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The National Association of Realtors‘ Clear Cooperation Policy (CCP), which requires agents to put a listing on the MLS within one business day, will remain in place, NAR announced Tuesday. But the trade group is also offering an additional option to home sellers — a delayed marketing exemption period.
The CCP has been a polarizing issue between brokers who believe in the policy and those who would like it abolished. The move announced Tuesday does not eliminate the controversy.
Prior to this, NAR offered exemptions for “office exclusives” in which the seller expressly tells the listing agent to not put the listing on the MLS. The office exclusive listing must be filed with the MLS, but it won’t be disseminated to other MLS participants and subscribers.
Explaining the exemption
Now a consumer will have the option to market their home as a “delayed marketing exempt listing.” This means a seller can instruct their listing agent to delay the marketing of their listing by other agents outside the listing firm through IDX or syndication for a period of time.
IDX is the sharing of listings among brokers on a public listing website display. The length of the delayed marketing period will be determined by each MLS based on their local marketplace.
This means that during the delayed marketing period, the home seller and the listing agent can market the listing in ways approved by the seller and to agents at the listing firm. But brokers who rely on IDX may not market the property through syndication or an IDX feed.
The delayed marketing exempt listing will still be available to other MLS participants through the MLS platform but not through IDX. This means other firms can’t market the listing through their IDX feeds, but they can inform consumers that the property is available.
Death to IDX?
According to a recent analysis by 1000Watt, “This sounds the death knell for IDX. Many large brokers will make most of their listings ‘delayed’ to kneecap smaller or buy-side-heavy brokers who rely on IDX. They will then cut selective side-deals with portals to meet most sellers’ expectation that their home will make it to these sites/apps.”
Whether this happens remains to be seen, as the industry processes what this new policy means. Firms that disagree with the Clear Cooperation Policy, such as Compass and The Agency, must decide on a path moving forward.
For now, listing agents representing sellers who choose to delay the public marketing of their listing must secure a signed disclosure documenting the seller’s informed consent to waive the benefits of immediate public marketing through IDX and syndication, according to NAR. Seller disclosure is required for both delayed marketing exempt listings and office exclusive exempt listings.
According to NAR, the new policy complements its existing MLS policies and will coexist alongside CCP. The new policy goes into effect immediately, but MLSs have until Sept. 30 to implement the change.
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