The National Association of REALTORS® has adopted a new MLS policy, Multiple Listing Options for Sellers, which exists in conjunction with their Clear Cooperation Policy and other MLS policies to provide sellers and their agents more options and choice when marketing a property, while also supporting fair housing by providing buyers and their agents with equal access to important MLS property information.
NAR’s Clear Cooperation Policy basically states that within one 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.
NAR’s new MLS policy statement offers the following options for sellers:
Office Exclusive: Is an exempt listing where the seller has directed that their property not be disseminated through the MLS and not be publicly marketed. The office exclusive listing shall be filed with the MLS but not disseminated to other MLS Participants and Subscribers.
Delayed Marketing: Is an exempt listing where the seller has directed the listing broker to delay the public marketing of that listing through IDX and syndication for any period as allowed by the local MLS in its unfettered discretion. A delayed marketing listing shall be filed with the MLS and does not preclude the listing firm from marketing the listing in a manner consistent with their seller’s choice.
Exempt Listing Disclosure: The filing of an exempt listing (office exclusive or delayed marketing) with the MLS must be pursuant to a certification obtained by the listing broker from the seller which includes: disclosure about the professional relationship between the Participant and the seller; acknowledgement that the seller understands the MLS benefits they are waiving or delaying with the exempt listing, such as broad and immediate exposure of their listing through the MLS; and confirmation of the seller’s decision that their listing not be publicly marketed and disseminated by the MLS as an office exclusive listing or that their listing will not have immediate public marketing through IDX and Syndication as a delayed marketing listing.
Multiple Listing Options for Sellers requirements only apply to listing types that are subject to mandatory submission pursuant to the MLS local rules, for example, commercial listings do not apply. The local MLS, Bright MLS, also has their own set of guidelines that must be followed.
Lauren Bunting is a Broker with Keller Williams Realty of Delmarva in Ocean City, Maryland.
