NAR's "Clear Cooperation Policy" & What It Means

On Monday, November 11, 2019, the National Association of Realtors overwhelmingly approved the Clear Cooperation Policy. This policy requires agents to submit a listing to MLS within (1) business day of advertising.

This is Coming Soon Homes’ official statement about the new policy: 

The Clear Cooperation Policy defines the term “pocket listing” and details legal and illegal practices regarding these listings. The Clear Cooperation Policy does not define "coming soon" status but carefully allows for the "coming soon" status embraced by several MLS boards throughout the country.

At Coming Soon Homes, we define a “coming soon” listing as a listing that will go Active in MLS and will not allow showings until it is Active in MLS. “Coming soon” marketing takes place while the listing is preparing for the market. 

Our website, ComingSoonHomes.com, is a national, public-facing website where agents can build an online buzz around their upcoming listings while their sellers prepare them for showings. Agents, buyers, and sellers can access this site at no cost.

We view the new NAR policy as positive--not only for the end consumer but for all real estate agents.

While we cannot control how our customers follow their local regulations, we have always had a sound belief in the power of MLS. MLS is a critical piece of exposing a property to the market. But sadly, “coming soon” marketing has become a diluted tactic that many agents have taken advantage of. We do not do “coming soon” marketing to double-end the deal, and we have never promoted it as such. 

We believe it is in the sellers’ best interest to expose their home to as many buyers as possible, enabling the listing to sell faster and for the highest price. However, the only way to do this effectively is to take a strategic premarketing approach. 

This new policy from NAR adds a simple--but necessary--step to our process: A) You must add that listing into MLS within 24 hours of marketing a property to the public; B) If a local MLS does not have “coming soon” or “no showing” options available, this is something that will need to be implemented by May 1, 2020; and C) For those agents who already have a “coming soon” or “no showings” status, it is business as usual.

Watch our latest video response directly from CEO Marti Hampton:

We guide our clients to: 

1. Have a listing agreement signed - outlining the tentative date of which the property will be going active for sale
2. Never show a “coming soon” property until it is active in MLS for sale (allowing everyone in the market the same advantage at the same time)
3. Follow local MLS rules regarding how long a home can be marketed as “coming soon” (some markets have no timeline while others may have a specific timeline. It all depends on your local rules)
4. Be up to date on local MLS rules regarding when DOM (days on market) begin accruing (some markets begin accruing once showings begin, others immediately, it all depends)
5. Follow local MLS rules regarding any additional paperwork you may need to ensure compliance at the local level. For example, some MLS groups require a pre-listing agreement; others a “no showings” form.

Would you like further information on our findings of this new NAR policy? Click here to read all our findings. 

In case you have additional questions about Coming Soon Homes, please click here for more information.