The National Association of REALTORS has recently evaluated the Clear Cooperation Policy (CCP) and has created a new MLS policy, Multiple Listing Options for Sellers Policy which introduces a new category of exempt listings called “delayed marketing exempt listings”. The general details of this announcement are below:
• This means a seller can instruct their listing broker to delay the marketing of their listing by other brokers outside of the listing firm through IDX and syndication for a period time as determined by the local MLS.
• During the delayed marketing period, the home seller and the listing broker can market the listing in a manner consistent with the seller’s needs and interests. At the same time, the delayed marketing will still be available to other MLS Participants and Subscribers through the MLS platform so they can inform their consumers about the property.
• Listing brokers representing sellers who choose to delay the public marketing of their listing must secure from the seller a signed disclosure documenting the seller’s informed consent to waive the benefits of immediate public marketing through IDX and syndication. Seller disclosure is required for both delayed marketing exempt listings and office exclusive exempt listings.
• A seller must authorize their listing broker to delay marketing of their property.
• Listing brokers representing sellers who choose to delay the public marketing of their listing must obtain from their seller a signed disclosure documenting the seller’s informed consent to waive the benefits of immediate public marketing through IDX and syndication.
• Seller disclosure is required for both delayed marketing exempt listings and office exclusive exempt listings.
• NAR is also clarifying its policy interpretation of CCP that one-to-one, broker-to-broker communications do not trigger the requirements of CCP. However, multi-brokerage communications about a listing will constitute public marketing under CCP.
As our local MLS, Bright MLS, had similar policies in place, the implementation of this change in our local market is already in effect.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
