One feature of the local housing market that the mainstream homebuying public may not be fully aware of is that certain properties for sale are often marketed behind the scenes rather than being officially listed on the multiple listing service (MLS). These listings are known as private exclusives or pocket listings, and based on a recent change, they may be thing of the past.
Bright MLS, one of the largest multiple listing services in the country, has announced that, as of October 16th, any brokerage marketing a property for sale must submit that listing to the MLS within one business day. "Marketing" includes any sale markers visible to the public, digital ads, email blasts, or appearances on a brokerage website.
"The MLS system encourages competition in the marketplace while also ensuring cooperation and compensation among real estate professionals," a press release reads. "This policy will help provide transparency and access to information in the real estate marketplace."
Listing agents and brokerages will still have the leeway to retain "Coming Soon" status within the multiple listing service or to proceed with private listings as long as that listing is not being shown or actively marketed to the public (e.g. if it is a private sale and the seller does not want a publicly available listing). In the latter example, the listing agent would submit a waiver to Bright MLS.
While the new policy went into effect earlier this month, any non-compliant listings will start being fined starting on December 1st.
This article originally published at https://dc.urbanturf.com/articles/blog/bright-mls-tightens-down-on-secret-listings/16068.
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