Understanding the complexities and nuances of the real estate market, particularly when it comes to compliance with regulations and policies that govern our industry, is vital for any Broker or Realtor. One important Policy is the National Association of Realtors’ (NAR) Clear Cooperation Policy. Created to promote transparency and cooperation among real estate professionals, this Policy has significant implications for real estate agents. In addition, NAR recently announced a new policy, Multiple Listing Options for Sellers, which provides sellers and their agents with more options when marketing a property.
NAR’s Clear Cooperation Policy: A Quick Refresher
The NAR Clear Cooperation Policy, enacted in January 2020, mandates that any real property listing that is publicly marketed must be submitted to the Multiple Listing Service (MLS) within one business day of such public marketing. This policy is designed to enhance cooperation among Realtor members and ensure that all listings have equal exposure within the market, thereby serving the best interests of clients. “Public marketing” which triggers the one day requirement includes social media posts, yard signs, and other promotional activities beyond the traditional MLS listings.
New in 2025: Multiple Listing Options for Sellers
In March 2025, NAR announced the Multiple Listing Options for Sellers Policy. This policy provides sellers and their agents with greater flexibility in how they market a property. It introduces new listing types such as Delayed Marketing Exempt Listings and updates procedures for Office Exclusive Listings. These options aim to offer tailored marketing strategies while still maintaining MLS compliance.
Delayed Marketing Exempt Listings
With the Delayed Marketing Exempt Listings option, the listing is filed with the MLS and made available for other MLS participants and subscribers to access, but the MLS and other participants and subscribers are restricted from displaying the listing through an Internet Data Exchange (IDX) or syndicating the listing to other entities. When the seller decides to begin publicly marketing the property, for instance, putting a “For Sale” sign in the front yard, the Broker has one business day to make the listing publicly available on the MLS.
Office Exclusive Listings
NAR also implemented new policies for Office Exclusive Listings. With this method, the seller instructs their Realtor to market the property only within the Realtor’s brokerage for a set period of time. The listing must be filed with the MLS, but is not made available to other MLS participants and subscribers. The one business day rule applies once the property begins to be publicly marketed.
Disclosure & Compliance Requirements for Brokers
The Multiple Listing Options for Sellers Policy is effective immediately through NAR, but Local MLSs have been tasked with establishing their maximum delayed marketing period and implementing the Policy no later than September 30, 2025. It is also important to note that if a seller chooses the Delayed Marketing Exempt Listing or Office Exclusive Listing method, the Broker must have the seller sign a disclosure agreement evidencing the seller’s consent to waive the benefits of immediate public marketing through IDX.
Finally, sellers cannot opt out of the Clear Cooperation Policy requirements: any listing that is publicly marketed (even after a delay) must be filed with the MLS and provided to other MLS participants within one business day of such public marketing. Failure to comply can result in disciplinary action against Realtors and Brokers by their local Realtor associations.
Why This Matters for Your Sellers
While delayed marketing may be intriguing for some sellers, recent studies show that off-market listings on average sell for less than homes listed on a MLS. It is important for Realtors to inform their sellers about the implications of the Policy and allow them to make an informed decision regarding their marketing strategy.
Stay Informed, Stay Compliant
We encourage you to stay informed and proactive in your marketing strategies. Compliance not only safeguards your professional reputation but also ensures that clients receive the best possible service in an ever-evolving real estate landscape.
Should you have any questions or need assistance with legal matters related to these policies, contact your trusted real estate attorney. It really matters who you work with.
