If you’ve been reading about real estate lately, you’ve no doubt heard about the antitrust lawsuits and resulting settlements by real estate brokerages and the National Association of Realtors.

You’ve also heard about the settlements requiring certain changes in how agents will be compensated for their work. As with so many things in our lives, the interpretation of the outcome of these decisions and the impact on you as a real estate consumer has offered a mix of fact and fiction. The result has ranged from confusion to fear about the current and future process of buying and selling a home.

As a result, the more than 26,000 members of the Colorado Association of Realtors want to take this time to speak directly to you as a consumer and help clarify the most important details and outcomes of these recent developments.

Our knowledge about the complexities of what is arguably the most important transaction people make in their lives is what we strive to share with each of you every day.

Yes, some real estate practices will change as a result of these settlements and, as Colorado Realtors, we will collectively adapt to these changes with our clients’ best interests in mind.

Tapping into our expertise and analysis, here’s the bottom line – two major changes will result from this litigation including:

• Properties listed in databases known as the multiple listing service will no longer be allowed to include an offer of compensation to buyer’s agents; and

• Homebuyers who want to work with a real estate broker will need to sign a written agreement with that broker prior to touring a home. This means before you start your home search, you’ll need to agree with your broker regarding the duties they will be required to perform on your behalf as well as the amount and source of their compensation.

How consumers work with Realtors in this new environment will need to work itself out, and there will be differing approaches between Realtors

In Colorado, we have always supported transparency with respect to how buyers’ brokers are compensated. … We believe it’s in the clients’ best interests and we know the value our members bring to the transaction.

and their clients.

Many in the industry, and we at the Colorado Association of Realtors are working on sorting through and articulating those new practices as quickly as possible.

In Colorado, we have always supported transparency with respect to how buyer’s brokers are compensated. So, while the implementation of practice changes resulting from the settlement may be new, the spirit behind them is not — at least not in Colorado. We’re all for transparency because we believe it’s in the clients’ best interests and we know the value our members bring to the transaction.

We’re in this business because we know the value of homeownership and the critical importance of a professional Realtor in navigating that process on behalf of Colorado buyers and sellers.

Our members and our association are the leading advocates in protecting homeowners’ rights. While Colorado Realtors are known as the neighborhood experts, they’re also trained in all facets of a real estate transaction, meaning they know what it takes to successfully conduct a home purchase or sale.

Real estate transactions are complicated and that is why they have to be experts in the myriad financial and legal requirements involved in a successful transaction.

They lead Colorado buyers and sellers through the big picture implications of buying and selling a home as well as the complicated, granular details involved in preparing a contract, inspecting a home, and insuring the proper transfer of title at the successful closing.

As they’ve done for generations, through market fluctuations and periods of industry change, Colorado Realtors will continue to stand by their clients, serve our communities, and do what we do best — work to create a future that enables homeownership for all who want to enjoy its benefits.