Want your agent to sell your home "off-market"? Are you a buyer looking for a "pocket listing"?
Do you know what a "pocket listing" even is? It's those social media post, mass emails or other announcement that says "Not on MLS" or "private listing" implying that other agents will not know about it unless they are connected to this agent.
The agents that advertised for you to sign up for "non-public listings" alerts will soon have nothing for you... so don't believe them!
At its Nov. 11 meeting, NAR's Board of Directors approved MLS Statement 8.0, also known as the Clear Cooperation policy. The policy requires listing brokers who are participants in a multiple listing service to submit their listing to the MLS within one business day of marketing the property to the public.
NAR's MLS Technology and Emerging Issues Advisory Board proposed the policy as a way to address the growing use of off-MLS listings. The advisory board concluded that leaving listings outside of the broader marketplace excludes consumers, undermining REALTORS®' commitment to provide equal opportunity to all. The policy doesn't prohibit brokers from taking office-exclusive listings; nor does it impede brokers' ability to meet their clients' privacy needs.
Following is the full text of MLS Statement 8.0:
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.
MLSs can adopt the policy any time, but they must adopt it no later than May 1, 2020.
What's NOT changing? The "COMING SOON" marketing feature!
WHAT HAPPENS FOR SELLERS THAT WANT PRIVACY?
Seller's can still choose to have a private listing. Here are the rules:
- Your property can NOT have a sign in the yard
- Your property can NOT be advertised to the public at all. (No online ads, print ads, postcards, nothing.)
- Your agent CAN post your home internally in their brokerage as a PRIVATE listing not to be shared publicly.
- To sell your property outside the brokerage office, your agent must make ONE to ONE calls to potentially interested agents and buyers.
PRIVATE LISTINGS DRASTICALLY REDUCE YOUR EXPOSURE AND THEREFORE YOUR BUYER POOL STATISTICALLY RESULTING IN A LOWER SALES PRICE. Please seek reputable, experienced professional council before choosing a private listing option. There are ways to be discrete in your sale without limiting yourself to a private listing.
About the author: The above article “No More "Pocket Listings"” was provided by Sarah Marrinan.
With multiple designations, certifications, awards and experience, if you’re thinking of selling or buying, I’d love to share my knowledge and expertise. Proudly servicing the Twin Cities, MN with extra focus in these areas: White Bear Lake, Hugo, Lino Lakes, Centerville, Vadnais Heights, Shoreview, Mounds View, Circle Pines, Mounds View, Mahtomedi, Forest Lake, Columbus, Wyoming, Saint Paul, Minneapolis, Roseville, Lake Elmo, Stillwater and Oakdale, MN.
Find more great info on Sarah’s website at www.CallSarahFirst.com.
