The real estate community has been abuzz about the new MLS Policies passed by the NAR Directors at the NAR Convention in San Diego this past November. You will be hearing more about these new policies as MLS Now leadership and staff work to incorporate those policies into our rules and technologies.
In addition to these new policies, the NAR Directors also approved several updates to its “MLS Best Practices”. The good news is, MLS Now already complies with most of these best practices and has for some time. Below are the summaries of each of these updates for your review.
Compliance best practice:
MLSs should issue discipline for violations of local MLS rules consistent with the guidance provided in the NAR Handbook on Multiple Listing Policy.
The local rules for MLS Now have always been, and continue to be, based on, and guided by, the NAR Handbook on Multiple Listing Policy. This includes the various levels of disciplinary action that MLS Now may take in it’s efforts to assure compliance with its rules, and the accuracy of our database.
Data best practices:
MLSs should post on their website written instructions for requesting MLS data feeds that are available to Participants and their vendors, including an explanation of the different feeds and the information provided in each feed. This includes contact information for administrative and technical support. The data transport method should be RESO Web API compliant.
MLS Now uses Core Logic’s Trestle product to facilitate IDX, Vow, and Back Office feeds. RESO Web API compliant feeds are available via Trestle.
While the entire process is handled online at the Trestle website, a link to the Trestle website, along with explanations of the various feeds available, and instructions for making feed requests, will soon be posted to our www.MLSNow.com website.
By July 1, 2022, MLSs should create with their vendors and leadership a written plan with a timeline and cost estimate to establish a native RESO Data Dictionary-compliant MLS for all listing content available to MLS Participants and Subscribers.
Working with Core logic, MLS Now data is already RESO Data Dictionary-compliant.
Where available, MLSs should share aggregated data, for statistical purposes, with their state association of Realtors and NAR to assist with advocacy efforts and home ownership.
For many years, MLS Now has been sharing our aggregated data with the Ohio Realtors, and NAR. Both use our data to compile their monthly market statistics.
Governance best practices:
MLSs should provide officers and directors with information about their fiduciary duty to the MLS and have them sign an agreement that confirms their understanding and commitment to those duties.
In January each year, the MLS Now Board holds an orientation meeting for its Directors. During this meeting the Directors are provided with information regarding their fiduciary duties, ant-trust compliance, confidentiality and non-disclosure requirements, and other duties and responsibilities associated with their serving on the Board of Directors. Directors affirm their understanding of these commitments by signing an acknowledgement of those responsibilities.
MLSs should adopt and annually review a strategic plan to address Participant and Subscriber needs with specific consideration for leadership training, partnerships, technology, Participant outreach, financial independence, and diversity, equity, and inclusion.
Each year, the MLS Now Board of Directors hold a 2-day strategic planning retreat to review the MLS Now strategic plan to assess our progress in achieving the goals of our strategic plan and to identify areas that may need improvement.
MLS Now also looks to its Agent Advisory Council for ongoing input regarding the needs of our Participants and Subscribers. The Agent Advisory Council is made up of volunteer agents, brokers, appraisers, auctioneers, and office admins. They meet at least once a quarter and provide valuable user input and suggestions throughout the year.
MLS Now has, and will continue to be a leader in identifying and adopting best practices for MLSs.
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