In November 2019, the National Association of Realtors approved the Clear Cooperation Policy, also known as Policy Statement 8.0. This policy has been created to ensure pro-competitiveness and pro-consumerism.
Clear Cooperation Policy’s purpose is to strengthen cooperation between agents, excluding when such cooperation is not in the client’s best interest.
This means the infamous pocket listings are the focal point of this policy. However, there are some exceptions. The listings which are marketed online have to be entered into the MLS, but the Chattanooga listings are not required to be included in the IDX display.
For example, some sellers may not want their listing to be public for numerous reasons, such as going through a divorce or being a celebrity. Therefore, “office exclusive” listings are not prohibited with this new policy. The office exclusive listings only need to be entered into the MLS for cooperation purposes when the listings are advertised to the general public.
Please make a mental note this policy affects residential real estate and not commercial. Also, to uphold this policy, it is up to the local marketplace (Greater Chattanooga Association of Realtors). If agents are found to be non-compliant with the Clear Cooperation Policy, they can expect to receive a warning or two and then be fined.
This policy was passed on November 11, 2019 and will become effective beginning January 1, 2020. On the local level, this policy must be implemented no later than May 1, 2020.