What is the new MLS “Clear Cooperation Policy”?

QUESTION: As a service to my clients, I always advertise my listings on my public Facebook page as “coming soon” for seven days just to generate some interest. I do this social media preview in accordance with my MLS’s rules. At our firm’s sales meeting this week, however, my BIC told everyone that soon we are not going to be able to preview properties this long on social media before the listing must be submitted to the MLS for cooperation with other participants. Instead, we will have to input properties in the MLS one business day after we begin public marketing. Is this correct? Where is this coming from?

ANSWER: Last fall, the National Association of REALTORS® adopted a new, mandatory rule to be implemented by all Multiple Listing Services. It is called the “Clear Cooperation Policy,” and it requires that every participant make a listing available to all cooperating brokers within one business day of public marketing. Under the rule, the term “marketing” includes digital marketing on a public facing website, applications available to the general public, and other forms of public advertising. Note that you will still be able to market properties as “coming soon,” and any MLS rules limiting the showing of “coming soon” properties will still apply.

Multiple Listing Services have until May 1, 2020, to implement the new rule, and NC REALTORS® is currently working to update our forms and provide support to our members during this transition. Should you have any specific questions about this rule or its rollout in your community, contact your MLS. They will have the most up to date information on any changes to your MLS’s rules. For more general inquiries, the National Association of REALTORS® has created an FAQ that you can access here on the their website.