3 Reasons Why Homeowners Should Contest the Ban on Off-Market Listings
Tacos & Tequila
Act now to protect your rights as a homeowner.
BREAKING NEWS—the National Association of Realtors just passed what’s known as the MLS Clear Cooperation Policy, banning all off-market real estate listings starting May 1 (and if the NAR finds out that property is publicly marketed without being listed in the MLS first, the agent will be fined an exorbitant amount). So, what’s the problem? There are several. From invading a homeowner’s right to privacy to dictating how an agent must market your property, we’ve rounded up three reasons why you should join us in signing a petition against the MLS Clear Cooperation Policy. The ball is now in our court to protect the rights of every homeowner in Los Angeles.
Reason #1: It violates the privacy rights of homeowners.
Both sellers and buyers should be able to market and purchase homes (in collaboration with real estate agents) however they see fit. With the MLS Clear Cooperation Policy, the NAR is essentially rescinding this right and controlling exactly how one’s home must be displayed to the public. Although it may not be the right choice for everyone, homeowners have a multitude of reasons why they might potentially want to sell their property off-market. And at the end of the day, this is about choice and your right as a homeowner to do what you want with your own property.
What if a family member passes away and someone wants to work with an agent that they know and trust to quietly sell their home? That wouldn’t be possible with this new policy. And, particularly in a place like Los Angeles where many listings are celebrity-owned, not everyone wishes to have paparazzi at their doorstep. We all deserve privacy in a sales process that’s often emotionally triggering (whether it’s due to a death, divorce or the like).
Reason #2: Forcing a property onto the MLS can be detrimental to sellers.
When it comes to marketing a home, the seller should have the final say—right? Because, at the end of the day, determining how your home is sold is a basic right of property ownership. But not just that. Forcing a property onto the MLS within one day of it being listed with an agent will be a financial detriment to sellers.
Even if a property will eventually be listed on the MLS, many agents pre-market homes to generate buzz and anticipation for the listing, which often leads to a multiple offer situation and garners the highest price for sellers. The NAR is trying to take that strategy away, and with it money from the pockets of homeowners.
Reason #3: It limits a key strategic approach to selling a home.
With this new policy, the NAR is trying to mandate a contractual decision between sellers and brokers—which, in essence, suggests that the seller and their listing agent don’t know what they’re doing. As you can imagine, we’re absolutely not here for that on the SBP team.
Just as the MLS Clear Cooperation Policy is detrimental to sellers, it’s damaging to independent brokerages around the country. Our mission at SBP is to collaborate both internally and with other agents to ultimately achieve the highest market price for our sellers and find our buyers their next dream home. These off-market listings have created a culture of teamwork that the NAR is now working to disrupt. We certainly know what we’re doing, and our $300 million in sales in 2019 alone is here to prove it.
So, join us in signing this petition against the MLS Clear Cooperation Policy. Together, we can protect the privacy of every homeowner and save the independent brokerage community from falling into a monopolized trap. If you have any questions about how this new policy will affect you as a homeowner or as someone looking to purchase property, please don’t hesitate to reach us at [email protected].
Click here to read and sign the petition against the NAR MLS Clear Cooperation Policy.
Each member of our team is uniquely qualified with the expertise, relationships and focus to represent buyers, sellers, developers, investors, business and entertainment managers, and all others interested in the opportunity to be a part of the Los Angeles real estate dream.