Answers About Multiple Listing Options for Sellers

Source: National Association of REALTORS - www.facts.realtor

What is the Policy?

The Multiple Listing Options for Sellers policy introduces a new category of exempt listings called "delayed marketing exempt listings." This means a seller can instruct their listing agent to delay the marketing of their property through IDX and syndication for a period of time as determined by the local MLS.

During the delayed marketing period, the home seller and the listing agent 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 agents 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.

Please note: The new policy does not change an MLS's local mandatory submission deadlines or the Clear Cooperation Policy (CCP) and its requirement to file a listing with the MLS within one business day from public marketing.

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Silver City Regional MLS

While the NAR's new policy is now in effect, the SCRMLS Board of Directors will be reviewing how to implement it at the local level.

They are working to ensure any changes align with the needs of our market and follow the proper rule modification process. Additionally, our MLS vendor requires time to update Paragon to reflect these changes. For now, there are no immediate changes for brokers. Until SCRMLS provides an official update, Participants should continue following the current policies and procedures.

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Has the Clear Cooperation Policy (CCP) changed? Is it still in effect?

CCP itself remains unchanged and in full effect. The Multiple Listing Options for Sellers policy will work alongside CCP 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.

Who has the authority to decide whether to delay marketing of a listing?

A seller must authorize their listing agent to delay marketing of their property. Listing agents 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.

Is a delayed marketing exempt listing the same thing as an office exclusive?

Is a delayed marketing exempt listing the same thing as an office exclusive?

No, an office exclusive listing is an exempt listing that the seller has requested to not be disseminated through the MLS or publicly marketed. A local MLS may require that an office exclusive listing be submitted but not disseminated to other MLS participants and subscribers. The Multiple Listing Options for Sellers policy requires listing brokers to obtain a certification from sellers for an office exclusive listing.

Why is NAR not mandating a specific length for the delayed marketing window?

MLSs are best positioned to establish a delayed marketing time period that reflects the business practices for their brokerage community. Prior to formal implementation of this rule, NAR encourages MLSs to consult with brokers and stakeholders in their market to get their input on the allowed time period for delayed marketing exempt listings.

Find more answers about NAR's new policy statement at facts.realtor.