New MLS policy expands seller options while ensuring buyers continue to have a fair and transparent view of inventory.

As Multiple Listing Services assess and implement the new Multiple Listing Options for Sellers policy, consumer choice remains paramount. In preparation for the Sept. 30 implementation deadline, MLSs, associations and brokerages across the country are developing educational tools and disclosures so that sellers understand their choices and can determine the best marketing strategy to achieve their goals—whether they’re seeking privacy, testing the market, aiming for a fast sale or needing maximum return.

Because buyer choice is equally important, the new policy works alongside the Clear Cooperation Policy to ensure buyers and their agents have equal access to the inventory of properties for sale.

Getting Down to Basics

The new policy—developed following many months of analysis and consultation with MLS and association leaders; brokerages; agents; multicultural organizations; and fair housing, policy, technology and legal experts—introduces a category of exempt listings called “delayed marketing exempt listings.” Some important parameters of this new option include:

  • Sellers choose. The exemption allows home sellers to instruct their listing agent to delay marketing their property through internet data exchange and syndication for a specified period. During the delayed marketing period, sellers and their listing agent can market the listing in a manner consistent with the sellers’ needs and interests.
  • MLSs determine the delay period. The National Association of REALTORS® is encouraging MLSs to engage with participants and stakeholders before the Sept. 30 implementation deadline to determine what will work best in the local market or region.
  • Signed disclosure is required. When sellers choose to delay the public marketing of their listing, their agent must secure a signed disclosure documenting the sellers’ informed consent to waive the benefits of immediate public marketing through IDX and syndication. Seller disclosure is required for both delayed marketing exempt listings and office exclusive exempt listings. An office exclusive listing, as defined under CCP, is one in which the sellers have directed that their property may not be disseminated through the MLS and may not be publicly marketed. An MLS may require that office exclusive listings be submitted but may not disseminate them to other MLS participants and subscribers.
  • MLS visibility is still required. Delayed marketing exempt listings are filed with the MLS within one day of public marketing and available for other MLS participants and subscribers to access and share with their clients and consumers. This is in line with CCP, which remains fully in effect. However, the MLS and other participants and subscribers are delayed from displaying the listing through an IDX feed and syndicating those listings to other entities.

The Sept. 30 implementation deadline allows MLSs time to make technical changes associated with the new exemption and engage with brokers and stakeholders to gather input on the flexibility and accommodations consumers need in their local market.