Explanation of exemption
Currently, consumers have the option to sell their homes as “lagging marketing exemption list.” This means that the seller can instruct the listing agent to delay marketing the listing by other agents outside the listing company through IDX or syndication.
IDX shares listings between brokers on the public listing website display. The length of delayed marketing period is determined by each MLS based on the local market.
This means that during delays in the marketing period, home sellers and listing agents can sell their lists in a manner approved by the sellers and listing company agents. However, brokers that rely on IDX cannot sell properties through syndication or IDX feeds.
Delayed Marketing Exemption Lists will remain available to other MLS participants via the MLS platform, not via IDX. This means that other companies cannot sell the list via IDX feed, but it can inform consumers that the property is available.
Death to IDX?
According to a recent analysis by 1000watt“This sounds like a confession of IDX’s death. Many large brokers “delay” most of the listings that rely on IDX, causing smaller, buy-side heavier brokers to their knees.
It remains to be seen whether this will happen as the industry will handle what this new policy means. Companies oppose clear cooperation policies compass and Agentyou need to decide on the path to advance.
For now, listing agents representing sellers who choose to delay public marketing of their listings should ensure signed disclosures documenting seller informed consent to abandon the benefits of immediate public marketing through IDX and syndication. According to NAR. Seller disclosure is required for both delayed marketing exemption lists and office-only exemption lists.
According to NAR, the new policy complements existing MLS policies and coexists with CCP. The new policy will take effect immediately, but MLSS will need to take effect until September 30th.
