Tech Tools to Navigate Upcoming NAR Regulations
It’s no surprise that NAR regulations are swiftly coming into effect and agents need to be prepared. In short, real estate agents who list properties for sale on an MLS will be required to enter into written agreements with buyers before touring a home and have specific requirements that these written agreements must include. Luckily, Lofty has a couple of tech tools to help real estate agents maneuver through these regulations:
Market Reports
Setting up Market Reports will help to nurture your clients with trends and statistical data to help keep them aware of what is happening in the real estate market. This is essential as the NAR settlement preserves the choices consumers have regarding real estate services and compensation. Providing a Market Report curates a sense of transparency between you, the real estate agent, and your client. Plus, this allows the client to view comparable listings and weigh the options of the home values which shows them both their buying and selling power. NAR remains dedicated to promoting transparency in the marketplace and working to ensure that consumers have access to comprehensive, equitable, transparent, and reliable property information, as does Lofty.
Buyer Agent Compensation Feature
Previously, the buyer’s agent fee was usually covered by the seller. However, come August 17th this practice will change due to the NAR settlement. Offers of compensation will continue to be an option that consumers can pursue, off-MLS, through negotiation and consultation with real estate professionals.
Fortunately, Lofty was quick to innovate and designed a new feature in the platform to address such concerns. The Buyer Agent Compensation feature is a newly added widget that allows you to display the compensation amount on the listing page on all IDX websites on your Lofty account, keep in mind this must be done manually for each listing. Once a listing is marked as Sold, the Buyer Agent Compensation field will be removed from the listing detail page.
Listing Blast
In addition to the upcoming NAR regulations, Lofty offers a time-saving tool to optimize your digital marketing efforts directly within our platform. Our listing blast tool enables you to effortlessly promote your listings on Facebook and Instagram, saving you time and maximizing your reach. With this tool, you can capture both buyer and seller leads, create stunning Facebook Lead Ad campaigns independently, and modify ad creatives and content at your convenience. The Auto Promotion feature automatically adjusts ad content based on your listing's status changes, ensuring your campaigns are always up-to-date. You retain full control throughout the process, from defining lead capture settings to monitoring ad performance. Overall, it allows you to adhere to the previous Clear Cooperation Policy that NAR instilled back in 2020 that states listings must be submitted to the MLS within a certain timeframe after public marketing begins. For agents using listing blast tools, this means ensuring that all listings promoted via digital platforms like Facebook and Instagram are also promptly submitted to the MLS. Failure to comply could result in penalties or restrictions from MLS services.
As NAR regulations progress to enhance transparency in the real estate industry, agents now face a defining moment to adapt and thrive. Lofty is committed to creating essential tech tools to help agents navigate this uncertain time seamlessly. From Market Reports curating client engagement and informed decision making to the new Buyer Agent Compensation Feature securing clarity in transaction details, Lofty wants to empower agents to adhere to compliance while maximizing their impact on the market. As we move forward into a changing landscape, Lofty remains steadfast in its effort to support agents in meeting regulatory requirements and delivering above and beyond service.
Want to learn more about Lofty? visit lofty.com or give us a call at (877) 877-3772.