Law Day, Coffee and Conversation: ICYMI Here Are the Facts

Mainstreet HQ, Downers Grove – Real estate is currently in a transitionary phase. The size and scope of these changes may fluctuate but what will remain constant is the value of a REALTOR® and their ability to serve clients and communities. Mainstreet continually strives to demonstrate the value proposition of a REALTOR® with our one-of-a-kind membership benefits.

The Broker/Lawyer Committee at Mainstreet is one of those unique member benefits; they work cooperatively to improve processes, forms and best practices for all procurement of Mainstreet Forms and Contracts. The changes made to these forms and contracts include recent rulings from the Department of Justice (DOJ).

Following Law Day 2023 was a Coffee and Conversation Debrief, breaking down key ideas and important information presented during Law Day 2023 at Mainstreet Headquarters in Downers Grove. Click here to view the full footage of Law Day 2023 at Mainstreet.

As an extension of Law Day Mainstreet members grabbed their coffee and had a conversation about the immediate contractual changes happening at Mainstreet and looked at them from the end user perspective. Click here to redirect to Mainstreet's Contracts and Forms page. It is the fruit of labors and efforts put forth by the Mainstreet Professional Ethics and Practices (P.E.P.) Department and the Mainstreet Broker/Lawyer Committee.

One form saw direct attention during Coffee and Conversation because it was updated and older forms in an MLS should be replaced with this newest version. The Residential Exclusive Right to Sell Marketing Agreement has been modified to address conversations necessary regarding compensatory disclosures.

Three specific paragraphs noted in this Coffee and Conversation about the Residential Exclusive Right to Sell Marketing Agreement are line items 15, 16 and 17. They address 1. (15) compensation, 2. (16) cooperation and compensation for non-participants and 3. (17) marketing agreements. Their modifications are directly related to the changes required as part of the DOJ settlements.

Merriam-Webster defines side hustle as “work performed for income supplementary to one’s primary job.” Carrie Little took the mic to discuss these possible hustles and why is it imperative to be sure you SHOULD start one. Asking the right questions to your managing broker and/or designated managing broker is where anyone considering this grind needs to start. There is a symphony of possible options like credit repair, home inspection, lending, property management, tech, title agent plus several more. Mainstreet created a roadmap for REALTORS® who want to investigate this revenue stream, click here to view our Side Hustle PDF.

Chris Read put it best when saying, “The best defense is a good offense.” Essentially speaking about instead of sitting and waiting, being proactive demonstrates the drive to be ahead of the curve. Who wants to be known as having trouble with the curveball? Spoiler alert, not you.

Mainstreet will continually publish content as the changes roll in. We are here to ensure our members have everything they need to be successful. Anything from content to classwork to office visits are at the ready. Click here to access the Mainstreet member benefits page.