Attention Realtors® – After months of discussion the NAR Board of Directors has approved a new MLS rule. This rule was approved in yesterday’s NAR Board meeting in San Francisco.
November 12, 2019
Author: Curtis Bullock
The new rule states that within 1 business day of marketing a (residential) property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants. Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public.
Rationale for the rule: Distribution of listing information and cooperation among MLS participants is pro-competitive and pro-consumer. By joining an MLS, participants agree to cooperate with other MLS participants except when such cooperation is not in their client’s interests. This policy is intended to bolster cooperation and advance the positive, procompetitive impacts that cooperation fosters for consumers. The public marketing of a listing indicates that the MLS Participant has concluded that cooperation with other MLS participants is in their client’s interests.
NAR’s MLS Technology & Emerging Issues Board proposed the policy as a way to address the growing use of off-MLS listings. The board concluded that leaving listings outside the broader marketplace excludes consumers, undermining Realtors® commitment to provide equal opportunity to all. The policy doesn’t prohibit brokers from taking office-exclusive listings.
Read more about this important rule and get your questions answered by clicking on the link bleow. More info will come and questions will be answered as this new policy is implemented locally in the coming months.