What is the new Clear Cooperation rule?
This past November, the National Association of REALTORS® (NAR) Board of Directors approved a mandatory MLS policy, known as Clear Cooperation. The policy was implemented to encourage competition, benefit consumers and support cooperation among MLS Participants:
Within one (1) 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 (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public.
When will this new rule be in effect?
NAR has given MLSs until May 1, 2020, to implement this new rule. CVR MLS is working towards an April 2, 2020 implementation.
What does this mean for me?
This may affect the timeline in which you enter your listings. Under our current MLS rules, you have three (3) days from Seller’s ratification of the listing agreement to either (a) enter the listing into the MLS as Active or Coming Soon, or (b) submit the listing agreement to CVR as an Office Exclusive.
As of April 2, you still have the three days to submit your listing to the MLS unless you perform any public marketing. NAR’s definition is very broad: Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public. If you do any public marketing as defined in the rule—that includes a sign—you have one (1) business day from the date of public marketing to enter your listing.
What about Coming Soon listings?
Our Coming Soon policy has not changed. You can still use our Coming Soon status. The only change would be in the submission of that Coming Soon listing if public marketing is performed.
Can I still take an office exclusive listing?
Yes. You still may take an office exclusive listing at the request of your Seller. But if you perform any public marketing, as defined in the rule, during the term of your office exclusive listing, you must submit the listing into the MLS within one (1) business day of that marketing.
In response to this mandatory Clear Cooperation Rule, CVR MLS will be modifying its office exclusive policy. We will have a new Seller Opt-Out form and an updated 5.9 Office Exclusive rule, which we will provide in the coming weeks.
What is a business day?
A business day excludes Saturday, Sunday or a federal holiday. The new Clear Cooperation rule operates under a one (1) business day rule, so exclude these days when your’re calculating your MLS input date.
CVR MLS’ other deadlines are calculated in calendar days. Unless a CVR MLS rule specifically states a deadline in business days, you should calculate your deadline in calendar days.