Written by David Dodge

The world of real estate in St. Louis and surrounding areas is undergoing a shift towards increased transparency. This blog post dives into the recent changes implemented by the St. Louis REALTORS® Association (SLRA) and the upcoming modifications to MLS (Multiple Listing Service) rules. These updates are a direct response to industry-wide changes stemming from settlements in major class-action lawsuits involving the National Association of Realtors (NAR).

What Sparked the Changes?

The settlements from the NAR lawsuits aimed to ensure current practices align with legal requirements, fostering a more transparent real estate transaction process. 

What Does This Mean for You?

The revisions focus on clear communication and consistent language across contracts and agreements. This reflects the newly mandated industry standards, ensuring both compliance and transparency for buyers and sellers. Ultimately, this initiative reinforces the importance of adapting to evolving legal landscapes to maintain trust with clients and uphold professional integrity.

Beyond Contract Updates: Upcoming MLS Rule Changes

Effective August 1st, 2024, new MLS rules will prohibit the display of commission offers to agents working with buyers. This has generated questions and concerns among some real estate professionals. While some may be unaware of the impending changes, others are actively preparing. Here at MORE, REALTORS®, we are dedicated to staying informed and adapting smoothly.

Why Hide Commission Offers?

The intention behind the change is to shift the focus from commission structures to the property itself, further promoting transparency in transactions. However, this rule change has sparked debate within the industry, with varying opinions on its potential impact.

Transparency: A Core Value at MORE, REALTORS®

At MORE, REALTORS®, we have been actively following these developments since 2019, anticipating the industry's evolution. Our proactive stance has equipped our agents with the knowledge and skills to navigate these changes seamlessly.

For us, transparency is paramount. This includes complete openness about agent compensation, fiduciary duties, and client representation in every transaction. We believe clients deserve complete trust and confidence that we are acting in their best interests throughout the process.

Evolving for the Better

These recent updates to contracts and MLS rules signify a significant step towards a more transparent and compliant real estate landscape in St. Louis. At MORE, REALTORS®, we are committed to leading by example. We embrace these principles to ensure our clients receive the highest level of service and unwavering trust throughout their real estate journey.

Looking for a Trusted Partner?

If you're navigating the buying or selling process in St. Louis, contact us today! We are a team of experienced professionals dedicated to guiding you through the process with clear communication, expert advice, and unwavering dedication to your needs.