Real estate agents in Colorado already faced a sea change in how they will be compensated next month, only to have their boats rocked further by the turbulent sale of the platform where a majority of property listings are posted.
Multiple listing services, starting Aug. 17, can no longer post how much a seller is willing to pay a buyer’s agent in commission as part of legal settlements that the National Association of Realtors and leading brokerage firms reached earlier this year and late last year. REcolorado executives described the buyer as an out-of-state private equity firm with no real estate experience. A private equity buyer of an MLS would have been an industry first, but the information, published in the trade press, was incorrect, according to DMAR., DMAR and SMDRA fired almost all of the executive team at REcolorado, replacing them with current and former leaders from the two groups. The associations said the dismissals were for violating non-disclosure agreements.
As concerning as a takeover by a title agency might have been, having a rival brokerage firm own the local MLS, which is supposed to be a neutral platform where all licensed agents can post a listing, is a lot more disconcerting. The statement said MAZL has expressed a commitment to a “broker-centric” platform, that REcolorado would continue to operate as an MLS and that data would be protected as in the past. Brokers were also assured that listing fees would remain the same or only increase by minimal amounts in the future.
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