Important Changes are Coming to MLS in the New Year!
The GNIAR MLS Board of Directors extends their thanks for member coments concerning the upcoming changes (i.e. “Coming Soon-No Show status” and “Contingent status consolidation”) to the MLS Rules and Regulations.
Your comments were heard, appreciated and, where appropriate, integrated into the new policies as follows:.
1. In an effort to deter repeat offenders of the new ‘Coming Soon-No Show’ policy, the following tiered fine schedule was adopted to become effective on January 5th, 2021:
“A listing in the 'Coming Soon-No Show' status is prohibited from being shown prior to the ‘On Market’ date. This includes Open Houses, Broker Tours, etc. The following tiered fine structure will be assessed to the Listing Broker (Participant) for any showings of a listing while in the Coming Soon-No Show status:
1st Offense - $1,000 fine
2nd Offense - $2,500 fine
3rd and Additional Offenses: $5,000 fine and mandatory appearance by the Participant and Subscriber in front of the MLS Hearing Panel.
This tiered fine structure resets after 12 months have expired since the 1st Offense.”
2. The Board decided to move forward with the consolidation of all current contingent stat uses into one “Active Under Contract” status. While the MLS Board acknowledges there will be a learning curve associated with the implementation of this ‘Active Under Contract’ status, they believe that moving in this direction is in the best interest of our members and will put our MLS into conformity with the industry standard used by many other MLSs.
The Board will monitor how this change impacts our members as they do business.
On January 5th, 2021 several major changes will take place within our MLS. The MLS Board of Directors have approved several important MLS committee recommendations in an effort to help members adapt to changing marketplace needs and to move toward national real estate standards. It’s important to understand these changes for the coming year.
Source: GNIAR
