NAR Passes Clear Cooperation Policy
As you may have heard, earlier this week the Board of the National Association of Realtors passed the Clear Cooperation Policy (aka MLS Policy 8.0) by a vote of 729 (91.24%) to 70 (8.76%). The Policy requires that listings be submitted as Active to the MLS within one business day of being marketed to the public. NAR's intent is to strengthen cooperation and address concerns surrounding off-market listings, particularly pocket listings and private listing networks that exclude many consumers.
What does this mean for you? NorthstarMLS is required to implement the Clear Cooperation policy by 5/1/2020. Staff will take time to look at how the Policy builds upon our already existing procedures, such as Coming Soon Status. We will recommend to our Board any adjustments needed to ensure brokers and agents have all the available options to serve their clients in compliance with the Policy and MLS participation.
The Clear Cooperation Policy allows for:
- Coming Soon status (like we have at Northstar) so that you can still take time to get the property ready for market;
- Privacy: if a seller needs to keep their listing/transaction private, there will be procedures to accommodate this as long as the listing is not publicly marketed;
- Brokerage office listings: The policy does not prohibit sharing within the brokerage office before the listing is made public.
- Sellers may still opt out of IDX display on agent/broker websites.
We will give updates as we prepare to comply with the Clear Cooperation Policy. For more information, we recommend these resources from NAR:
- Policy Proposal (now passed), including Q&A
- Realtor Magazine Article
- Back Story behind the Clear Cooperation Policy