UPDATE: NEW date for removal of compensation fields - August 1st

The Vail Board of REALTORS® and the Vail Multi-List Service will continue sharing guidance and resources on how the NAR proposed settlement will impact our participants, subscribers, and members. Please refer to updates from the VBR, NAR, and the Colorado Association of REALTORS® as the most reliable resources.

Below are key talking points regarding the proposed settlement and any potential changes to the MLS model.

Please note a new date (August 1) for compensation fields to be removed from the MLS.

NEW VMLS BYLAWS & RULES

UPDATE: NEW date for compensation fields

As of August 1, 2024, all compensation fields will be removed from the MLS. 

The VMLS Board of Directors has updated its Bylaws and Rules and Regulations to comply with the new MLS requirements (see links below). The settlement also requires the VMLS to remove all compensation fields from the MLS. VMLS has collaborated with its vendor, FlexMLS, to facilitate the removal of compensation fields. 

Compensation fields will not be available on any current listings, regardless of status, nor for data entry on any new listings after August 1.

There is no action if you have a listing in the VMLS Flex system, this removal will take place automatically.

CONTRACT & FORMS CHANGES

NEW Colorado contracts and forms

The Colorado Real Estate Commission (“CREC”) has approved changes to the Commission approved Contracts and Forms.

Please use the new Contracts and Forms after August 15, 2024. They will be available August 1.

Redline and final forms are available for Brokers to view (A few are pending). Visit the Real Estate Contract and Forms website in the coming weeks to review the changes and to better understand how your practice may be affected.

PENDING MLS CHANGES

NAR Practice Changes

Beginning August 15, 2024, a buyer representative “working with” a buyer will be required to enter into a written agreement with the buyer prior to touring a home, including both in-person and live virtual tours. This resource provides information about what provisions must be included in the written agreement pursuant to the NAR settlement. The guide is available on facts.realtor.

VMLS is not proactively enforcing the written buyer agreement requirement. We will only be inquiring about the agreement upon a potential violation being reported. 

Brokers should talk to their attorney and Managing Broker about the license law requirements and office policy. Please note that MLS rules are different and separate from licensing law.  

UPDATE FROM CAR

A statement from the Colorado Association of REALTORS® - July 18

CAR received from Marcia Waters, Director Division of Real Estate expressing concerns regarding the mandatory touring agreement in accordance with the National Association of Realtors (NAR) settlement. Marcia stated that the requirement of the agreement does not comply with Colorado law and may result in disciplinary action against brokers in Colorado if mischaracterized.

Many of you have heard Marcia say during her presentations if a consumer calls and asks do they have to sign a touring agreement before they are shown a home, her office has been instructed to tell them no, which is true.

Please read the letter from the Division of Real Estate regarding touring agreements. VMLS Rules state that a written agreement is required to tour UNLESS it violates state or federal law. 

HELPFUL RESOURCES

Watch NAR’s latest “Window to the Law” video - the first in a special series on MLS practice changes - which has information on how the new rules will impact broker compensation and how to communicate offers of compensation off the MLS.