Compass, Rocket, Redfin urge MLSs to allow seller-directed pre-marketing

"The seller's informed decision must always be respected. No MLS should override the judgment of the client or interfere with the fiduciary obligations of the professional representing them. When a real estate professional acts in good faith, gives clear counsel and carries out the marketing plan a seller chooses for their own property, that agent is doing exactly what the profession requires."

"Office exclusives increased as sellers who wanted more control over their marketing timeline chose to keep listings out of the MLS altogether. Others, wary of the negative and punitive signals associated with MLS exposure, such as price history and days on market, chose not to list their homes at all. At a time when the country faces a serious housing inventory shortage, those outcomes serve neither consumers nor the market."

"With NAR shifting control of MLS rules and enforcement to local MLS, it is now up to the MLSs to make changes that promote seller choice and protect brokers who are carrying out their client's demands. In a tight inventory environment, providing sellers with increased flexibility in marketing their property could lead to an increase in available inventory."

Compass International Holdings and Redfin argue that real estate professionals must respect seller decisions regarding property marketing without MLS interference. The firms contend that NAR's Clear Cooperation Policy, requiring MLS listing within one business day of public marketing, has backfired by increasing exclusive listings and discouraging sellers from listing altogether. Sellers seeking marketing control or avoiding negative MLS signals like price history and days on market are keeping properties off the MLS entirely. This outcome worsens housing inventory shortages. The companies call on local MLSs to implement changes that provide sellers greater marketing flexibility while protecting brokers executing client-directed strategies, arguing this approach could increase available inventory in tight markets.

Read at www.housingwire.com