To maintain the highest standards of efficiency, fairness, and usability within our MLS platform, new changes to the MLS Rules and Regulations will take effect on August 18. These updates are designed to streamline processes, enhance accuracy, and better support the needs of our members.
Changes noted in red.
Reasoning: Updated language concerning Coming Soon rules for improved clarity.
MLS Rule Section 10.1.1 Coming Soon Listings. It shall be the responsibility of the Broker Participant (Section 4.1.1) and Real Estate Subscriber (Section 4.2.1) to follow said rules when placing a property in the Coming Soon section of the multiple listing service (MLS). Broker Participant and Real Estate Subscriber shall only place a property in the Coming Soon section of the MLS if the Participant/Subscriber has met necessary criteria for MLS input as described in Sections 7.5, 7.6, and 8.1.
Important information surrounding Coming Soon Listings:
1. It is optional to place your listing into the Coming Soon Status.
2. Listing agent must have a signed written listing agreement in place to enter a “Coming Soon” listing which explains the limitations of the “Coming Soon” status.
3. Coming Soon listings will be viewable to all MLS Participants.
4. Coming Soon listings will not be syndicated out to other websites.
5. Coming Soon listings are included in the VOW data feed but will not be included in the IDX and data feeds.
6. Coming Soon listings are not allowed to be placed into open houses or broker tour modules within the MLS.
7. Coming Soon listings are only searchable within the Paragon MLS.
8. Once a listing has been moved from Coming Soon to Active status by the agent, it cannot revert to Coming Soon with that same broker. Once an agent changes a listing from Coming Soon to New/Active status, it cannot be reverted to Coming Soon Status.
9. Days on Market (DOM) re-sets when status is changed to New/Active
10. Agent showing is allowed
11. Once Coming Soon status is entered, public marketing is allowed.
12. Upon request, all Paragon MLS Coming Soon data can be in Broker back-office data feeds. However, Coming Soon listings may not be displayed or integrated into any public-facing products or websites, except for listings belonging to the listing brokerage.
13. Photos are optional.
Reasoning: Added the requirement for Comparable (Comps) Listings to be inputted within 30 days from the closing date to promote timely and accurate market data.
MLS Rule Section 10.2 Reporting of Sales. Listings with accepted offers shall be reported to the MLS or input into the MLS database as “pending” within 3 days of the acceptance, by the listing broker unless the negotiations were carried on under Section 9.1 (a) or (b), in which case, the buyer broker shall notify the listing broker of the “pending” status within 3 days after acceptance, whereby the listing broker shall then report or input the status change to the MLS within 3 days after receiving notice from the buyer broker. The listing shall be published on the MLS as pending with no price or terms prior to the final closing. Upon final closing, the listing broker shall report or input the listing in the MLS as “sold” within 3 days after the final closing date unless the negotiations were carried on under Section 9.1 (a) or (b), in which case, the buyer broker shall notify the listing broker of the “sold” status and selling price within 3 days after the final closing date, whereby the listing broker shall then report or input the status change and selling price within 3 days after receiving notice from the buyer broker. Listings that were not input into the MLS as a result of the seller’s instructions may be input into the MLS “sold” data at the listing broker’s option within 30 days after the closing date. If a listing is entered for comparison purposes only, then “For Comp Purposes Only” shall appear in the first line of confidential remarks.
Reasoning: Revised the rule for improved clarity and to better align with current practices regarding photo use.
11.5 Photographs on the MLS.
a) By submitting photographs to the MLS, the participant and/or subscriber represents and warrants that he or she either owns the right to reproduce and display such photographs or has procured such rights from the appropriate party and has the authority to grant and hereby grants the MLS and the other Participants and Subscribers the right to reproduce and display the photographs in accordance with these rules and regulations. Use of photographs by a subsequent listing agent requires prior written authorization from the originating listing agent or appropriate party with the legal right to reproduce and display such photographs. Except by the MLS for purposes of protecting its rights under Section 11.6, branding of photographs, virtual tours, or any other photographic representation with any information or additional images is prohibited. However, branded virtual tours will be permitted in the Branded Virtual Tour field for the sole purpose of transmittal to 3rd party vendors only. Upon notification to the Participant and/or Subscriber, MLS has the right to remove any photo found to be out of compliance with the MLS Rules.
- b) At least one (1) photo or graphic image of the front exterior of the property accurately displaying the listed property (except where sellers expressly direct in writing that photographs of their property are not to appear in MLS compilations) is required to be posted on the MLS within 1 day of the listing in all categories other than business opportunity, Lots and Land property types and Coming Soon 25 status.
- c) To maintain the accuracy and efficiency of the MLS, the MLS will no longer remove photos from sold, Expired, Hold, or Cancelled listings. Alternately, to meet the requests from home buyers and sellers, the MLS will mark the requested photos as private upon written request from the Listing Broker.
Reasoning: Removed restrictions on financing language to allow agents more flexibility in providing relevant property details.
12.5.1 Public Remarks Restrictions and Requirements
a. Information in the public remarks shall only relate to the marketing, description, and condition of the property.
b. No contact information is permitted, including names, phone or fax numbers, email addresses or branded website addresses (including branded virtual tours and branded transaction tracking URLs).
c. No showing instructions are permitted, including references to lockbox, alarm, gate or other security codes.
d. No information directed toward real estate agents or brokers, may be shown in public remarks.
e. Listing Content and Fair Housing Laws. All listing information, including all remarks, submitted to the MLS must be in compliance with fair housing laws. The MLS monitors listing content and employs a process for identifying potential violations of fair housing laws. Should potential fair housing law violations be identified, Participants and Subscribers will be advised to immediately remove or correct such potential violations. Failure to remove or correct may subject Participants and Subscribers to discipline and/or subject the listing to immediate removal from display.
f. Seller credits, incentives, or concessions to a buyer are permitted in the Public or Confidential Remarks fields, provided that:
- The remarks specifically identify the intended use of the credits, incentives, or concessions.
- The remarks do not include a dollar amount or percentage.
- The credits, incentives, or concessions are not offered for payment, directly or indirectly, of buyer broker compensation.
- The remarks are otherwise compliant with all MLS Rules.
- For additional information, contact the listing agent.
- Any compensation or commission information is prohibited.
- No occupancy information is permitted (for example, whether the property is owner-occupied, tenant-occupied, or vacant). However, a statement that the property shall be delivered vacant is not a violation.
Reasoning: Added language to improve understanding and ensure proper handling of photos marked as private in IDX displays.
12.16 (s) Photos: Photos designated as ‘private’ in the MLS are excluded from public display. Displaying such photos on IDX websites is strictly prohibited.
Save the Date: August 28 | 5:00pm – 8:00pm
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