Letter to the Editor: HB 174 affects Realtors who abandon listings

Real estate is a tremendous contributor to Missouri’s economy. This year, the 24,000 licensed professionals of the Missouri Association of Realtors will serve as agents and brokers for more than 140,000 sales of residential and commercial property.

The Missouri Association of Realtors supported this homeowner’s bill of rights. The great majority of agents are skilled, dedicated professionals who already meet and exceed the new standards.

Under the newly effective law, most agents will continue doing what they always do: working to match sellers and buyers; answering questions; receiving and presenting offers and counter-offers; and preparing standard, attorney-approved forms for closing.

The direct effect on agents will be felt by those few who accept listings and then make little or no effort toward a sale. In extreme cases, to the great frustration of sellers, an exclusive listing that is “abandoned” can mean the full term of the listing has been wasted.

The law now requires that agents meet clear standards of performance and that we deliver real value to the customer. In essence, these standards are to receive and present offers; to help develop and present counter-offers; and to answer reasonable questions from the customer.

One benefit of law is that an agent who isn’t measuring up will be subject to effective action by the Missouri Real Estate Commission.

Lawsuits were favored, instead, by two federal agencies that offered comments. Like most independent businesspeople, we are familiar with federal agencies that offer advice without knowing the facts. In the vast majority of sales, there simply isn’t enough at stake to justify the expense of hiring an attorney over a listing that will expire in a few weeks.

We commend Governor Blunt for taking positive action for sellers, buyers, agents and the economy. We also are tremendously appreciative of the unanimous bipartisan support for the legislation in the Senate and House.

The new rights for homeowners and responsibilities for agents will do much to assure that property values will continue to increase and that real estate will remain a vital contributor to Missouri’s economic growth.

Larry Keating,

President,

Missouri Association of Realtors