REALTOR® Cooperation Policy
REALTOR® Cooperation is the heart of organized real estate. By using the MLS® System to market properties publicly, REALTORS® maximize exposure for their clients and streamline the buying and selling process. Cooperation through MLS® Systems not only improves client service but also strengthens the value and trust of the REALTOR® and MLS® brands.
Curious about how well you know REALTOR® Cooperation? Test your knowledge with this quick five-question quiz.
When did REALTOR® Cooperation come into effect?
Over 2 years ago, on January 3, 2024, the new Duty to Cooperate under the REALTOR® Code came into force, with additional details set out in a REALTOR® Cooperation Policy.
The core of the policy is that where public marketing of a property occurs, REALTORS® are required to place their listings on an MLS® System within the timeframe adopted by their board/association, which may be up to a maximum of three (3) days, unless an exemption applies.
LSTAR has adopted a timeframe of three (3) days (regular days, not business days).
What are the key elements of a REALTOR® Cooperation Policy?
The key elements of the policy can be summarized as follows:
Basic Rule: Where public marketing of a listing occurs, the listing must be placed on an MLS® System within the timeframe adopted by the board/association, which may be up to a maximum of three (3) days, unless an exemption applies.
Public Marketing: Means any marketing to the public or anyone not directly affiliated with the listing brokerage/office, excluding one-to-one direct communication.
One-to-One Direct Communication: Means the marketing of a property by the listing REALTOR® directly to REALTORS® from other brokerages/offices on a one-to-one basis, and is not considered public marketing under the policy. Note: marketing on a one-to-many basis, involving access to a listing by more than one recipient (for example via an email blast or private social media group) will trigger the Basic Rule.
Disclosure and Consent Requirements: REALTORS® must inform their seller clients of the benefits of marketing their listing on an MLS® System. If a seller decides to forego this option, the decision must be confirmed in writing to the REALTOR®, acknowledging they are declining the benefits of placing their listing on an MLS® System.
All REALTORS® are required to comply. True or False?
Yes, all REALTORS® are required to comply with the new REALTOR® Code provision and the accompanying policy through their membership in local boards and associations.
Placing a listing on the MLS® System benefits both REALTORS® and their clients. True or False?
MLS® Systems facilitate increased exposure of listings to a broad group of REALTORS® and their clients, benefiting both sellers and buyers.
From a seller’s perspective, a listing with exposure on an MLS® System may increase the number of offers received and improve their chances of receiving the most competitive offers for their home.
From a buyer’s perspective, they benefit when their REALTORS® have access to a more complete inventory of homes for sale that may meet their needs.
From the perspective of a REALTOR®, efficient and effective cooperation through MLS® Systems maximizes opportunities for REALTORS® to bring together home buyers and sellers.
If my Seller wants to keep their listing exclusive, is there a form I can get them to sign?
You can find the form in WEBForms® and SkySlope Forms. Search for "REALTOR® Cooperation Disclosure and Consent Form".
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