Posted by Andrea Durway
How the Clear Cooperation Policy Affects Home Buyers & Sellers
In the fall of 2019, the National Association of Realtors Board passed a Clear Cooperation Policy. The Clear Cooperation Policy (CCP) was designed to support a more cohesive and collaborative marketplace — where professional REALTORS® belonging to a cooperative network (MLS) share listings with each other under a common set of rules.
The policy states: “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.”
What does this mean for home sellers and buyers?
If you are a seller, your home will be entered in the MLS under one of three statuses: Active, Coming Soon, or Witheld.
ACTIVE – By agreeing to market your property as “Active” you’ve decided to authorize maximum exposure of your home to the marketplace. Your listing broker will share the listing with all other brokers and agents in the marketplace. Days on Market (DOM) accrue.
COMING SOON – By agreeing to market your home as “Coming Soon” you’ve authorized your broker to expose your listing to other brokers, agents, and their clients as a property that will soon be available for wider marketing exposure (i.e. Active Status). The time frame for this status is limited to 21 days and is typically (not exclusively) utilized to finish any last minute improvements prior to full market exposure. Days on market (DOM) do not accrue. Other key points on Coming Soon status:
- Coming Soon properties are visible on Client Portals if buyers have selected that filter.
- Agent determines, via MLS entry, whether showings are allowed or not.
- If anyone is allowed to show, everyone must be allowed.
- Coming soon advertising includes but is not limited to yard signs, social media, brokerage websites, any IDX website, agent websites.
- Coming Soon properties are NOT visible on third party sites, such as Zillow, unless directly entered by agent.
- Offers can be accepted on properties with COMING SOON status.
It is IMPORTANT to note that the MLS PORTAL set up by your buyer’s agent will reflect the MOST CURRENT inventory because not all listing agents will manually enter their listings on third party sites like Zillow and Realtor.com.
WITHELD– By withholding your property from public marketing and the MLS you authorize your broker to move forward with limited exposure of your home to the marketplace. Homeowners may wish to “Withhold” for various reasons related but not limited to privacy concerns, needing extensive repairs, and bank-owned listings. Under a Withheld Status, the broker can:
- Share this listing with all agents/brokers in their brokerage.
- Share your listing directly with clients of this brokerage.
- Market the listing through one-to-one communication with competing brokers/agents.
Under a Withheld Status, the property cannot be publicly marketed, which includes but is not limited to:
- Placing a sign (coming soon, listed, etc.) in your yard.
- Distributing property information flyers in public locations.
- Mass electronic communications distributed to groups of contacts.
- Otherwise publicizing the home on the internet, which includes but is not limited to
agent/broker/seller or third-party use of social media, private Facebook groups, consumer destination websites, brokerage websites, etc.
Key Take Away for Sellers
Each seller has unique needs. We can customize your marketing plan by choosing a starting point or even progressing in steps through different statuses. Our proven marketing strategies will ensure maximum exposure for your home.
key take away for buyers
Now, more than ever, having a savvy buyer’s agent will be critical in your home search. The key benefits to you include:
- Our buyer’s agents can set up a customized portal so that you are getting the most up-to-date inventory reports, seeing coming soon listings that may not be showing up on Zillow.
- Through our buyer’s agents you will have access to all the other withheld listings of the Circa brokerage.
Still have questions? Contact us today and we’ll explain how these changes may effect your home buying or selling plans.
