Designated Managing Brokers

Everything You Need, Continually Updated, in One Place, to Set Your Office Up for Success

Mainstreet understands how important it is to have access to timely, quality information and guidance in our ever-evolving Chicagoland marketplace. The content and resources below will be continually updated with new developments, information and materials and has been curated exclusively for Designated Managing Brokers like yourself to utilize in engaging with and educating your office.    


Adapt & Thrive: An Exclusive Designated Managing Broker Event 

Join Mainstreet on June 25 for an event designed to empower and inform professionals like you. From legal issues to market insights, our agenda is packed with valuable sessions led by industry experts. This event is only open to Designated Managing Brokers. Click here for info on the sessions & registration.

Complimentary Accredited Buyer Representative (ABR) in July 

Coming to you this July, Mainstreet is offering you a FREE opportunity to receive the expertise you need for an edge in serving today’s home-buyers. Join Mainstreet on July 9 and July 10 for the RB773: Accredited Buyer Representative (ABR). Click here for info & registration.  

Mainstreet REALTORS® Compensation Information

Click the link below to visit Mainstreet REALTORS® compensation information page for the most up-to-date resources & information.

New Forms Alert: Exclusive and Non-Exclusive Buyer Representation Agreement, Addendum to Multi-Board Residential Real Estate Contract 7.0 and more!

Mainstreet has updated and created multiple forms for you and your office to use! Those forms include: - Residential Exclusive Right to Sell Marketing Agreement - Seller's Estimated Net Sheet - Brokerage to Brokerage Compensation Agreement - Multi-Board Residential Real Estate Contract 7.0 - Exclusive Buyer Agreement - Non-Exclusive Buyer Representation Agreement These forms are available for download on Mainstreet’s website as well as our form partners, such as Dotloop, DocuSign and MRED, so that it may be uploaded into connectMLS. Click below to review and access Mainstreet's contracts and forms.

Beneficial Ownership Interest (BOI) New Requirement for Reporting

Regarding pending lawsuit(s) in other states, Mainstreet Broker/Lawyer Committee Member and Attorney Michael Anselmo said only those in the lawsuits would be involved, this does NOT affect anyone in Illinois. In addition, he states his opinion that agents with entities for “indirect payment” would NOT be an exception. The due date for filing is December 31, 2024 and penalty is $591 per day.

Visit Fincen.gov/boi and Boiefiling.fincen.gov/ for more information. 

GSEs Will Not Count Buyer Agent Commissions in Cap on Seller Concessions

Fannie Mae and Freddie Mac issued guidance, echoing sentiments already shared by FHA Commissioner Julia Gordon. Read the full article below.

You Are Worth Every Penny, But Do Your Clients Know That?

Now more than ever it is important your clients know what you do to help them buy or sell their home. Click here to download the list of 179 Ways Agents Who are REALTORS® Are Worth Every Penny of Their Compensation. We know that there are far more that just 179 though, click here for 105 more tips! This list was compiled by Mainstreet's very own Lynn Madison!

Explaining Real Estate Compensation

Still trying to explain how real estate compensation works to your clients? Click here to watch this short video from NAR to use as a visual guide for your clients. 

A few highlights from the video:

  • Share how the process works

  • Ensure buyers that agent compensation is always negotiable at the outset or as agreed to by the parties at any time before the transaction closes

  • Costs should always be spelled out to buyers and sellers

  • There are no standard commissions or service offerings

  • To maximize transparency, the National Association of REALTORS® also encourages the use of buyer representation agreements

  • Explain to clients that agents usually only get paid if the home sells. For sellers, their brokers are typically paid out of the proceeds of the sale

  • You may even consider sharing why it's important for buyer commissions to be paid by the listing broker

Trending Topics

connectMLS Compensation Field Update

Effective now, MRED offers additional flexibility for MLS users to allow them to enter $0 or 0% in the compensation field for all listings. Watch Mainstreet's CEO John Gormley, President Tim Ryan and Vice President of Professionalism and Career Development Kate Sax discuss the changes MRED implemented. 

Also, read President Tim Ryan's article in Chicago Agent, "Compensation changes offer a chance to double down on core value of transparency"

Double Down on Your Skills, Knowledge and on You!

Mainstreet instructors Chris Read and Lynn Madison brought you a series of informative Coffee and Conversation sessions to help you invest in your future as a REALTOR®. How We Got Here, How to Talk to Sellers and How to Talk to Buyers will equip you with the tools and knowledge needed to grow and flourish in the changing real estate environment. Click on the links below to watch the recordings and to download the PowerPoint presentations. 

The Industry is Shifting, but How Did We Get Here?

Class action lawsuits, the Department of Justice and consumer confusion could have huge impacts on your future to serve your clients at a high level and thrive as a small business owner. How will these unprecedented external forces reshape our industry? Watch the recording of Coffee and Conversation: How We Got Here featuring nationally accredited educator Lynn Madison. Click here to download the PowerPoint slides from Lynn Madison's presentation. 

