The National Association of Realtors (NAR) reaffirmed that multiple listing services (MLSs) retain discretion to set their own rules and policies regarding listing statuses — following news of Compass marketing its Coming Soon and private listings on Redfin.
Compass and Redfin parent company Rocket announced the partnership Feb. 26.
In an email sent to Compass agents by CEO Robert Reffkin and obtained by HousingWire, Reffkin told agents the agreement would take effect March 16.
“NAR respects the rights of individual brokers to make their own business decisions and does not comment on specific brokerage practices or business models,” NAR stated Monday. “NAR does not have a national policy regarding coming soon statuses. Listing statuses are matters of local discretion, with each MLS determining the appropriate statuses for its marketplace.
“Brokers and agents who choose to participate in an MLS agree to comply with that MLS’s policies and rules, which are designed to benefit consumers and their marketplace.”
Compass International Holdings’ global network of real estate professionals includes @properties, Better Homes and Gardens Real Estate, Century 21, Christie’s International Real Estate, Coldwell Banker, Compass, Corcoran, ERA and Sotheby’s International Realty.
NAR said its statement goes along with its long-standing position that sharing properties on the MLS provides transparency in the marketplace.
“NAR values the pro-competitive and pro-consumer benefits of MLS, including broad market exposure, access to available properties for sale in a marketplace, and equal access to the public,” the association added. “We will continue to protect and advance the rights of Americans to own real estate and to support consumers throughout the home buying and selling process.”
Roughly one year ago, NAR introduced its Multiple Listing Options for Sellers guidelines — with a stated aim of giving MLSs the ability to determine delayed marketing periods.
During this time period, the seller and the listing agent will be able to “market the listing in a manner consistent with the seller’s needs and interests,” NAR said at that time. Also, the listing will still be able to be seen by other MLS participants through their MLS platform.
Additionally, NAR noted that listing agents representing sellers who choose to delay the public marketing of their listing must obtain a signed disclosure “documenting the seller’s informed consent to waive the benefits of immediate public marketing through IDX and syndication.”
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