REW's new buyer compensation tool (with full video)

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#1

Hello all, I wanted to share an update on Real Estate Webmasters’ new buyer compensation tool.

Here is the full video of how it works including commentary on how it is able to be compliant with the NAR settlement (should that get approved).

We already have several MLSs that have approved this tool, and the feedback has been 100% positive. We believe the tool to be 100% compliant with the spirit of the settlement.

What does this tool do?

For your own listings only…… You can now add offers of compensation to buyers brokers or buyers representatives.

These offers are available on the listings details pages (available to be viewed by agents and the general public)

What the tool does not allow you to do (and we will not code this for you) is allow the searching of listings by compensation (that would likely take us into DOJ / Fair housing territory) < so please don’t ask for that :slight_smile:

The tool is free for REW customers! (Yay!)

You just have to be on the most recent install of Renaissance (patch coming out mid may) and you must belong to an MLS that has approved the use of the tool.

Why is MLS approval important? While we believe the tool is 100% compliant with the settlement, we also value our partnerships with the MLSs. In addition, we are beholden to their rules when it comes to accessing and displaying data. So it’s not just about a thumbs up / thumbs down from NAR settlement folks, we want to make sure the MLS is good with the implementation as well.

Some important highlights for MLS’s reading this:

#1: These offers can only be displayed on the brokers own website. We do not feed it back to our MLS data, or make it available via API or other distribution or feed

#2: Before a broker can use/access this tool, they must first “restrict” the listings being accessed to their own listings/offices (ensuring compliance with the NAR settlement)

Here is the language that pertains to this element

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#3: The language for the label on the front end and what gets implemented is customizable per MLS and per customer, so you can request or require (if you so choose) specific language to be used in an MLS participants implementation of the tool

We’re here to support you (both our customers and the MLS’s) -

Any questions regarding this tool, please post them below, we’re happy to answer them for you.

1 Like
How to set up the Buyer Compensation Tool
May Release Features (Version 24.5)
#2

Hi @Morgan

Did they approve nesting this field mixed with the IDX data? Isn’t additional data required to go in a separate section from the IDX data and indicate the source of the data?

#3

Your MLS REColorado has approved the implementation as featured in the video, so yes, you can add the information alongside IDX details on the details page.

But it’s not “co-mingled” with IDX data (it’s combined at the REW website level) so it doesn’t feed back. to the MLS (not sure if that was part of your question)

#4

So, can I find out if our MLS has already be queried or given approval? Also, do you all have a list of MLSs that have approved this tool, in the US? Thank you

#5

Who is your MLS?

#6

Big Sky Country MLS - Montana

#7

Not on the approved list (yet) but if you send them this thread and ask for approval (then forward it to your AM) happy to turn it on for you when ready (next release)

#8

Can you advise if CWTAR (Tennessee) has approved this? Thanks!!!

#9

They have not, but you are welcome to request it - (just send the request along with this post that contains the video) -

#10

Hi Morgan, Is Collin County Association of Realtor on your list for approval?

#11

Not yet, but feel free to send them this thread and ask them if this tool is permitted.

All we need is an email forwarded from the client with approval and we can install it for you

#12

Hi @Morgan , do you have Collin County Association of Realtors on approved list?

#13

Hi all, does anyone know how to edit or delete the compensation field once it’s been added to a listing?

1 Like
#14

BC day here today - @Rebecca can you look into this in the AM?

#15

Hi Stacie,

To edit or delete the compensation fields, from the hamburger menu go to Listings and you’ll be able to see all of the listings that have a compensation field added. To delete select the delete button, and to edit select the edit button which with give you the option to change the compensation field for each listing.

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Hope this helps, let me know if you have any questions.

#17

Perfect, thank you!