MRED Private Listing Update: Will You Get Paid?

June 1, Mainstreet HQ – Effective as of June 1, 2023, MRED will allow Private Listings to display $0 or (0%) in the compensation field.

The change comes from MRED’s Board of Managers to remain competitive. Given the legal environment surrounding the lawsuits filed against NAR, the decision offers additional flexibility to home sellers.  As of this blog posting any private listing will now allow those to, “enter 0% for a figure in the compensation field while in private-status listing.”

An important note to be aware of is that this change in compensation does not apply to standard listings in the MLS. The private listing status is being used as a diagnostic for practicality, measuring any possible application it may have for listings.



Mainstreet Organization of REALTORS® invited Doug MacArtney of Coldwell Banker Realty, Lauren Soderstrom of @properties Christie's International Real Estate and Michele Nixon of Berkshire Hathaway HomeServices Chicago to lead a tutorial video about MRED’s changes to private listings. Doug is the Citation Committee Chair; Lauren is the Grievance Committee Chair and Michele is the Chair of the Professional Standards Committee.

It is by design that these three Mainstreet Committee Chairs were selected as they bring industry expertise to this discussion and will likely see the impact of these changes up close and personal in the REALTOR® professional standards process. Ethics experts and education are two member benefits Mainstreet provides all our members. During transitional phases, we strategize on how to be proactive instead of reactive. The adage still plays: preparation is the start of success.

Doug asked a rhetorical question to the camera and viewers, “So what does this mean to you?”
Quickly followed by, “Do not panic.”

Asking the right questions will foster better answers and ultimately a clearer process. Lauren shows you exactly how to start that conversation during the ‘No Offer of Compensation Video Training.’ She asked viewers simulated questions focusing on a conversational approach, “How are you educating your buyers in the home buying process? Do you establish an appointment to meet with your buyers to discuss a partnership, expectations, the market or compensation?”

Michele was the closer in this video. She added her advice towards the end about likening this conversation with buyers to a possible listing presentation. She advised viewers to take the initiative and remind buyers this is about the value proposition they bring as a REALTOR®. “How do you sell yourself in the same way? In the same way market conditions drive marketing, market conditions also drive negotiations. How are you discussing compensation and showing your value as a partner?

Mainstreet is your REALTOR® resource for industry updates, education courses, member benefits and ethics experts. We are committed to bringing our members high quality content during this paradigm shift in real estate. Throughout times of change the best defense is a good offense which means staying current with new information and being proactive with your business.