NAR’s November 12th ruling: No more pocket listings!
The ‘nickname’ of this new policy is ‘Clear Cooperation’.
What is a Pocket Listing? “A listing that is technically for sale, but NOT in the Multiple Listing Service.”
Pocket listings include private listing networks, email blasts, “coming soon” announcements, yard signs, flyers and other tactics that market homes outside Realtor-run “multiple listing services,” or MLS’s, for all or part of their listing period.
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NAR’s ruling in a nutshell?
“Within one business day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants.
Public marketing includes, but is not limited to:
– Flyers displayed in windows
– Yard signs
– Digital marketing on public facing websites
– Brokerage website displays
– Digital communications marketing such as email blasts
– Multi-brokerage listing sharing networks
– Applications available to the general public
When does it go into effect? January 1, 2020.
When will it be enforced? May 1, 2020 so the 800+ MLS systems can ‘updated their technology and educate users’.