| As the real estate industry adjusts to the recent changes stemming from the proposed settlement agreement by the National Association of REALTORS®, lets dive into whether these new regulations will impact your commercial real estate. One of the key areas of concern is if the stipulation requires a written agreement prior to property showings in commercial transactions. The answer is straightforward: no, this requirement does not apply to commercial real estate transactions. The settlement and the associated practice changes are primarily aimed at residential transactions, leaving commercial dealings and leases unaffected. So, what does this mean for you? As a commercial agent who is a member of the REALTOR® association, we have access to a Multiple Listing Service (MLS), but this written agreement requirement only pertains to properties listed on MLS platforms. We showcase properties on a Commercial Information Exchanges (CIE) which is not connected to an MLS, therefore we are not obligated to utilize a written agreement for showings. While it’s crucial to stay informed, using a commercial agent to list your commercial property allows you to focus on your business, while we focus on the ever-changing commercial real estate industry. |
| Adapted from NAR / CREATE Fall2024 by permission of NAR. https://www.nar.realtor/commercial/create/fall-2024-trading-spaces |