NEWS ARTICLES

NAR’s MLS Clear Cooperation Policy

Posted By Paul Xumsai on April 29, 2020 in National Association of Realtors (NAR)

 

In November 2019, the National Association of REALTORS® (NAR) Board of Directors approved the Clear Cooperation Policy in response to concerns about the misused of pocket listings to the disadvantage of home buyers and sellers.

According to the Clear Cooperation Policy, all multiple listing services associated with NAR will require that listings be summited within one business day it being publicly marketed.

Clear Cooperation Policy

Requires listings to be submitted to the multiple listing services (MLS) within one business day of publicly marketing a property.

This ensures that the MLS’s are efficient, transparent, pro-competitive, and pro-consumer.

So what is a pocket listing?

A pocket listing is a property listing that is retained and marketed by a listing agent or brokerage, and is not made available to other brokers or firms. A seller may want to pocket listing to maintain certain privacy. 

The issue may arise as some brokers would advertise the pocket listing on the company’s website, which would go against the privacy demand of the owner.

Why the Clear Cooperation Policy?

Marketing pocket listings to the public but only to a limited scope tends to benefit the listing agent more than it benefits the client. There are also concerns that pocket listings could violate fair housing and the agent’s fiduciary responsibility to the client.

The Clear Cooperation Policy intends to address these issues and to insure that home buyers benefits from having access to the most comprehensive property information. 

Effective May 1, 2020, all multiple listing services will require that a listing is submitted to the MLS within one business day of the listing being publicly marketed.

 

none

NEWS CATEGORIES