DID YOU KNOW POCKING LISTING 1 DAY AFTER BEING MARKETING TO THE PUBLIC MUST BE IN THE MLS

Dated: 11/23/2019

Views: 187

A new MLS Statement 8.0, passed by the NAR BOD on Monday November 11, 92% in favor, 8% opposed.

What does this mean to you?

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MLS Statement 8.0

Within (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 to the general public.

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Understanding the Structure of MLS

MLSs are owned by one or more local associations as separate corporate entities or as a committee of the association, or by brokers, or by a combination of brokers and associations. There are over 600 MLSs in the US, all locally owned and controlled.

The concept of MLS as we know it was not created overnight. It has taken 100 years, with input and thought from many practitioners, lawyers, plaintiffs and judges. Local MLS committes made up of local practitioners meet regularly to discuss issues, practices, and policies. NAR MLS policies are developed by local association/MLS committees addressing issues in their local marketplaces. (You can participate, join your local MLS Committee).

NAR produces and maintains the "NAR Handbook on Multiple Listing Policy" (https://www.nar.realtor/handbook-on-multiple-listing-policy).

No MLS is required to follow any of the NAR MLS policies. Please understand you can make up your own local MLS rules, and, most of your rules are based on your local circumstances. However, those MLSs that do NOT follow NAR policies, are NOT covered by NAR's MLS Errors and Omission insurance policy.

MLS is the most valued tool of most residential real estate professionals. By joining an MLS, particiants agree to cooperate with other participants except when such cooperation is not in their client's interest.

MLS works in part because participants trust that all brokers and agents will follow the rules, especially around timely submission of listings and of listing status changes. If there is no requirement for timely submission, the MLS would end up being a listing dumping ground of properties that cannot be sold "in house" or without the assistance of a cooperating broker. Instead of the timely and accurate inventory tool that practitioners.


NAR

VIVIENNE CUNNINGHAM BOD

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