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Association News, Industry News, NARNAR changes MLS rules on photos, short sales and ‘confidential’ info
MLSs can now require REALTORS® to post a “reasonable number of photographs” when adding a listing, according to a decision approved at NAR’s Mid-Year Meetings in Washington, D.C.
NAR’s MLS Issues and Policies Committee changed its rules to allow MLSs to require photos or other graphic representations although sellers may still “opt out.” The NAR committee also decided that MLSs can require REALTORS® to submit seller disclosure information.
Hank Lerner, director, PAR Member and Legal Services, said, “In the past, some MLSs were requiring photos but NAR’s policy didn’t support that. Local MLSs can still decide whether or not to make either of these requirements, although there are a number of issues to be considered before adopting one of these rules. For example, an MLS would have to determine how many photographs it wants to require, what kind of photographs (interior and/or exterior) and whether to apply the rule to new construction, vacant land and commercial properties in the same way it would apply to residential resale.”
The committee clarified MLS information on price reductions and days-on-market. In the past, some MLSs, brokers and educators have told agents that price reductions and days-on-market information is “confidential” and cannot be shared with buyers. Effective immediately, if this information is tracked in the MLS , it can’t be considered confidential and can be provided to customers or clients – although it can’t be shared in advertising or via IDX.
The MLS Issues and Policies Committee also added and changed some short sale rules. Some MLSs may already allow or require disclosure of potential short sales. The MLS can also allow REALTORS® to disclose in private remarks how any lender-imposed reduction in the commission will be handled. The rules approved in Washington now give MLSs the authority to require listing brokers to disclose within a set time period if a lender-imposed reduction has occurred, and what the amount of the reduction in compensation to the cooperating broker.
For a complete list of changes, see the list.
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Kim Shindle is the Manager of Media Relations at the Pennsylvania Association of Realtors®. |
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Kim
Very informative post (as usual). I’m always surprised at the MLS rules agents don’t know!
I always get a kick out of realtors who load one photo and thats it. Buyers skip right past those listings to ones with lots of photos. Do we really need a Committee to tell us how to list a home??? as for disclosure it should be mandatory to upload so its availble to buyers. As for days on market being confidential I dont think this should be available in general searches on internet, but is available to agents who disclose to clients and use as info when determining an offer.