Understanding NAR’s Policies: A Guide for Real Estate Professionals

Navigating the intricate realms of the real estate market, particularly the compliance aspects, is crucial for any Broker or Realtor. Key among these regulations is the National Association of Realtors’ (NAR) Clear Cooperation Policy, designed to promote transparency and collaboration among real estate professionals. Furthermore, NAR has unveiled a new policy effective in 2025, called Multiple Listing Options for Sellers, which offers enhanced marketing flexibility for sellers and their agents.

What is NAR’s Clear Cooperation Policy?

Since its enactment in January 2020, the Clear Cooperation Policy mandates that any real property listing meant for public marketing must be submitted to the Multiple Listing Service (MLS) within one business day. This requirement enhances cooperation among Realtors and ensures equal exposure for all listings. “Public marketing,” which triggers this timeline, encompasses activities such as:

• Social media promotions
• Website listings
• Yard signs

Upcoming Changes: Multiple Listing Options for Sellers in 2025

In March 2025, NAR introduced the Multiple Listing Options for Sellers Policy, aimed at providing sellers with increased flexibility in marketing their properties. Key updates include:

• Delayed Marketing Exempt Listings
• Office Exclusive Listings

Delayed Marketing Exempt Listings

This option allows sellers to file a listing with the MLS while restricting public display. Here’s how it works:

• The listing is accessible to MLS participants and subscribers but cannot be shown through Internet Data Exchange (IDX) or to third parties.
• Once the seller opts for public marketing (e.g., placing a "For Sale" sign), the listing must be made publicly available on the MLS within one business day.

Office Exclusive Listings

With an Office Exclusive Listing, a seller instructs their Realtor to market the property solely within their brokerage for a specified duration. It’s important to note that:

• The listing must still be filed with the MLS, though it remains unavailable to external MLS participants.
• The one business day rule applies once the property begins public marketing.

Disclosure and Compliance: Key Responsibilities for Brokers

While the Multiple Listing Options for Sellers Policy becomes effective immediately via NAR, Local MLSs are tasked with implementing these updates by September 30, 2025. Brokers must ensure:

• Sellers sign a disclosure agreement if opting for the Delayed Marketing Exempt Listing or Office Exclusive Listing methods, acknowledging the waiver of immediate marketing benefits via IDX.
• Compliance with the Clear Cooperation Policy is a must: any publicly marketed listing must be filed with the MLS within one business day, even if there is a prior delay.

Failure to comply can result in disciplinary actions from local Realtor associations.

Why Is This Important for Your Sellers?

While delayed marketing may attract some sellers, research indicates that off-market listings often sell for less compared to properties listed on an MLS. Therefore, it’s essential to inform sellers about the implications of these policies and guide them in making educated marketing choices.

The Bottom Line

Staying informed and proactive about NAR’s policies will safeguard your professional reputation and enhance the service provided to your clients in the dynamic real estate landscape.

For more detailed information on NAR Policies or to consult about legal matters surrounding compliance, please reach out to a trusted real estate attorney. Your choice of partnership can significantly impact your success in the market.