Many brokers hesitate to change traditional compensation models, risking negative consequences as plaintiffs attorneys audit MLSs. While some brokers initially resisted changes, compliance grew as awareness increased. However, not all agree on compliance, as some state forms allow practices that don't align with settlement rules. Benchmark Realty has developed custom forms to better serve consumers, aiming for clarity and simplicity over legal jargon. Frustration remains regarding the complexity of existing forms from various sources, prompting ongoing efforts to improve consumer experience in real estate transactions.
A lot of these brokers just don't want to have to rethink what they are doing or change their compensation models and that is why they are stuck in this traditional way of doing things and it is going to hurt them because we know the plaintiffs attorneys have begun their audits of the MLSs and I think the larger firms will be on deck next.
When I look at the forms that we have done, we have worked really diligently to meet the consumer where they are at and give them that streamlined approach and not a whole lot of legalese thrown at them.
The biggest frustration that we continue to have is that the forms that are provided from a variety of sources are so hard to read and understand.
Cantrell said that some forms promulgated by the state Realtor association do not adhere to the sentiment of the settlement rule changes, allowing brokers and agents at least in his home market of Tennessee to get away with practices he does not feel align with the settlement.
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