Change is inevitable. For the first time in a generation, The National Association of Realtors (NAR) has implemented new guidelines. But does it change the way Realtors® conduct their business in Colorado? More importantly, will it affect the consumer when they are buying or selling property?

Not really, says Jill Limberg, Managing Broker, Steamboat Sotheby’s International Realty “Our job hasn’t changed. Our commitment to our clients hasn’t changed. They way we do business daily hasn’t changed. What does change constantly is the market.”

The recent changes were introduced by NAR in mid-August as part of a $418 million settlement related to lawsuits over agent compensations. As a result, buyers are now required to sign a written agreement with their agent before any property showings, whether in person or virtually. This change clarifies the agent’s role and responsibilities to help buyers better understand the services provided and how the compensation is structured. “These new rules provide more transparency and choices for consumers,” Limberg says.

Traditionally, the listing agent compensation that was disclosed in the Multiple Listing Service (MLS) has been removed. Instead, buyers must now discuss and negotiate compensation directly with their agent. “Compensation is, and always has been negotiable, since the beginning of time,” Limberg says. “Again, it’s all about offering more transparency and flexibility in how agents are compensated, but it doesn’t change how we do our jobs.”

In addition, sellers may now have the option to offer concessions to buyers, such as closing costs. These types of concessions have always been on the table.They can be displayed in the MLS, where compensation cannot.

Overall, the new rules are intended to create a more transparent and consumer friendly experience, which is something experienced brokers have always done. “Finding a trusted, knowledgeable and experienced broker to represent you in your home purchase or sale is more important than ever,” Limberg says. “Make sure you are working with an experienced professional who can properly advise you in what is likely the most important financial decision of your life.” //