What do I need to know?
Next month members will be asked to vote on a REALTOR® Code amendment that will incorporate a REALTOR® Cooperation Policy as an “ethical obligation.”
What is the REALTOR® Cooperation Policy?
REALTORS® can and should be using MLS® Systems to market properties on behalf of clients as part of any strategy to market a home publicly. The REALTOR® Cooperation Policy would require that within three days of any public marketing, a home must be listed on an MLS® System unless an exception applies.
This would require all listings being advertised through social media and private listing groups as “coming soon” must be activated on the MLS® System within three days of posting the advertisement.
Why is a policy to place listings on an MLS® System necessary?
Some boards and associations expressed concern about the rise of limited-exposure marketing practices – like “coming soon to MLS®,” exclusive listings and private listing groups - which keep properties off the MLS® System and go against the very purpose of membership in a cooperative selling system.
An MLS® listing generates more potential for better outcomes, such as increased reach to a larger pool of potential buyers, fewer days on the market, a better price or other terms of sale, and more inventory for buyers to choose from. At the same time, listing on the MLS® System reinforces the value and integrity of MLS® Systems as the best and most comprehensive inventory of homes, all of which are available only through a REALTOR®.
What do I need to do?
- Familiarize yourself with the REALTOR® Cooperation Policy
- Attend CREA’s online information session on Wednesday, April 5, from 1:30 p.m. to 2 p.m. EDT to get informed and ask questions. Registration is open to all members and board leadership
Click here to find all information and resources on the CREA REALTOR® Cooperation.
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