Are You Working With Your Seller Clients Efficiently?  

Nationally accredited educator Chris Read brings you the resources and recommendations as she addressed the real estate paradigm shift, decoupling the buyer broker compensation from the listing broker compensation, rebooting seller conversations and what to say vs what not to say to sellers. Click here to download the PowerPoint slides from Chris Read's presentation. 

Want to Learn How to Talk to Buyers? 

Watch this recording from our previous Coffee and Conversation where Lynn Madison provides you with resources and recommendations that you can implement in your business when working with buyer clients. Double down on your skills, on your knowledge and on you! Click here to download the PowerPoint slides from Lynn Madison's presentation. 

  

Competition, Transparency and Your Local Marketplace

As experts in the community, local REALTORS® help consumers navigate what is for many the most complex and important transaction of their life. The U.S. model of local broker cooperation is viewed as the best value for consumers around the world because it provides sellers equal access to the largest possible pool of potential buyers and creates the greatest number of housing options for buyers in one place without hidden or extra costs. Additionally, sellers making offers of compensation to buyer brokers also gives first-time, low/middle income and all homebuyers a better chance at affording a home AND professional representation. 

competition.REALTOR provides a comprehensive overview of how REALTORS® and the MLS marketplace benefit consumers.

Use this information to ...

  • Tell your clients the value you bring to the transaction, what they can expect from your services and how you will be compensated
  • Start an education campaign or publish articles on your social media channels and newsletters
  • Show why the American real estate system that honors cooperation amongst professionals serves the best interest of home buyers and sellers alike

  

broker.REALTOR Resources through NAR

Now more than ever before the Designated Managing Broker must lead from the front. Using all available resources, insights and strategies to plot tactical decisions for your brokerage and REALTORS® is imperative. NAR offers Managing Broker resources to reinforce and sharpen your tool kit such as legal, safety, involvement programs and Broker summit registration. Click here for details.

Correcting the Record: NAR Does Not Set Commissions
Video: The Code of Ethics and You: Working With Buyers When No Compensation is Offered
Updated Residential Right to Sell Marketing Agreement
MRED Private Listing Update: Will You Get Paid? (Mainstreet Buzz Blog Post)
Education Related to Negotiation, Conveying Your Value Proposition and Compensation
Value for REALTORS® Fact Sheet

Keep reading for more information on education options through Mainstreet and even a way to host classes in your office!

  

Personalized Office Visits: Live or Virtual, Your Choice

Did you know Mainstreet has a staff person dedicated to connect with you, our members? Mainstreet's Director of Member Outreach, Lynnette Mock, is your resource for everything Mainstreet (and lot's of other things!) You can include Lynnette in your next office meeting to educate and support your brokers regarding the current climate of the real estate market including, but not limited to:

  • Competiton and transparency
  • Value of a REALTOR®
  • Member benefits
  • Time-sensitive industry news and trends
  • Professional Standards updates
  • REALTOR® safety
  • The latest in social media and marketing trends
  • Contracts and forms

If the above topics don't fit the specific needs of your office, Lynnette will collaborate with you to create a value-packed presentation tailored to your office's unique goals and needs.

Schedule Your Customized Office Visit

Click below to connect with Lynnette via email and choose your topics or, call Lynnette directly at 630.324.8442.

  

Monthly PowerPoint Slides for Your Office's Content Needs

Current, customizable content for sharing with your brokers between your Mainstreet Office Visits.

Anticipating your brokers' needs, both with resources and guidance, is part of fostering a successful brokerage. Mainstreet has a tool to help lighten the load that comes along with seeking out the most important news, updates and resources your office needs. Each month, the hottest, trending content is collected and served to you in an easy to customize set of PowerPoint slides. The slides are sent via email in our Monthly Managing Broker Update eblast. Previous topics include updates regarding the NAR lawsuits, contracts and forms changes, current events, unique education opportunities and member benefits just to name a few.

Haven't received your Monthly Managing Broker Update eblast in the past? Contact Dave Pollina at David@SucceedWithMORe.com or 630.324.8421 to ensure you don't miss the next eblast.

Your June Designated Managing Broker Content is Ready!

Topics include updates on the NAR Lawsuit Settlement, information on Homeownership Month and so much more!

Looking for Previous Months' Presentations?

Mainstreet houses all of our past Designated Managing Broker slides for 2023 in our archive which can be accessed below.

An Endorsement that empowers REALTORS® to evaluate, enhance and showcase their highest levels of professionalism. Completing your C2EX Endorsement satisfies NAR's Code of Ethics training requirement for the current cycle. With more than 100,000 REALTORS® who have started their C2EX journey, are you waiting for a sign to start yours?

