MLS Statement 8.0, also known as the Clear Cooperation Policy.
On Monday, November 11, National Association of REALTORS®’ (NAR) Board of Directors approved MLS Statement 8.0, also known as the Clear Cooperation Policy.
MLSs can adopt the mandatory policy any time but must adopt it no later than May 1, 2020. At this time, Bay East does not have an effective date.
MLS Statement 8.0 reads:
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.
Brokers and MLSs from across the country asked NAR to consider a policy that will reinforce the consumer benefits of cooperation. The MLS creates an efficient marketplace and reinforces the pro-competitive, pro-consumer benefits that REALTORS® have long sought to support. After months of discussion and consideration within NAR’s MLS Technology and Emerging Issues Advisory Board, this proposal was brought forth for the industry to discuss and consider, then approved by NAR’s Board of Directors.
NAR’s MLS Technology and Emerging Issues Advisory Board is made up of brokers and MLS executives from across the country. Two dozen volunteers review industry concerns from a wide range of business and regional viewpoints. Potential policy changes are discussed within the group to create a positive impact on the industry and to address broker needs within the marketplace. These proposals move on to the 130-person Multiple Listing Issues and Policies committee for consideration and approved by NAR’s 900-member board of directors.
No. While listings that are displayed on the Internet must be submitted to the MLS and distributed to other MLS participants for cooperation, submitting a listing for cooperation within the MLS does not necessarily require that listing to be included in an MLS’s IDX display, if the seller has opted out of all Internet display. Per MLS rules, participants can work with their listing clients to determine an appropriate marketing plan, taking into account the client’s needs and full disclosure of the benefits to market exposure.
No. “Office exclusive” listings are an important option for sellers concerned about privacy and wide exposure of their property being for sale. In an office exclusive listing, direct promotion of the listing between the brokers and licensees affiliated with the listing brokerage, and one-to-one promotion between these licensees and their clients, is not considered public advertising.
Common examples include divorce situations and celebrity clients. It allows the listing broker to market a property among the brokers and licensees affiliated with the listing brokerage. If office exclusive listings are displayed or advertised to the general public, however, those listings must also be submitted to the MLS for cooperation.
Yes. Policy Statement 8.0 applies to any listing that is or will be available for cooperation. Pursuant to Policy Statement 8.0, “coming soon” listings displayed or advertised to the public by a listing broker must be submitted to the MLS for cooperation with other participants. Members can add it under the Coming Soon section on the MLS ensuring flexibility in listing and marketing abilities, while still meeting the participant’s obligations for cooperation.
Yes. “Private listing networks” that include more brokers or licensees than those affiliated with the listing brokerage constitute public advertising or display pursuant to Policy Statement 8.0. Listings shared in multi-brokerage networks by participants must be submitted to the MLS for cooperation.
No. Bay East MLS listing turn-in times is within 3 days. If a listing is taken and is not yet ready to be marketed/shown or entered into the MLS, you may submit the MLS Waiver (SELM form found in zipForm®) for longer timelines. If a listing is marketed to the public, however, Policy Statement 8.0’s 24-hour turn-in timeline goes into effect.
No, Residential real estate and commercial real estate are transacted with significant differences. This policy only affects residential real estate.