Sellers

Topics: Brokers/Managers, Market Information, Industry

HomeSnap-Pro Becomes Homes-Pro

Posted by Communications on Oct 13, 2023 4:46:10 PM

Homesnap pro is on the way out

The Homesnap app, which is a listing search product for both listing and buyer agents, will be changed to the Homes Pro app, a LISTING-Agent search and advertising platform. While Homesnap is still currently available, the Homesnap app will fully become the Homes Pro app on October 23.   

This update comes from Homesnap: Most elements of Homesnap will forward to the Homes Pro app or redirect to Homes.com, regardless of whether or not you're a CRMLS user. In fact, many MLSs that had relied upon Homesnaphomespro app have already made the transition to Homes Pro, so we're hoping for an easy change to the different platforms. 

When opening the Homesnap app or accessing the website, you'll see this splash screen informing you of the switch taking place on 10/23.

CoStar's business model is to steer all leads to the listing broker or agent and not to the buyer's agent working with a client. The business plan is to see advertising to the listing agents. 

Finding a suitable replacement for a familiar tool can be a daunting task, and the process of replacing it is no easy feat. However, below is a comprehensive list of comparable product solutions tailored to your particular MLS system. Carefully review each offer and determine whether the Homes Pro app or another CRMLS core product is a better fit for you.  Advantages of these tools include the client portal, the ability to Add/Edit, 

Paragon App Comparison
Matrix App Comparison

Learn more about the Paragon Connect Moblie Web Site

Learn more about MLS Touch
Learn more about the CRMLS App

CoStar's move to discontinue Homesnap came nearly three years after CoStar acquired Homesnap for $250 million in 2020, initially intending to enter the residential real estate market. In 2021, CoStar acquired Homes.com for $156 million and decided to make it their primary consumer brand. 

By the end of the year, Homesnap's website will redirect home searchers to Homes.com, and eventually, Homesnap will be completely phased out.

For now, Homes Pro will remain free for agents and multiple listing services (MLSs).

 

Topics: CRMLS, PSAR Benefits, Industry, Paragon

California DRE 2023 Summer Bulletin

Posted by Communications on Sep 18, 2023 2:04:07 PM

2023_DRE_Summer_Bulletin

Check out the DRE 2o23 Summer Bulletin and gain awareness of the DRE's priorities this quarter. Below are highlights.  Download the PDF for the full update. Take a look at the California DRE Summer Bulletin here.

  • Commissioner’s Update
  • New Pre-License Statutory Course Requirements Coming in 2024
  • Vacant Land Property Scams
  • Originating Nontraditional Mortgage Loan Products
  • Succession Planning
  • Ensure Protection of Trust Funds Collected by Real Estate Brokers
  • What Would You Tell Your Younger Self?  

Commissioner_McCauley

 

Douglas R. McCauley

Real Estate Commissioner
Department of Real Estate

 

 

 

 

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PSAR's Mission is to empower Real Estate Professionals

Since 1928, the Pacific Southwest Association of REALTORS® has played a significant role in shaping the history, growth, and development of the Real Estate industry in San Diego County.

Topics: Announcements