Changes are coming to IRES MLS on or before August 15th, 2024!

Changes are coming to your MLS in response to the NAR settlement.

Paramount to this transition is for all of us to understand that allegations of commission steering were at the heart of this litigation. Anything that creates the appearance of a system of multi-broker commission sharing network could bring liability on both brokers and MLSs alike, even with the best of intentions. **

To help you and your clients during transition, here is a checklist for success:

• Go with the flow. This is one of the biggest changes many of us have gone through in our real estate careers. There will be bumps in the road as we adjust to the new way of doing things.
• Review and really internalize your value proposition. Separating your value from the old way of blanket compensation offerings in the MLS will help you adjust along with your clients and colleagues.
• Be prepared for the transition!
  • IRES will remove ALL compensation fields and historical data from our system on or before August 15th, 2024.
  • Understand that date may move depending on if/when revised Colorado forms will be approved for your use. We will do our best to give you ample notice should the date be adjusted.
  • Notify your sellers of this change so they are not surprised when compensation is removed from their listing information in the MLS. You may wish to update your seller listing agreements. *
  • Have a conversation with your buyers. The process is going to change, and they need to be aware and educated. You may need to update your buyer agreements. *
  • Know that this change affects virtually every consumer of MLS data, including your own IDX website(s). Double check them after the transition to make sure they are displaying properly and did not break in the transition.
• More specifics on system changes and MLS rules will come in the following weeks.
• Be aware and flexible as we move forward. While the system changes in IRES will meet the requirement of the settlement, we will be listening to the market and adjust if needed to help you and your clients best facilitate the most timely, accurate and broadest distribution of listing data as possible.

We are here for you

Please reach out to our staff for assistance if you need help once the system changes are implemented.

Thank you for your business!

*Please consult your managing broker, legal counsel, CAR or DORA for advice on representation and forms usage.
**Please consult your legal counsel with questions regarding offering cooperative compensation off the MLS.