On January 3, 2024, the REALTOR® Cooperation Policy will be enforced, bringing into operation the new “Duty of Cooperation” as outlined in Article 30 of the REALTOR® Code.
What is mandated by this policy?
- In cases where public marketing of a residential listing takes place, REALTORS® must ensure the inclusion of the listing on an MLS® System within the timeframe specified by their respective board or association, unless an exemption is applicable. The policy allows for a maximum timeframe of up to three-(3) days.
Are there any exemptions?
- The policy does not restrict brokers from exclusively representing a buyer or seller.
- Moreover, it stipulates that REALTORS® must apprise their seller clients of the advantages of marketing their listing on an MLS® System. Should the seller opt to forgo the benefits of public marketing, this decision must be confirmed in writing.
What is defined as public marketing?
- Public marketing refers to reaching out to the general public and/or any REALTOR® not directly affiliated with the listing brokerage/office in a business capacity.
- It is not categorized as public marketing when a listing REALTOR® directly markets to REALTORS® from another brokerage or office. “One-to-one” marketing does not trigger the policy, while “one-to-many” does.
How does this policy positively impact you and your clients?
- Benefits for sellers: Inclusion on an MLS® System enhances exposure to potential buyers.
- Benefits for buyers: A greater number of sellers on MLS® Systems translates to increased options for buyers.
- Benefits for REALTORS®: Collaboration between REALTORS® remains fundamental to the success of every real estate transaction.