In a statement provided to Denver7, the Colorado Association of Realtors praised the bill's defeat and called the proposal unnecessary:
“As expected, HB-17-1358 was viewed as highly unnecessary and, as a result, was killed in committee this afternoon. This was a bill Initiated by one company to codify its own business model and improve its bottom line by recommending legislation that would force its business plan on an entire industry.
Broker compensation and fees are already transparent to the individuals involved in any real estate transaction. Fees are disclosed to all brokers through the MLS and among all parties and their brokers through respective brokerage agreements. A real estate commission rate is completely voluntary, negotiable and often varies depending on the type of transaction.
Again, HB-1358 was an attempt to mandate a specific business model on an entire industry and was seen as an unnecessary step in providing protection and transparency for consumers in our state.”