Subscribe and receive email notifications of new blog posts.
RSS Feed
5
Should I list in a Private Network? Understanding Clear Cooperation!
First lets start with Understanding Clear Cooperation.
Clear Cooperation is a policy established by the National Association of Realtors® (NAR) that most Multiple Listing Services (MLS) across the United States follow. This policy mandates that any property listed for public marketing must be entered into the MLS within a specific timeframe, typically between 24 to 48 hours.
What Are Private Networks?
In recent years, many real estate brokerages have created their own "private" networks. Initially, these networks were used to prepare properties before they were listed on the MLS, and to showcase "coming soon" listings. In response to this trend, our local MLS, MRED, introduced its own private network called the Private Listing Network (PLN) to streamline this process.
These private networks have since transformed into a marketing trick making a customer think they are getting a competitive advantage listing with several large brokerages. Companies have marketed these networks to their clients as exclusive and trendy, presenting them as a premium way to promote properties. While this narrative has drawn interest from some consumers, it often does not serve their best interests.
Recently, some companies have been vocal about the benefits of private networks, claiming they offer consumers more options in marketing their properties. However, this claim is misleading. Their true intention seems to be to establish an exclusive network for their brokerage, which could manipulate the market for their own financial gain, potentially harming consumers and the real estate industry as a whole.
Sellers have always had the option to limit how their property is marketed. They can choose not to display a sign or engage in minimal advertising. However, if sellers decide to publicly market their property in accordance with the Clear Cooperation policy, they must either list it in the MLS within the required timeframe or sign a waiver indicating they do not wish to include their property in the MLS, while being fully informed of the implications of this choice. Historically, only a small number of sellers, often high-profile individuals concerned about privacy, have opted for this approach.
Now, some recent updates, NAR has recently announced minor adjustments to the Clear Cooperation policy guidelines, which have received widespread support from many real estate firms nationwide. Since these changes align closely with the existing PLN policy at MRED, we do not anticipate any significant shifts in how we promote our properties through the our MLS.
Julia Corkey & Vickie Schoenfeld
Team Elite Realtors
630-286-9777
Info@HomesByTeamElite.com
AWARD WINNING SERVICES
GLOBAL REACH & HOME INSURANCE
WEBSITE AWARDS
Market Report
Sign up today to stay updated on what’s happening in your local real estate market.
