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.
Most Popular... This Week • Last 30 Days • Ever
There are two new proposals to redevelop the center at 14th and U Streets NW that are... read »
Dupont Circle’s Swann House, a former 15-bedroom bed and breakfast, will be listed ... read »
A recent build in Anacostia made history as the first code-compliant bamboo building ... read »
The recently-filed amendment would help move redevelopment of a police and fire stati... read »
A recent filing with DC indicates that a large new residential development in Glover ... read »
UrbanTurf has compiled virtual looks at large new developments around the DC region.... read »
Why condo fees are high in some buildings and low in others can be a difficult questi... read »
Post Brothers has plans in the works to convert the Universal buildings into a sprawl... read »
The two-building project will include approximately 825 residential units, 151 lodgin... read »
The M Street building was built in the early 1980s.... read »
With this weekend's DC houseboat tour a day away, UrbanTurf thought it only fitting t... read »
President Obama travels to Denver this morning to sign the stimulus bill that has bee... read »
In this week's installment of Ask An Agent, a reader wonders if there is a rule for h... read »
As The Wharf prepares to begin construction, DC's houseboat community heads to its ne... read »
In this week's installment of Ask An Agent, a reader asks a fairly common question th... read »
DC Real Estate Guides
Short guides to navigating the DC-area real estate market
We've collected all our helpful guides for buying, selling and renting in and around Washington, DC in one place. Visit guides.urbanturf.com or start browsing below!
Intro guides for first-time home buyers
Awesome and unusual real estate from across the DC Metro