Under the new NAR Clear Cooperation policy any listing marketed to the public must be submitted “to the MLS for cooperation with other MLS participants” within one business day.
However, the existing MLSPIN coming soon rule fact sheet states “the listing Broker will be permitted to advertise its own Coming Soon listing outside of the MLS” But apparently under the new NAR policy, the permitted window to advertise without offering cooperation is only one business day.
The new NAR policy is set to go into effect no later than May 2020. So MLSPIN has until the spring to revise the coming soon policy if they choose.
In a statement posted yesterday MLSPIN said “Although MLSPIN is not NAR chartered and therefore, it is not required for us to administer this new policy, the MLSPIN Board of Directors and senior management will follow this update closely to determine how it may affect MLSPIN customers and what action we will take. Please watch for updates in the weeks and months to follow. For more information on this important NAR passed policy.”
MLSPIN did not take an official position on the change, but the Council of MLS which MLSPIN is a member did endorse the new policy.
Also according to MLPIN “while a listing is in the [coming soon] status, no Broker will be permitted to show the property to any prospective buyer. “
No broker, not even the listing broker.
Bottom line: the new NAR policy basically bans pocket listings (or drives them even further into the unofficial market) and dramatically curtails the marketing of coming soon listings.