What You Need to Know About the NAR Clear Cooperation Rule
The National Association of REALTORS® recently passed a new rule concerning the growing trend of ‘coming soon’ listings being marketed before they are entered into the MLS. This new rule, the ‘MLS Clear Cooperation Policy’ or MLS Rule 8.0, essentially says that listings must be entered into a MLS within a certain period of time - one business day - after it is publicly marketed for the first time.
The passage of this rule has understandably generated quite a bit of confusion among REALTORS®, especially those that are members of independent broker-owned MLS such as BAREIS. Here’s what you need to know:
The rule only applies to REALTOR® owned MLSs - not independent MLS systems such as BAREIS. This means that BARIES is free to implement - or not implement - the rule as they and their board sees fit. BAREIS is actively discussing the rule and what it means for the local market - and if, or how, they will implement the rule.
The rule does allow for broker-exclusive listings and for exceptions such as listing/seller privacy and other extenuating circumstances. If you are unsure what to do in a particular situation, consult with your broker or MLS.
The rule can be implemented by MLSs at any time before May 1, 2020. Most MLSs are not implementing the rule immediately. Some already have ‘coming soon’ policies that may be updated, while others, including BAREIS, are seeking member input before deciding on when, if and how to implement the rules.
If you have questions about this rule, please contact BAREIS at email@example.com or call 707.575.8000 and ask for KB Walter or Carrie Kozubal. The Marin REALTORS® association is also actively researching and monitoring the situation, so please feel free to reach out to President Chris Backer or association staff with any questions.
January 20, 2020 statement from BAREIS:
BAREIS has not adopted the Clear Cooperation Policy. BAREIS Board of Directors will be meeting with BAREIS Broker Owners to gather more feedback before adopting any new policy. For now, BAREIS submission rules remain unchanged—a listing must either be submitted to or excluded from BAREIS within 3 days of the effective date of the listing agreement. Entering a listing as Coming Soon, Active or Active with a Future On-Market Date in BAREIS within those 3 days meets the submission requirement. Members can submit questions or feedback by emailing BAREIS at firstname.lastname@example.org or by calling 707-575-8000 and asking to speak with KB Walter or Carrie Kozubal.