Massachusetts home sellers can now list their homes without offering buyer’s agent compensation, opening the door to significant savings and unprecedented flexibility in the selling process for FSBOs who want to eliminate real estate agent commissions.
Entry only MLS listings have always allowed FSBOs to eliminate listing agent commission, we’re thrilled to share this groundbreaking news of a major shift in buyer’s agent compensation requirements in Massachusetts that will transform how you sell your own home using flat fee MLS entry only listings.
Effective immediately, Entry Only New England can now accept property listings for sale without requiring offers of compensation for cooperating brokers and buyer’s agents. This means if you, as the seller, choose not to offer compensation to a buyer’s agent, you can simply enter a value of zero (0) when you sign up for a listing.
This update is truly game-changing for several reasons:
- Increased Flexibility and Control: You now have complete control over whether or not to offer compensation to a cooperating broker. This empowers you to decide what’s best for your specific situation without being bound by the traditional commission structure previously mandated by MLS PIN.
- Cost Savings: By choosing not to offer cooperating compensation, you can potentially eliminate all real estate agent commissions when selling your own home, something unthinkable just 12 months ago. This can be a significant financial advantage, allowing you to retain more of your property’s sale price.
This policy update marks a significant shift in the real estate landscape, particularly benefiting FSBO sellers who prefer a flat fee MLS entry only listing service.
Nosalek v. MLS PIN Lawsuit Creates Major Shift in Real Estate Agent Commission in MA
The MLS PIN lawsuit reached a tentative settlement in 2023. In the initial settlement plan, MLS PIN consented to revamp its commission framework, pay $3 million, and collaborate in legal action against other defendants, including Anywhere, RE/MAX, Keller Williams, and HomeServices of America.
“Revamp its commission framework” meant MLS PIN would be forced to remove the requirement that listing agents must offer buyer’s agent compensation to list a property in MLS PIN.
While the Nosalek v. MLS PIN lawsuit is not officially settled, the writing is clearly on the wall and MLS PIN’s June 2024 buyer’s agent compensation rule change, MLS PIN is proactively making the change that will otherwise inevitably be forced upon them.
MLS PIN made the change to their buyer’s agent compensation policy and also foreshadowed additional changes that will come in the near future, largely related to further transparency to sellers about real estate commissions.