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Sunday was the deadline for one very significant change in the practice of real estate, as the result of a March 15th settlement between the National Association of Realtors (NAR) and a group of Missouri home sellers who claimed that the sharing of listing agent’s commission with the buyer’s agent was somehow a violation of anti-price fixing laws and just plain “unfair.”
Although I, along with most Realtors (and, in fact, NAR), disagreed, the parties agreed to a settlement in which MLSs may no longer display how much a buyer’s agent will earn if he brings a buyer to the table.
Real Estate, we’re not so worried.
Below is a picture of the yard sign that in front of the solar-powered listing featured at the bottom of the page. Do you notice anything new about it? Yes, it has a sign rider telling both buyers and their agents that the seller will pay a 2.5% commission to an agent who represents the buyer of this home.
The brochure in the brochure box has that same information. You could say that “nothing has really changed,” and you’d be almost right. What has changed is that we are not “splitting” our listing commission with the buyer’s agent. Ra-
ther, the seller has agreed (at my suggestion) to incentivize agents to bring their buyer, knowing that their client will not have to pay him, because the seller will. The sellers who sued to end the practice of commission splitting will finally recognize that compensating the agent who represents their buyer is a practical way to sell a home. They had hoped that buyers would now have to pay for their own professional representation, but if, as I expect, the vast majority of home sellers agree to compete with each other for the buyer’s business, which home do you think the buyer will offer to buy?
That’s how I see these coming weeks
and months shaking out. Some sellers will say, “Hey, I don’t have to offer compensation,” and a few may succeed with that strategy. But one thing is for sure: the universe of potential buyers will be smaller, because a significant percentage of buyers can’t afford to pay for representation on top of the other fees I listed in last week’s column. I do expect that many buyers will feel they should only deal with listing agents directly, but when they see our sign rider, they may do the right thing for themselves, which is to have a professional working in their best interest instead of the seller’s. Stay tuned!
That change took place at midnight last Thursday and many real estate professionals are concerned about how it will affect them personally. At Golden
Real estate is not the only profession where the “rule” is never to talk politics or religion. I agree about religion, but in today’s divisive political climate, I feel differently about revealing my political leanings, which are liberal. As a seller, I would not be comfortable hiring an agent who was a Trump fan. Someone else may prefer hiring a fan of Trump.
Recently, a Denver agent referred a Golden seller to me. When I told him that his home would be advertised next to my weekly real estate column, he said, “I don’t read newspapers anymore because they’re all fake news.”
Okay, we’re not a fit — and that’s okay with me.
Over the past two decades, this column has appeared in local weeklies and the Denver Post, and during that time I’ve written about every conceivable topic related to real estate. You can find and search that archive online at www.JimSmithColumns.com
$795,000
The seller of this 3-bedroom/2½-bath home at 14038 W. Amherst Ave. provided this springtime picture of their crabapple tree in bloom. Not visible from the front is the seller-owned 5.98-kW solar array which reduces the Xcel monthly electric bill to under $10 year-round. The oversized garage has an extra 5'x18' workshop/storage area with natural light. The workbench, shop light and pegboards are all included. There’s another workshop area in the unfinished basement, plus a 10'x11' wood laminate dance floor! The cul-de-sac location makes this home a quiet place to enjoy life with friendly neighbors. The 8'x25' composite deck off the eat-in kitchen is half-covered, with stairs down to the backyard with its lush grass, garden beds and linden tree. The other half of the deck is shaded by the house itself in late afternoon. The 6'x8' front porch is also covered. Visit www.JeffcoSolarHomes.com to view a narrated video walk-through and drone video, plus magazine-quality photos and floor plans. The seller replaced the windows on the first floor and most of the second floor with high-end Marvin windows. The windows are energy efficient double-paned windows with aluminum clad wood frames. The frames are powder-coated white, requiring no routine maintenance. Come to the open house Saturday, 11-1, or call broker associate Kathy Jonke at 303-990-7428 to see it. Note: Seller offers 2.5% buyer broker compensation.
With surveillance systems becoming more and more common in American homes, buyers can never be sure that what they say to each other and their agent during a showing isn’t being monitored remotely by the seller.
Personally, I advise my buyers to assume that everything they say is being heard by the seller and to monitor their conversation accordingly. There are any number of things a buyer could say while
touring a home that would disadvantage them when it comes to negotiating a contract or inspection issues.
REcolorado, Denver’s MLS, now has fields for indicating whether there is audio and/or video recording inside and/or outside the listing, but buyers should not count on privacy if those fields are not checked. I recently sold a home where the fields weren’t checked but cameras (and Alexa) were definitely present.
Our former broker associate, Kim Taylor, is now an independent broker in Cedaredge and just listed this interesting agricultural property nearby. With 4.8 shares of surface creek water, the meticulously managed fruit is thriving again this year, and there is a leased rental house that was recently remodeled. The orchard contains blocks of apples and peaches and has been a successful producer for over 20 years. The property also has a 1500 sq. ft. cooler with loading dock, a tractor barn with electric, and two 30-amp electric and water hook ups for RVs. Located in the county, this agricultural property sits literally on the edge of Cedaredge city limits, only 1/2 mile from town center. Property taxes run less than $500/year. Come take a closer look! The Cedaredge area is a great location for the outdoor enthusiasts! Just 20 minutes away is the Grand Mesa, the largest flat top mesa in the country with over 300 lakes for fishing, lots of space for camping, hiking and biking, miles of groomed Nordic ski trails, Powderhorn Ski Resort, snowshoeing, and miles of snowmobiling — not to mention that the Gunnison River is only 15 minutes south, and the greater area is Colorado wine country, with an airport just 45 minutes away! Seller also has 10 more acres with blocks of apples, peaches and grapes that would make a great addition to this property. Learn more at www.OrchardCityHome.info, then call Kim at 303-304-6678 to arrange a visit.
$850,000
Katherine “Kay” Lovato March 8, 1944 - July 3, 2024
Katherine Louise (Ho ) Lovato was born to Richard Ho and Sarah (Plunkett) Ho Wagoner of Casper, Wyoming, and grew up there. She attended Willard Elementary School and Dean Morgan Junior High School, graduating from Natron County High School with many of her primary classmates. She especially loved her high school years and was quite popular: elected secretary-treasurer of her senior class and crowned queen of the Eclat dance club. She was active in Pep Club, Future Secretaries, espians, and swam on the synchronized swim team. Kay remained life long friends
were married for 52 years and together traveled to China, Peru, Ecuador and Argentina, and throughout Europe. eir favorite was Mexico and for several years they spent winters in Puerta Vallarta and later in Arizona.
Phil passed in 2018 and Kay continued to travel with friends and family, returning to Puerta Vallarta for anksgiving 2023 for a nal visit.
She volunteered for several years with the 9News Health Fair, learned Spanish, and actively attended Senior Center outings. She enjoyed greeting neighbors and dogs as they passed her well kept townhome on the
She met the love of her life, Phil Lovato, in California, where she moved to attend college for a year and then worked as a key punch operator at Lockheed Missiles and Space Company. ey adopted their son Rick there and then moved to Colorado. Phil’s job took them brie y to Maryland, but they settled in Colorado and were happiest living with a view of the mountains. ey
Kay is survived by her brother Ken (Mary Ann) Ho of Casper, WY, and her son Rick and his family of Erie, CO: wife Toni, sons Alan and Reagan, and her great granddaughter Kinsley. She is greatly missed by family, friends and neighbors. Please take a moment to remember how Kay touched your life as we say goodbye to our mother, grandmother, sister and friend.
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