BrokerageIndustry News

New Mexico real estate agents must offer more service

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The New Mexico Real Estate Commission has voted to approve a measure, opposed by the U.S. Department of Justice, that requires all licensed real estate professionals in the state to perform a specific set of services for their clients – even if a consumer does not want the agent to perform those services. The rule change, which will reportedly take effect within about a month after the commission formally files the rule change, effectively bans certain types of real estate business models such as fee-for-service companies that place properties in a multiple listing service for a flat fee while providing few other services for clients. Some discount real estate brokers opposed the changes. Controversy has surrounded the establishment of so-called minimum-service requirements for real estate professionals in other states, too. Opponents have claimed the laws are anticompetitive, restrict consumer choice and potentially drive up the cost of real estate services. Proponents claim t...