MLS Policy Statement 8.0, the new MLS Clear Cooperation policy

By
Real Estate Broker/Owner with Texas Five Star Realty, Plano Texas

  What is MLS Clear Cooperation policy? New MLS Policy Statement 8.0 refers to the new MLS Clear Cooperation policy. This policy is intended to bolster cooperation and advance the positive, pro competitive impacts that cooperation fosters for consumers.

  • Section 1.01 – Clear Cooperation

    Within one (1) 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. Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public facing 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. (Adopted 11/19)

  •          Multiple listing services have until May 1, 2020 to implement the new Clear Cooperation policy, requiring participants to list publicly marketed homes within 1 Business day.
  •          NAR requires all MLS’s conform to this rule, But each MLS is free on how to implement this rule.

Issues with MLS Clear Cooperation policy

There are several issues with the proposed MLS Policy Statement 8.0, some are shown below:

  •          Celebrities and CEOs:
    There were some concerns when celebrities or  CEO's of a company do not want public know that their house is for sale and they want only a select group of qualified/eligible buyers to know about it. But, this new rule makes the agent to publicize it to public against their clients wishes.
  •          The same scenario, as above, is true for victims of violence.
  •          Some feel that this rule is in favor of major offices with large number of agents (e.g., 100) and is disadvantage to small firms or those offices with low number of agents (e.g., 1-10).

Some Examples of Public Marketing:

  •          Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public facing 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. (Adopted 11/19)
  •          A neighbor notices more than usual visits by a person to his neighbor’s house and suspects the house might be for sale. She asks that person who is always accompanying other people (e.g., listing agent) if this house is for sale? If the agent says YES, that is considered to be public Marketing/advertisement and the “New MLS Policy Statement 8.0” rule applies.
  •          If the Seller publicized his property in social media (Facebook, etc.), then it is considered Public Advertising and it is a violation of this “New MLS Policy Statement 8.0” not to put it in MLS within 1 Business day.
  •          If a firm has several officers under ONE Sponsoring Broker within Texas, then it is OK to share information with all agents under the same Broker and it will not be considers as public advertising.
  •          The following scenarios will/will not be considered as Public Advertising which surprised many. Some example(s) are shown below:

Some Examples of Non-Public Marketing:

o   You may also visit TexasRealEstate.com/FAQ.

  •          Due to all these issues and many more and unhappiness from audience, NAR Representative said these rules are under consideration and might change. Anybody wants to give their input should go to NAR website and provide their inputs.
  •          NAR announced that they changed the initial requirement of putting the property data in MLS within 24 hours to 1 Business day.
  •          Due to NAR’s adoption of MLS Statement 8.0, the Clear Cooperation Policy, the following two Texas REALTORS® forms must be revised:

o   Residential Real Estate Listing Agreement Exclusive Right to Sell (TXR 1101)

o   Exclusive Agency Addendum to Listing (TXR 1403)

  •          Currently, in REO properties, they put a foreclosure sign on windows/doors, this may be not safe. MLS is going to look into this issue.
  •          NTREIS is looking into customizing MLS for our area, North Texas, to meet the new MLS Statement 8.0, the Clear Cooperation Policy requirement.

 

More Information:

To Get More Information, please see following:

  Contact Bahman Davani at: http://www.texasfivestarrealty.com/Contactus.asp

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Bahman Davani, CM at Texas Five Star Realty, Plano, TX (214) 457-7055

Homes for Sale in Plano, Frisco, Prosper, Allen TX
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