The new product allows agents to register their buyers and check whether they have a buyer agency agreement with another agent

REcore, a software-as-a-service and data licensing solutions provider for multiple listing services (MLSs), has announced the launch of its new MLS Buyer Registry tool.

According to the announcement, the product is designed to address potential issues regarding buyer and agent compliance with the newly mandated buyer agency agreements. REcore said that the tool will help MLSs to ensure their subscribers are complying with the business practice changes outlined in the National Association of Realtors' nationwide commission lawsuit settlement agreement.

"MLSs are now tasked with ensuring compliance with buyer agency agreements, and we saw the opportunity to not only solve that problem but also add real value for agents," Katie Smithson, the chief revenue officer at REcore, said in a statement. "The MLS Buyer Registry provides more than just compliance -- it introduces new ways for agents to manage buyer relationships, resolve disputes, and streamline their processes."

REcore's MLS Buyer Registry helps with compliance by ensuring that a buyer agency agreement has been signed before a showing takes place. Additionally, agents who register their buyers into the system will be notified if their buyer has already signed a buyer agency agreement with another agent.

Agents can also use this feature to vet lists sent by lead-generation platforms so they can avoid wasting their time with buyers who are already signed with another agent.

"The real estate industry often says, 'buyers are liars,' because agents frequently deal with buyers who may unintentionally mislead them about working with other agents," Art Carter, the CEO of California Regional MLS, said in a statement.

"This tool gives agents the ability to verify buyer relationships and avoid conflicts, adding a layer of transparency and protection that hasn't existed before. By focusing on both compliance and agent utility, we're confident that the MLS Buyer Registry will quickly become an essential tool for the entire MLS ecosystem."

The product is available as a standalone tool and it also integrates with REcenterhub, the company's dashboard.