Limited Service Listing

Can a Colorado Springs For Sale By Owner put their property in the MLS if they don’t have a Realtor?

Home owners who have decided not to use a Realtor to sell their Colorado Springs Home used to be able to pay a small fee to some Limited Service real estate companies and list their home on the Pikes Peak MLS. Due to some recent commission statements by the Colorado Springs Real Estate Commission, this is no longer an option.

The Colorado Real Estate Commission, periodically issues Commission Statements to clarify their positions on certain topics.

CP-36 is a Commission Statement on Minimum Service Requirements of a Realtor. My understanding is that the statement came as a result of complaints that had been received by the GetAttachment Real Estate Commission about the minimum services a Realtor must provide

The statements details the minimum requirements which are exactly the same as the requirements a Realtor uses in the Exclusive Right to Buy document and the Exclusive Right to List document. The statements goes onto to say “A broker is not allowed to solely perform “additional” services which require a real estate broker’s license, i.e. offering the real property of another for sale through advertisements, without providing the minimum duties required by single agency or transaction brokerage.

Essentially a home seller can ask a Realtor to “just list their property in the MLS’ and the homeowner will take care of everything else, including negotiating the contract and receiving the Earnest Money. If a Realtor does this, they are in direct violation of CP-36.

I’m not completely sure why this commission statement was instituted, but in my opinion every Colorado Realtor by terms of their license is held to minimum duties required to be performed by a real estate broker; and if the only thing a Realtor is doing for a seller is putting the home in the MLS, the Realtor is not performing the minimum duties required. Some of the duties required are:

Presenting all offers to and from the seller or landlord in a timely manner regardless of whether the property is subject to a contract for sale or a lease or letter of intent to lease;

Accounting in a timely manner for all money and property received

Counseling the seller or landlord as to any material benefits or risks of a transaction which are actually known by the broker; Advising the seller or landlord to obtain expert advice

Seeking a price and terms which are acceptable to the buyer or tenant; except that the broker shall not be obligated to seek other properties while the buyer is a party to a contract to purchase property or while the tenant is a party to a lease or letter of intent to lease;

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To find out more information about buying a home or an investment property in Colorado Springs area, call ….

Kathy (719-287-1049) KTorline@msn.com