Loading

MLS Clear Cooperation Policy

NTREIS has adopted the “Clear Cooperation Policy” of the National Association of REALTORS® effective May 1, 2020. The policy requires listing brokers who are Participants in NTREIS MLS to submit their listing to the MLS within one business day of marketing the property to the public.

MLS Clear Cooperation Policy

NTREIS has adopted the “Clear Cooperation Policy” of the National Association of REALTORS® effective May 1, 2020. The policy requires listing brokers who are Participants in NTREIS MLS to submit their listing to the MLS within one business day of marketing the property to the public.

The purpose of the MLS is cooperation among Participants to share listing and comparable information to provide the best level of service to consumers. The policy has been added to the NTREIS MLS Rules and Regulations, and please see below for our Frequently Asked Questions below which will be updated regularly.

What types of property must be submitted to the MLS under the policy?

Property types mandated for submission to the MLS (within 72 hours of listing) are subject to the Clear Cooperation Policy. The property types adopted are:

- Residential single family homes for sale (Condo, Half Duplex, Single Family, Townhouse, Farm/Ranch)

- Vacant Residential and Farm/Ranch lots and acreage for sale

- Multi-family dwellings up to and including four-family residential buildings for sale

How does the new policy impact the 72-hour listing input requirement?

The new policy will not impact the 72-hour required listing input period after a new listing has been taken. However, once a broker begins to publicly market a property, the property must be added to the MLS within one business day.

What is considered public marketing?

Public marketing is any advertising or communication of information on your listing outside of your brokerage. This includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public-facing websites (including social media websites), brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public. This also includes phone calls and text messages to brokers/agents outside of your brokerage.

Does the policy prohibit office exclusives?

No. "Office exclusive" listings are an important option for sellers concerned about privacy and wide exposure of their property being for sale. In an office exclusive listing, direct promotion of the listing between the brokers and licensees affiliated with the listing brokerage, and one-to-one promotion between these licensees and their clients, is not considered public marketing.

What about the Coming Soon status?

Properties that are entered into the MLS under Coming Soon status within one business day of public marketing comply with the Clear Cooperation Policy. Coming Soon status remains available for sellers who have instructed in writing that their property information should not be fully entered into the MLS until certain conditions are met. The broker places the listing in the MLS under that status, and during this period the property information is not available for distribution to portals. The period during which a listing may remain in Coming Soon status has been extended from 14 to 30 days before the listing must be taken active. Showings while a property is in Coming Soon status are prohibited.

Does placing the property in the MLS mean that it will be distributed to third-party websites and portals?

No. The Seller always has the option to opt out of distribution to third party portals. The selection to share (or not share) with third-party portals is made under the remarks section while inputting the listing.

How is a violation of the policy reported?

Violations may be reported to the GFWAR MLS Department and must include the following:

- Listing Agent and Company Name

- Documentation (image of marketing)

How will the policy be enforced?

If a violation is confirmed, then as of January 1, 2021 the following enforcement has been approved by the GFWAR Board of Directors.

-First Violation: $1,000 fine and agent must attend MLS Rules and Regulations training. The agent will be notified via email to the agent and broker that the property must be placed in the MLS immediately, and that if it is not added within 72 hours then additional sanctions may apply.

-Second Violation: $2,500 fine and the agent must appear before the MLS Committee. The agent will be notified via email to the agent and broker that the property must be placed in the MLS immediately, and that if it is not added within 72 hours then additional sanctions may apply.

-Third Violation: $5,000 fine and the agent and broker must appear before the MLS Committee. The Association Counsel will be present during this meeting and the violator will be advised that subsequent violations may result in suspension of MLS services or termination of MLS membership. The agent will be notified via email to the agent and broker that the property must be placed in the MLS immediately, and that if it is not added within 72 hours then additional sanctions may apply.

How will this impact most listings?

This affects a small number of listings that have traditionally been kept out of the MLS for marketing. Most Participants and Sellers realize the value the MLS brings to providing the broadest exposure of a listing and thus the best odds for selling timely and for the highest price. We also recognize that there are rare instances where a Seller, for privacy or security reasons, requires less exposure, and therefore an "office exclusive" is their best option.

Where can I find more information?

Texas REALTORS® FAQ’s

NAR Clear Cooperation Policy

...
Tags:
No items found.