Announcing-
Announcing- "Delayed Listings"

 

In preparation of the release of this Policy & Status announcement:

  • Members can now withdraw listings. 
    • Metro MLS members no longer need to submit Withdrawal forms, retain for your own records
    • Members should refer to their respective brokers or other MLSs specific to rules & procedures regarding withdrawals
  • Updated Exclusion form
    • The intent of an MLS Exclusion is to address concerns of Privacy from a Seller.
    • Exclusion from MLS will be for the length of the listing agreement

Available today, within 48 hours, all properties must be entered into the MLS as:

a. Active

b. Withdrawn

c. Have an exclusion form filed with the MLS

 

Once the "Delayed Status" is implemented, within 48 hours, all properties must be entered into the MLS as:

a. Active

b. Delayed

c. Have an exclusion form filed with the MLS

 

 

The following MLS policy and rule changes have been made to implement the status category of "DELAYED":

  1. In addition to the other possible status specifications, the classifications shall include "Delayed"
    1. The purpose underlying having a status of Delayed is:
      1. To allow a designation for those properties that are listed but that require more time to prepare for the market, 
      2. To also remove the current "no showings" with Active issue, and
      3. To allow for modern marketing practices with seller consent.
    2. Utilization of the Delayed status will allow for all properties to be searched by Participants using the showing date information. This removes the need for Participants  to search on copious amounts of external social media sites, email campaigns, etc., and
    3.  Properties in a Delayed status will not be included in any IDX feeds, not included in any 3rd party syndication fees nor will it be viewable on wihomes.com.

  2. "Delayed" shall be defined to be those listings which meet the following criteria:
    1.  Seller and Realtor desire no showings for a limited time period due to sellers preparing the property for future showings, and
    2.  Seller has consented to a marketing plan from Realtor intended on generating interest in the property but not having property available for current showings.

  3. Use of the "Delayed" status shall be for a period of time not greater than 15 days and shall require Sellers consent.  (Note: the current LS Exclusion form shall be modified to be applicable only for those properties actually being excluded for the entire term of the listing agreement.).

  4. The "Delayed" status shall not be used or implemented to create a "pocket listing" or to circumvent other MLS policies or Rules.    It is understood that, unless seller has consented to the terms of the MLS exclusion form,  the listing agent or brokerage may not show a property (regardless of its status) where showings and/or ability to submit offers are not being offered to cooperative agents and brokers.

  5. Section 7 of the Rules shall include the following liquidated damages and other related actions for any violation of the "delayed" status (use or nonuse of status, as may be applicable)  or for any misclassification of a listing:

      1. 1st violation or misclassification  (within a 2 year period) will be $200/per day the property has been under contract and not offered for showings and offers to cooperating Agents/Brokers
      2. 2nd violation or misclassification (within a 2 year period) will be $400/per day the property has been under contract and not offered for showings and offers to cooperating Agents/Brokers
      3. 3rd violation or misclassification (within a 2 year period)  will be suspension of Agent MLS access for a calendar period of 30 days
      4. 4th violation or misclassification (within a 2 year period)  will be suspension of Office MLS access for a calendar period of 30 days
      5.  5th violation or misclassification  (within a 2 year period) will be suspension of Office MLS access for a calendar period of 6 months


 

 

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