CLEAR COOPERATION POLICY 8.0 & COMING SOON
What is Clear Cooperation Policy 8.0
The Clear Cooperation Policy 8.0, mandated by NAR for all Association-owned MLS’s, was put into effect by the Monmouth Ocean Regional REALTORS on April 1, 2020. This policy is an NAR Board of Director-approved mandate that requires listings be submitted to the MLS for cooperation with other broker participants within one business day of public marketing.
Clear Cooperation Policy 8.0 brings about changes in the MLS that will increase cooperation in the market as a whole and works to ensure cooperation among our broker 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.
What is Public Marketing
Public marketing includes, but is not limited to:
NAR's Clear Cooperation policy refers to the marketing of the property, not WHO markets it.
If a seller publicly markets their own property, the listing brokerage will be required to submit the listing to the MLS for cooperation with other MLS participants within 1 business day of the time the seller publicly market their own property.
Why We Need It
NAR's rationale is that the distribution of listing information and cooperation among MLS participants is pro-competitive and pro-consumer. By joining an MLS, participants agree to cooperate with other MLS participants except when such cooperation is not in their client's best interests. This policy is intended to bolster cooperation and advance the positive, pro-competitive impacts that cooperation fosters for consumers. The public marketing of a listing indicates that the MLS Participant has concluded that cooperation with other MLS participants is in their client’s best interests.
Brokers and the agent will immediately be notified of the infraction and the agent with the violation will have (1) business day to correct the issue by either stopping public marketing or making the listing Active for agents to see. If the issue is not corrected, the complaint will be turned over to MLS Committee for review.
If it is determined that the violation was not corrected, a fine of $1,000 will be assessed by the MLS Committee to the Broker and/or Agent, subject to escalation for repeat offenders up to $15,000.
Effective after the first (1) business day of notification of the violation an additional $100/day will be charged for each day that the violation continues.
We know that this is a change - it is for us here at the MORMLS too. But we are navigating through it with the belief that the increased cooperation will help our industry grow strong. If you have any questions, contact one of our MLS Specialists at 732-918-1340 x45 and they will answer any questions you have regarding this policy.
MONMOUTH OCEAN MLS COMING SOON STATUS
Effective July 6, 2020, Monmouth Ocean Regional Multiple Listing Service (MORMLS) is adding a Coming Soon status to its MLS. This is an exciting change for our MLS and its members, but we must ensure that the status and its rules are equitable to all MLS Participants and Subscribers.
When joining MORMLS, Broker Participants have committed to cooperating with all MLS members by sharing their listings in the MLS as well as compensating all cooperating MLS participants who bring ready, willing and able buyers to their listings.
MORMLS is committed to recognizing and responding to changing market conditions but must always respect the principals of cooperation and compensation that the MLS Participants have developed and rely on. We want each Participant to have an opportunity to take advantage of the benefits of MORMLS and expect each Participant to accept the responsibilities.
This new Coming Soon status will allow all of our Participant and Subscriber members to take advantage of pre-marketing exposure should their client wish
Procedure for a New Listing
When your seller signs the listing agreement with you and your broker, the seller now has 3 choices on how to proceed:
Active Status: The property is ready to be marketed in MORMLS and shown to prospective buyers immediately.
Coming Soon Status: Up to 30 days before the property is ready for showings, the listing can be entered into MORMLS in the Coming Soon status within 1 (one) business day of the list date. MLS Coming Soon Addendum must be executed by the Seller, the Listing Agent and the Broker. This addendum can be found in FlexMLS Menu under Daily Functions on the MLS Intranet. NO SHOWING ARE ALLOWED DURING THIS COMING SOON PERIOD BY THE LISTING BROKERAGE OR ANY OTHER BROKERAGE! Days on Market will not accrue while the listing is in Coming Soon status.
Office Exclusive (Exempted Listings): If the seller refuses to permit the listing to be disseminated by the MLS Service, the Participant may then use an Exclusive Right to Sell (Office Exclusive) Listing. A copy of the listing, along with the Office Exclusive Rider must be filed with the MLS Service and must be loaded into the system within (1) one business day after all necessary signatures have been obtained.
Benefits of the Coming Soon Status to the Participants and Subscribers
Coming Soon Rules and Enforcement (MORMLS Rules & Regulations)
A Coming Soon is a “status” (ie: active, under contract, etc.), not a “category” (i.e.: residential, multifamily, etc.)
They are simply “active listings” that cannot be shown by anyone, not even the listing agency.
1) Coming Soon listings can be entered into the system with this status for up to 30 days. Once the anticipated showing date is reached, the MLS system will automatically convert the listing to “active”. The participant/subscriber can reduce the coming soon period at any time, but can’t extend it for longer then 30 days. This change must be done by the MLS staff.
2) Listings in the “Coming Soon” status will be in syndication and IDX feeds.
The Public Remarks MUST begin with:
This is a Coming Soon Listing and cannot be shown at this time.
3) Listing Brokerages can advertise and market “Coming Soon” listings providing that their advertising prominently states that the property is a “Coming Soon” listing and can’t be shown until the date that was entered in the MLS.
4) The Listing brokerage is prohibited from showing a listing that is under the “Coming Soon” status. A fine of $1000 would be imposed on the broker and/or agent as determined by the MLS Committee.
5) Any subsequent violations will have a fine of $1000 to the broker and/or agent and will have to be addressed by the MLS Committee. Subject to escalation for repeat offenders up to $15,000.
6) Listings in the “Coming Soon” status can’t be reported under contract. They must be in “Active” status to be reported as “under contract”.
(Adopted June 2020)