BROKER RISK MANAGEMENT
WEEKLY PRACTICE TIP
As most agents are aware, there has been an ongoing controversy regarding the National Association of Realtors’ (“NAR”) Clear Cooperation Policy (“CCP”) and whether it should be eliminated or modified. Earlier this week, NAR issued a new “Multiple Listing Options for Sellers” policy to increase choices for real estate professionals and their clients.
WHAT’S NEW: The new category of listings is entitled, “delayed marketing exempt listings.” Otherwise, the CCP remains unchanged and remains in full effect. The new rule will allow sellers, when their property is being placed in the local MLS, to instruct their listing agents to delay putting the listing as available on the NAR Internet Data Exchange (“IDX”) for a specified period (the “Delayed Marketing Period”) which will be determined individually by each MLS.
IDX acts essentially as a protocol between the MLS, and the MLS member brokers and various advertising websites such as Realtor.com, Zillow and Redfin and others, which receive and then advertise new listing feeds from the MLS.
The new feature provides that during the Delayed Marketing Period, MLS member brokers and their agents will be able to view those listings on the MLS and show them to their buyer clients. However, they will not be authorized to publicly advertise those listings (i.e., IDX feed) until the Delayed Marketing Period ends. So, arguably, a benefit of this program will be that home buyers working with any MLS member agent will be able to view and write offers on any of these delayed marketing listed properties, which is not currently possible if the listing is an “Office Exclusive.”
HOW IT WORKS: This new exemption has four (4) aspects to it including:
NO. 1: “Delayed Marketing Exemption Listing.” This option allows a seller to instruct their listing agent to delay the marketing of their listing by other agents outside the listing firm for a specified period.
NO. 2: “Marketing During Delayed Marketing Period.” The seller and the listing agent can market the property in accordance with the seller’s expectations and requirements. At the same time, the delayed marketing exempt listing will still be available to other MLS participants through the MLS platform.
NO. 3: Each MLS may determine a specified delayed marketing period and restrictions based on the needs of their MLS members in their geographical location.
NO. 4: Listing agents who represent sellers opting to delay the public marketing of their listing must secure from the seller a signed disclosure documenting the seller’s informed consent. Written seller disclosures are required for both delayed marketing exempt listings and office exclusive exempt listings.
NAR has also clarified that single broker-to-broker communications about listings do not trigger CCP requirements. However, communications between multiple brokerages about a listing will constitute public marketing under CCP.
Multiple listing options for sellers will be effective March 25, 2025 and must be implemented by MLSs by September 30, 2025. BRM anticipates that CAR will be updating its forms to address this change, and that local MLSs will address these options prior to the September 30, 2025 deadline.
This policy does not change any MLS local submission deadlines or CCP’s requirement that a listing be posted with the MLS within one business day of public marketing.
Broker Risk Management will continue to provide updates.
Attachment to 250418 – NAR MLS Options for Clear Cooperation