Updated 8/14/2024
It’s here – the deadline for the conversion of the IRES MLS system to comply with the NAR settlement. Our customer service, product development and leadership teams at IRES have been working diligently and thoughtfully toward making this transition as smooth as possible for you and your clients.
We recognize that there may be some bumps and frustration during this transition. Throughout the day and into the evening on 8/14, removal of cooperative compensation and any financial information not in compliance with the new rules and final system changes are being implemented.
As previously announced, this means your current listings may have been modified. We encourage you to review them for accuracy. Recent historical listings also have been modified to remove comments related to cooperative compensation, to comply with the settlement requirements. Our team is continuing to assess the 1 million plus listings put into our system since the creation of IRES in 1997.
By the morning of 8/15, you will have access to the updated DORA forms through the MLS to assist you in transacting business in this new paradigm. Please consult with your brokerage, CAR or DORA for any questions on how to use these updated forms.
Our goal at IRES has always been to educate first and assist our subscribers in conforming to the rules and data standards that make the MLS listings such a valuable tool for the marketplace. This is not changing. Our goal is to protect the MLS and subscribers.
However, violations of the terms of the NAR settlement could have severe consequences for IRES, subscribers and association owners. We will be monitoring the IRES MLS to ensure compliance. IRES will fine subscribers on an escalating scale, after an initial warning, for using the MLS or any of its tools or systems to make offers of cooperative compensation, even in indirect or coded forms. Repeat violators will be required to complete supplemental education. The ultimate sanction is suspension of MLS access.
The NAR settlement does not prevent cooperative commission sharing outside the MLS. Please consult your brokerage and/or respective legal counsel for guidance.
Below is a list of resources we hope will help you in this transition:
IRES MLS: Come Home to Colorado 