Breaking news from the National Association of Realtor Board of Directors…..
On November 11th, the Board voted to approve MLS Statement 8.0, otherwise known as the Clear Cooperation policy. The measure was proposed by NAR’s Multiple Listing Issues and Policies Committees in an effort to create policy to address growing off-MLS listings.
The measure requires Brokers who are participants in the MLS to submit their listing to the MLS within one business day of marketing the property to the public. The measure does not prevent Brokers from having office-exclusive listings, “Coming Soon” listings, or taking client direction to not market the property. The measure is directed towards Brokers who advertise the property in every medium but the MLS and avoid the platform.
The measure has been a hotly debated issue at NAR committee meetings with standing-room-only panel discussions to review the implementation. NAR’s Technology and Emerging Issues Advisory Board pushed for the measure, stating “leaving listing outside of the broader marketplace excludes consumers, undermining Realtors commitment to provide equal opportunity to all.”
“Within one (1) business day of marketing a 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.” Each MLS must adopt the policy by May 1, 2020.
This news comes on the heels of Illinois including Wholesaling under the definition of Brokerage activity that requires a license. Merged together, this would imply every licensed wholesaler in the State of Illinois that sends an email blast must place the home on the MLS. The measure allows the exception for having the seller sign off on keeping the property off the market, but any measure by the wholesaler to market the property to investors will place the wholesaler in violation.
The measure will also effect brokerages that have office policies allowing placing a yard sign or advertising listings without place them on the MLS. It is our recommendation that all offices immediately review their office policy to ensure they are not in violation of the measure.