Implementation Details Will be Available in the Coming Weeks
On November 15th, The National Association of REALTORS® Board of Directors approved six recommendations from the Multiple Listing Issues and Policies Committee. These changes will make obtaining MLS listing data easier for Participants and ensure transparency to all parties involved in a real estate transaction.
In addition to these changes, NAR will be providing guidance to ensure both brokers and their licensees are in compliance with the new policies. realMLS will share this guidance and provide an implementation timeline soon.
Below is a brief summary of the Policy changes. You may find more details here.
Policy Statement 8.6: One Data Source. Requires MLSs to offer their participants a single data feed in accordance with the participants’ licensed authorized uses.
Policy Statement 8.7: Brokerage Back Office Feed. Entitles MLS participants to use, and requires MLSs to provide to participants, a brokerage back-office data feed. (Note: realMLS already offers a Brokerage Back Office Feed.)
Internet Data Exchange (IDX) Policy Statement 7.58 and VOW Policy Statement 7.91: IDX and Vow Broker Attribution. Require that participants’ IDX displays must identify the listing firm and an email or phone number provided by listing participant in a reasonably prominent location and in a readily visible color and typeface not smaller than the median used in the display of listing data.
Display of listing broker offer of compensation. Requires MLSs to display the listing broker’s offer of compensation for each active listing on the MLS’s consumer-facing website and to include the listing broker’s offer of compensation in MLS data feeds provided to participants and subscribers. (Note: Display of buyer broker commissions on Participant and Subscriber consumer-facing websites is optional.)
MLS Policy Statement 8.4: Services advertised as “free.” Prohibits MLS participants and subscribers from representing that their brokerage services to a buyer client or customer are free or available at no cost to their clients, unless the participant or subscriber will receive no financial compensation from any source for those services.
MLS Policy Statement 8.5: No filtering out listings based on offers of compensation or name of the brokerage or agent. Prohibits MLS participants and subscribers from filtering out or restricting listings, in listing information that’s searchable and displayed to consumers, based on the level of compensation offered to the cooperating broker or the name of a brokerage or agent.
These policy changes are intended to increase transparency to consumers and ensure consistent service to participants.
Implementation details, as well as Q & A guidance, will be made available in the coming weeks. No action is required by realMLS members at this time.