Crackdown on Private Listings: The National Association of Realtors is cracking down on “private listings,” properties that aren’t listed publicly on the multiple listing service and get shown to only a handful of buyers.
New Policy Adopted: The industry group recently adopted a policy that requires its agents to submit a real estate listing to the MLS within one business day of releasing any marketing information. This includes yard signs, fliers, listings on the firm’s website or emails to agent groups.
Fines as much as $5000: Agents who run afoul of the rule could face fines of as much as $5,000. The policy will be enforced by the 630 NAR-affiliated multiple listing service (MLS) groups, which are expected to adopt the plan by May 1, 2020. The rules are already in effect in some areas.
What affect will the changes have on buyers and sellers? For more information, click here