Major Midwest MLS throws support behind NAR’s pocket listing policy
In a report released last week, MRED revealed that it was voicing support for a proposed policy from the National Association of Realtors (NAR) “so that the [multiple listing service] industry can maintain an efficient and effective marketplace.” The proposed NAR policy was announced earlier this month and, if adopted, will require agents to submit their properties to their local multiple listing service (MLS) within 24 hours of marketing them.
I really liked the “Private, Not A Secret” report put out by MRED last week. It’s a great reference for anyone wanting to get a primer on what issues surround “pocket listings” and “coming soon” statuses and how other MLS providers are dealing with these issues. The report goes over MRED’s PLN solution but also includes examples from other MLS providers along with marketing programs MRED has used to educate their membership. Well done MRED!
This policy was intended to kill pocket listings, not coming soon. MRED got in front of the friction that 8.0 would cause to their brokers who operate these innovative consumer platforms.
MRED joins many of the largest and most progressive MLSs in America have rules that allow for coming soon. As a result brokers who operate coming soon programs in MRED will not be impacted by 8.0.
The other 600 MLSs do not have coming soon policy. I am concerned that any firm operating a coming soon program in those markets will be in violation of this proposed policy. Brokers who are uninformed about this potential change in policy will explode when they find out.
From what I am hearing, firms feel like 8.0 would be a restriction on trade, and a clear breach of the law outlined by the FTC and DOJ. These Federal oversight groups have clearly communicated to the real estate industry that MLS policy which has the effect of impacting consumer choice, reducing competition in the marketplace, or limiting platforms of innovation is not allowed.
We are encouraging everyone to get agents to fill out this form. If we get a few thousand agents talking about coming soon – I think that will be a strong signal to NAR. https://magazine.realtor/clear-cooperation-policy-questions