  

Continuing Education In Your Office (or Anywhere Your Brokers Are)

Nationally recognized instructors, quality education and knowledgable staff advisors.

Hosting Continuing Education in your office or a location of your choice gives you the ability to choose the right topics for your office's needs. As an added bonus, you'll ensure that your brokers have completed their education requirements; keeping your agents in business and in compliance. The process is also super simple; involving just four quick steps. 

Visit our In-Office Continuing Education page to get started now.

  

 

Exclusive Benefits for YOU and YOUR Office

Designated Managing Brokerwith Mainstreet REALTORS® on your team are granted instant access to real world career resources. What does that mean exactly? Well, for starters your team of Mainstreet REALTORS® will begin seeing the following Member Benefits from day one.

  • Education – Virtual and in-person classes, webinars, Mainstreet On-Demand video archives, nationally recognized speakers and industry expert instructors.  

  • Resources Contracts, Forms, Tech Help, Marketing Tools, SentriLock, FOREWARN, Municipalities Data and Market Statistics. 

  • REALTOR® Brand Promotion The trademark ® is a trusted symbol of professionalism. Mainstreet REALTORS® may qualify for the 20 Under 40 Awards, Good Neighbor Awards, Production Awards and the Mainstreet REALTOR® of the Year Award. 

  • Professionalism and Risk Management Call the Professionalism Hotline, request mediation services, arbitration services, utilize our Ethics Citation Program or file a complaint online using Mainstreet Simple Online Standards (S.O.S).  

  • Leadership Opportunities Leadership Academy and Toastmasters are hosted at Mainstreet featuring industry recognized expert speakers to bolster your public speaking skills and leadership acumen. As additional benefits to your membership we have a bevy of volunteer committees that all members may apply for! 

  • Networking Opportunities – Social media exclusivity with members-only Facebook Groups, Book Clubs, Commercial workshops and international trade missions.  

 

Take Your Education to the Next Level!

The Mainstreet Education Department is packed with coursework, instructors and resources to fulfill the needs of your brokerage.

In addition to educational opportunities, there are nationally recognized accreditations waiting for your staff upon completion of specific classes. NAR certifies 15 of the available classes while Mainstreet owns two certification courses.

At Home with Diversity (AHWD), Accredited Buyers Representative (ABR), Real Estate Negotiation Expert (RENE) and Seller Representative Specialist (SRS) are four of the most popular NAR certification courses. We offer our classes in a hybrid model by design, meaning they may be attended live or on Zoom providing more flexibility for your Brokerages schedule. Do you want the opportunity to take the SRS, RENE or ABR at a special, discounted price? Click here to view and register for these specially priced Designations. 

The more education your staff has the more agile they are in any market climate. Click here to navigate to our professional development and certifications page. 

 

Everything Your New REALTORS® Will Need to Know

Designated Managing Brokers welcoming new REALTORS® on their team becoming first-time Mainstreet members need to have a conversation about Jumpstart. It is a two-day Zoom orientation course required by NAR covering everything they need to know about Mainstreet membership. Subjects include but are not limited to: NAR Membership Guide - a comprehensive compilation of all the tools, resources, benefits, products and advocacy opportunities available to new and existing members

  • Writing and Presenting Offers
  • Fair Housing
  • The Code of Ethics
  • Exclusive Mainstreet Member Benefits

Jumpstart is designed to help new agents in your office find continued success under the Mainstreet brand. Plus, eight hours of the Jumpstart orientation may be applied towards their Post-Licensing Coursework. Jumpstart is hosted once a month from January to December.  

Disclaimer* - Jumpstart is a Mainstreet new member requirement. It is a two-day course that must be taken within 90 days of joining. Any new members who sign up and “no-show” for their classes will be charged with a nonrefundable $75 fee as penalty. Failure to complete Jumpstart within 90 days of new membership will result in suspension of access to the MLS, SentriLock and FOREWARN services.  

Guide Your New REALTORS® Down the Pathway to Success

So you have a new REALTOR® in your office who is just getting started in the industry. They are bright eyed and bushy tailed as any ambitious new REALTOR® would be as they enter the real estate world, but how can you help set them up for success? You can encourage them to complete the Pathway to Success!

  

Designated Managing Broker and Brokerage Forms

Whether you're establishing a brokerage for the first time or adding agents to your office, here's a library of commonly used forms for managing brokers.

Brokerage Forum Sessions

Education and Networking Tailored to Chicagoland Designated Managing Brokers

Whether you're an office of 100 or an office of one, the Brokerage Forum is designed to give brokerages an opportunity to have their voices heard, their specific needs addressed, and questions answered.  Each forum is unique and updated with new content each time it is offered.  Topic themes include industry updates pertinent to production, tools and software successes, planning for growth, IDFPR examination updates, set up and structure analysis, open opportunity for any questions and more.