Last week the Bright Board of Directors instituted a new policy regarding Off-MLS listings and Bright. Effective October 16, the new policy would require all listings to be entered into the MLS within 1 day of publically marketing the property.
Here is the new policy:
Within one business day of marketing a property to the public, the Participant must submit the listing to Bright MLS for cooperation with other Bright 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.
It’s time to take a stand on Off-MLS listings.
As you likely know, the National Association of REALTORS decided to wait to put out an official Off-MLS policy until January of 2020. Bright leadership felt we could not wait for this upcoming policy. Information and transparency are needed in the real estate marketplace now.
The MLS system encourages competition in the marketplace while also ensuring cooperation and compensation among real estate professionals. Full participation in the MLS ensures the seller has the largest possible marketplace, and the buyer has the widest possible selection. This policy will help provide transparency and access to information in the real estate marketplace.
The Off-MLS policy will be in effect as of tomorrow, October 16. However, fines will not be levied for non-compliance until December 1, 2019. The policy will not eliminate the Coming Soon status, or the provisions for Office Exclusive listings, as long as the proper documentation is collected and, in the case of Office Exclusives, the listing is not publicly marketed.
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