Introduction of a New Pre-Market Listing Status

Our Commitment to You and the Market

The MLS is not simply a database of properties. At its core, MLS Now exists to provide timely, efficient, accurate, and meaningful data to every stakeholder in the transaction — agents, brokers, buyers, sellers, appraisers, and the broader market. That mission has not changed and will not change.

No other data source — whether a consumer portal, private brokerage network, or emerging technology platform — can replicate what the MLS delivers through its established rules, rigorous standards, curated data sets, and cooperative framework. That fact is the core of a functioning, open, and transparent marketplace.

Yet, no MLS should take this for granted. Private listing networks, national portal aggregators, and shifting consumer expectations are reshaping what participants and the public demand from their data infrastructure. The MLS must respond — not defensively, but with the confidence of an organization that understands its own indispensability and chooses to evolve ahead of the market.

Maintaining the MLS and its listings/data as the source of truth and the first point of entry for listings is critical. We ask all our brokers and agents to continue to make the MLS the center of organized real estate and the first point of entry for all of your properties. We are the custodians of that data and offer you options on how those listings are managed. This new status furthers that commitment to you.

Beyond the data, MLS Now is committed to delivering value through every product and service we offer. Our curated technology stack is designed to enhance your productivity, streamline transactions, and support you from listing entry to closing. The introduction of this new status is consistent with that commitment: it is not a concession to disruption, but a deliberate, market-forward decision to ensure MLS Now remains the most relevant, transparent, and viable data platform available to you.

Why This Change — and Why Now

The real estate industry is in a period of sustained and compounding change. No single disruption — whether the rise of consumer-facing portals, the growth of off-MLS listing activity, the NAR commission settlement, or the March 2025 Multiple Listing Options for Sellers policy — exists in isolation. Each one reshapes the expectations of the agents, brokers, and consumers we serve. Together, they demand a response that is structural, not incremental.

The danger is not any single challenge. The danger is the ever-growing list of deferred, minimized, and sidestepped challenges — each treated as resolved, only for the industry to move on while the structural damage compounds. The MLS that waits to see where the market goes — and then attempts to follow — will be arriving at a time when others have already left.

What has changed is the landscape in which we operate. Sellers’ needs are evolving. Brokers are navigating a more complex and competitive environment in the aftermath of significant national settlements and policy shifts. Consumer expectations around how and when properties are marketed have never been more varied. And the emergence of private listing networks, national portal programs, and pre-market marketing tools has introduced new dynamics that the MLS must address — proactively and with clarity.

MLS Now’s position is clear: we will not wait for the market to move and then attempt to follow. We will move with the market, anticipate where it is going, and arrive ahead of the next challenge at every opportunity. This progressive approach is critical to maintain the systems intended to provide brokers, agents, and sellers options in a rapidly changing marketplace. That is the philosophy behind this new status — and behind the accelerated process that produced it.

Aspects of MLS Now Progress

Against the backdrop of rapid industry change, MLS Now has identified five pillars that guide policy decisions, technology investments, and operational initiatives. These are not just concepts — they are active responsibilities. Failing to address any of them creates a vulnerability that will be exploited. These pillars align with the MLS Now Strategic Plan. Our new Pre-Market Status Designation aligns with each pillar below. This new status is not a “Coming Soon” listing.

Relevance/Value

The MLS must remain the center of the real estate transaction. Relevance must be continuously demonstrated through rule sets, technology, and product and service offerings that reflect the realities agents, brokers, and consumers face today. Continual Service Improvement (CSI) is a constant at MLS Now.

Modernization

The “Pre-Market” Status designation addresses a broad problem: language and process inherited from an earlier era that no longer accurately describe what participants need or what the market demands. Modernization is not just rebranding — it is the critical rethinking of status definitions, field structures, and compliance frameworks to match current transaction realities and needs.

Transparency

Transparency means that the data published through the MLS is not only accurate but clearly understood by all parties — what a status means, what restrictions or permissions apply to a listing, and what buyers and sellers can expect at each stage of a transaction. The new listing status proposed in this memorandum is designed with transparency at its core: each component is explicitly defined, communicated to all MLS participants, and governed by auditable rules.

