The National Association of Realtors (NAR) has implemented a new policy that offers sellers an option for delayed marketing of their listings. This initiative is part of what NAR designates as the MLS Listing Options for Sellers policy. Under this new framework, sellers can choose to delay the public marketing of their properties, provided they sign the necessary disclosure. The NAR aims to harmonize this policy with the Clear Cooperation Policy (CCP), which mandates that listing brokers must submit a property to the Multiple Listing Service (MLS) within 24 hours after it is publicly marketed.

Key Features of the New Policy

• Sellers can instruct their agents to postpone the online marketing of listings through Internet Data Exchange (IDX) and syndication.
• The duration for which a listing can remain delayed will be determined by local MLS regulations.
• During the delay period, other MLS members will still have access to the listing via their local MLS platforms.

Implementation Timeline

The policy became effective on Tuesday and local MLSs must implement it by September 30 of this year.

Reactions Within the Industry

Reactions to the new policy have varied significantly among industry professionals. Some, such as Eric Cantrell, an industry commentator, argue that this approach effectively nullifies the CCP. He stated, “They just want to push the burden of responsibility and liability off to somebody else.” His concerns are echoed by organizations like the Park City Board of Realtors in Utah, which opted not to enforce the CCP last October.

Support for MLS Discretion

Conversely, industry veterans like Saul Klein, CEO of San Diego MLS, believe that providing discretion to local MLSs empowers them to respond better to their specific markets’ needs. He indicated a positive outlook on the changes, highlighting the opportunity for MLSs to collaborate with their brokers for optimal results.

Local MLS Adjustments

Some MLSs have already responded to this shift. For instance, Bright MLS, one of the largest in the nation, had previously removed the time limit for “coming soon” listings. Brian Donnellan, president and CEO of Bright MLS, underlined the importance of flexibility for brokers and agents to meet diverse seller needs.

Critiques of the New Policy

Despite recognizing some progress, critics like Robert Reffkin, CEO of Compass, express that the changes do not take full advantage of improving seller choices. He argued that a more extended unrestricted marketing period could enhance seller flexibility and reduce legal risks for MLSs.

Varied Perspectives from Brokers

Reactions among major brokerages also reflect a spectrum of opinions. Some, like Anywhere, advocate for a balanced reform rather than outright repeal of the CCP, while others believe in greater transparency and consumer education in how listings are marketed.

For instance, Leo Pareja, CEO of eXp Realty, cautioned against the potential risks of steering sellers towards private listings, emphasizing the necessity for transparency in market practices.

Broader Implications for the Real Estate Market

The introduction of the Delayed Marketing Exemption is recognized as an important step in offering sellers more alternatives. However, many agents and firms maintain that public listings remain crucial for fair market practices. As cities and regions implement disparate rules through their MLSs, the discourse around the CCP squares to remain active and evolving.