The world of Real Estate is always evolving, and with that comes the need to keep up to date with the latest. Though most of this year’s changes have revolved around the impact of COVID-19, one big change in the real estate world was the mandatory adoption of NAR’s Clear Cooperation Policy. We will all be affected by this policy differently, so let’s take a look at what it is.
Clear Cooperation Policy
The policy as written states:
“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)”
Clear Cooperation Policy—Defined
Simply put, this means brokerages are required to submit any active listing to the MLS one day after it’s been marketed to the public. In the past, brokerages have benefited from listing a property as “coming soon” with no time limitations. This only benefits the brokerage firm, as that property is only available through them as opposed to realtors as a whole. As you likely already know, this “coming soon” status doesn’t benefit the seller, because these listings aren’t distributed in data feeds or syndicated to other websites, giving it close to no visibility. Essentially, it’s on the market, but not available to the public, which makes selling a house a challenge. That’s why these new regulations have been put into place.
The Clear Cooperation policy was approved to create an efficient marketplace and to reinforce the pro-competitive, pro-consumer benefits that REALTORS® have been focused on supporting for years. It’s important to note that all REALTOR® Association MLSs must adopt this policy, and it is not one that can be opted out of. So, if you’re looking to sell a home and are finding it hard to navigate all the little ins and outs of doing so, we’re here to help!
Whether you’re confused about how to navigate the Clear Cooperation policy, or are looking to sell your home fast, it’s important to consult a Realtor® early in the process so you can get professional opinions about what needs to be done and what can wait. Schedule a listing consultation with us to learn more about the process of selling your home and what needs to happen.