NAR Announces New Multiple Listing Options For Sellers
By David Hamerslough and Victoria B. Naidorf
April 9th, 2025
Our year-end article identified potential issues that we were going to be monitoring in 2025. One of those issues was the Clear Cooperation Policy (CCP). On March 25, 2025, the National Association of REALTORS® (NAR) announced a new MLS Policy that was designed to “expand choice for consumers” by creating “multiple listing options for sellers” that would “complement the Clear Cooperation Policy” that was implemented in 2020. This article will explain the new rules, detail the implementation time frames, and identify some of the potential issues that we see might arise in the future.
According to NAR, after first analyzing the original CCP, NAR created the new “Multiple Listing Options for Sellers Policy” (MLOSP) to “provide sellers and their listing brokers more options and choice when marketing a property.” NAR also believes that this new policy will be “supporting fair housing by providing buyers and their listing brokers with equal access to important MLS property information.” NAR has also clarified the interpretation of the CCP terminology “one-to-one, broker-to-broker communication.”
The Basics Of The MLOSP
NAR has created a new category of listings called “delayed marketing exempt listings” and added this category to the list of CCP choices. A seller can now instruct their broker to delay the public marketing of their listing by other brokers outside of the listing brokerage firm through IDX and syndication for a set period of time. The MLOSP does not dictate the maximum time frame that the delayed marketing period can last; instead, NAR has left it up to each local MLS to determine that time frame. The MLOSP is effective as of March 25, 2025. All MLSs must announce and establish their delayed marketing time period no later than September 30, 2025.
During the “delayed marketing exempt listing” period (DMELP), sellers and their brokers can market the property in a manner that is consistent with the seller’s needs, wants, and interests by not making the property available to the public. However, at the same time that the DMELP is in effect, the listing information will still be available to other MLS Participants and Subscribers so that they can inform their clients about the property.
Listing brokers whose sellers choose to delay the public marketing of their property must secure a signed disclosure document confirming that their sellers’ choice of this option was made with informed consent. Each MLS is responsible for creating its own disclosure certification form (or allow use of any other disclosure certification form, such as one created by C.A.R. or PRDS) but NAR requires that the following terms must be included in that disclosure certification form:
- A disclosure about the professional relationship between the Participant and the seller;
- An acknowledgement that the seller understands the MLS benefits that they are waiving or delaying with the exempt listing such as broad and immediate exposure of their listing through the MLS; and
- Confirmation that the seller has decided to not publicly market and disseminate their listing by the MLS or that their delayed marketing listing will not have immediate public marketing through IDX and Syndication.
Each MLS will have discretion in how to enforce their own policies and rules on this topic, including whether or not the disclosure certification signed by the seller must be filed with the MLS.
The original requirement that brokers must within one (1) business day from the implementation of public marketing file a listing with the MLS remains in full force and effect. NAR is adamant that the CCP remains unchanged except for the new MLOSP.
How Does NAR Differentiate The Multiple Listing Options For Sellers Policy (MLOSP) From An Office Exclusive?
An office-exclusive listing exists where the seller has directed that their property is not to be disseminated through the MLS and is not to be publicly marketed. An office-exclusive listing may under local MLS rules require submission to the local MLS, but the listing is not further disseminated to other MLS Participants and Subscribers. NAR states that the MLOSP requires listing brokers to obtain a certification from sellers for an office-exclusive listing.
The New NAR Interpretation Of “One-To-One, Broker-To-Broker Communication”
NAR’s FAQs explain that NAR is clarifying its policy interpretation of CCP that one-to-one, broker-to-broker communications do not trigger the requirements of CCP. Example: Agent A with Broker A communicates Agent B with Broker B about Agent A’s listing. However, multi-brokerage communications about a listing will still constitute public marketing under CCP. Example: Broker A sends an e-blast to all of the agents with Broker B about Broker A’s listing.
Defining “Days On Market”
The MLOSP does not define “days on market” or require MLSs to track or report time on market information. Each MLS will have the discretion to determine whether to track days/time on market information for a delayed marketing exempt listing and how to report it. Each MLS will also have discretion to determine whether to track change history relating to price increases or decreases for a delayed marketing exempt listing and how to report that information. This new flexibility could potentially create confusion when comparing “days on market” in different MLS area and/or potentially confuse agents and consumers if the MLS does not publicly define their terminology decision.
Given that this policy announcement occurred less than a week ago, we will continue to evaluate the policy changes and address some of the other potential issues that may arise (especially those issues that might impact brokerage fiduciary and ethical duties) in next month’s article. We will also evaluate the impact, if any, of those listing choices that sellers currently have when marketing property through MLS Listings. As we understand it, sellers will be able to choose from three categories: (1) active, (2) members only – show, and (3) members only – do not show.
We encourage everyone to carefully review the NAR announcement on this topic as well as its published Q&A, all of which are available on the NAR website. https://www.nar.realtor/about-nar/policies/mls-clear-cooperation-policy