At their November 30th, 2021 meetings, the HAAR and ValleyMLS Boards of Directors adopted sweeping changes from the National Association of Realtors® including Buyer/Broker information on the MLS, approved a standard single AVM for ValleyMLS.com, and updated Code of Ethics requirements. Find a full update below and don't hesitate to email outreach@valleymls.com with questions.
Buyer & Broker Compensation Field to be Displayed on ValleyMLS.com in January
Adopting the National Association of Realtors® MLS Policy Statement 8.8: Beginning in January, ValleyMLS will include the listing broker’s offer of compensation to the buyer's broker or transaction broker. for each active listing displayed, and in data feeds provided to participants and subscribers. MLS participants and subscribers are permitted to share this information through IDX and VOW displays or any other form or format provided to clients and consumers. This information will be accompanied by a disclaimer stating that the offer is made only to participants of the MLS where the listing is filed.
Standard AVM for ValleyMLS
The ValleyMLS Board voted to approve a standard, single automated valuation model (AVM) for ValleyMLS.com. An example of the standard AVM, which helps ValleyMLS to position itself as a business generation partner for brokers by deepening engagement and lead-generation capabilities, is pictured below.
Sweeping Changes from NAR
When the Department of Justice recently balked at an agreement previously met upon with the National Association of Realtors®, NAR decided to move forward with transparency measures anyway. The HAAR Board of Directors approved to take on those sweeping changes as well, a few of which were already put into practice by the membership. Take a look at the full slate of policy approvals from the Board this week. The following policy statements either have already been put into practice or have now been adopted from NAR.
MLS Policy Statement 8.4: MLS Participants and Subscribers must not represent that their brokerage services to a client or customer are free or available at no cost to their clients, unless the Participant or Subscriber will receive no financial compensation from any source for those services.
MLS Policy Statement 8.5: MLS Participants and Subscribers must not, and MLSs must not enable the ability to, filter out or restrict MLS listings that are searchable by and displayed to consumers based on the level of compensation offered to the cooperating broker or the name of a brokerage or agent.
MLS Policy Statement 8.6: MLSs must offer a Participant a single data feed in accordance with a Participant’s licensed authorized uses. At the request of a Participant, MLS must provide the single data feed for that Participant’s licensed uses to that Participant’s designee. The designee may use the single data feed only to facilitate that Participant’s licensed uses on behalf of that Participant.
MLS Policy Statement 8.6: MLSs must offer a Participant a single data feed in accordance with a Participant’s licensed authorized uses. At the request of a Participant, MLS must provide the single data feed for that Participant’s licensed uses to that Participant’s designee. The designee may use the single data feed only to facilitate that Participant’s licensed uses on behalf of that Participant.
MLS Policy Statement 8.7: Participants are entitled to use, and MLSs must provide to Participants, the BBO Data, for BBO Use subject to the Terms listed HERE.
Paragraph 3E of Exclusive Buyer Agency Agreement
The following paragraph has been approved for inclusion into the Exclusive Buyer Agency Agreement:
(E) PURCHASING OF PROPERTY NOT LISTED IN THE MULTIPLE LISTING SERVICE, (MLS):
In the event the Buyer makes an offer on a property not yet listed in the MLS, the Broker may seek to obtain permission from the seller to enter the property information and the transaction details into the MLS upon closing. By initialing below, the Buyer agrees to allow any such property and the transaction details- including but not limited to Address, Sold Price, Seller Paid Closing Costs, Sold Terms, and Names of Parties – to be listed in the MLS