Viability

An organization that does not adapt does not survive. We will continue to adopt, adapt, and be adept.  The viability of the MLS in a competitive data landscape depends on its ability to offer a service that participants choose, not one they are merely required to use. Viability means demonstrating ongoing value sufficient to retain member participation.

Broker Choice — Validated as Seller Choice

The concept of “Broker Choice” does not represent a mechanism that grants discretion to real estate professionals at the expense of the consumers they represent. Broker Choice means the listing broker has the authority to make decisions on behalf of, and in accordance with, the seller’s documented and informed preferences, with the seller’s authorization granted, and within MLS Rules.

The New Pre-Market Listing Status: What You Need to Know

Our Board of Directors convened in March 2026, and operated under the principle that modernization, relevance, transparency, viability, and broker choice — properly understood as seller choice — must guide policy decisions we make. This new status reflects all of those principles. In addition to this new status, MLS Now has streamlined its Rules and Regulations (R&R). The new status comes on the heels of a massive modernization effort for the legacy R&R Manual. The R&R Manual has been modernized by simplifying, clarifying, and reducing the language it once contained, and some Rules were modified. That Manual has been reduced from 70+ pages to a maximum of 20 pages and will be published to you in the coming days, along with a summary of changes and a glossary.

The new status provides a defined, governed, and time-limited pre-market window for listings. It is designed to give sellers and their brokers meaningful flexibility before a property enters full Active status — without compromising the integrity of the MLS data environment that all participants depend on. Existing MLS Now Rules and Regulations for listing entry will continue to be followed and enforced.

The new PREP Status is simple, immediately intuitive, and does exactly what a good status name should do — it describes the function without requiring explanation. It hints clearly at pre-marketing activity, signals that the property is being prepared for market, and will translate naturally into everyday broker language. Saying a listing is “in PREP” or “going PREP” will be understood immediately and used correctly. It avoids confusion, does not carry unintended connotations, and positions the status accurately within the listing lifecycle.

PREP Status: Pre-Release Entry Property

The following parameters were voted in by the MLS Now Directors and will be available shortly.

What This Means for Your Practice

This new status gives you a powerful and professionally governed tool to serve your seller clients more effectively. You can use it to build market anticipation, execute a coordinated pre-launch marketing strategy, and make targeted decisions about IDX distribution and showings — all while maintaining the data integrity standards MLS Now requires.

 Here is what you should keep in mind as you begin using the PREP Status:

• Documentation is required. Any broker option you exercise — whether relating to IDX feeds or showings — must be backed by a written, seller-authorized instruction retained in your transaction file. MLS Now will provide the form for the seller authorization.
• The 7-day window is firm. The new status will automatically convert to Active status after 7 business days. Plan your pre-market timeline accordingly.
• DOM and Price History reset cleanly. Neither Days on Market nor price change history accumulates during this status. Your listing enters Active status with a clean record.
• Public marketing is fully permitted. You may market the property via yard signs, social media, digital advertising, and print materials from the moment the listing enters this status.
• Clear Cooperation still applies. Entry into the MLS in this status satisfies your Clear Cooperation obligation. Ensure that all listings are submitted within the required timeframe after public marketing begins.

Our Ongoing Commitment to MLS Now Participants

MLS Now will continue to monitor the impact of this new status on data quality, market transparency, and participant compliance. We are committed to making adjustments as the market and regulatory environment evolve — and to communicating those adjustments to you clearly and in advance.

Training resources, updated compliance guidance, and step-by-step instructions for entering listings in this new status will be available through your MLS Now subscriber portal. We will offer training, seminars, documents, and videos to help you navigate this new status. Our support team is also available to assist you with any questions about using this status in your practice.

We recognize that change, even positive change, requires adjustment. We appreciate your partnership, your professionalism, and your continued commitment to the cooperative marketplace that makes the MLS one of the most valuable institutions in organized real estate.

If you have questions about this communication or the new listing status, please contact the MLS Now Support Team at Help@MLSNow.com or call 216-485-4100.