Milwaukee, WI June 23, 2014 Ė Across the industry and locally, concerns have been raised regarding the promotion of listings that are not available for cooperation in the MLS. Often, buyer agents will call listing agents about such properties, but are not able to obtain information, reflecting poorly on the buyerís agentís ability to serve their client.
As CEO of Metro MLS, Iíve had the opportunity to speak to many of our Brokers and Agents across the state of Wisconsin and nationally. Many have expressed to me that "off MLS" promotion, whether itís coming soon advertising, or pocket listings, are not sound practice. Many MLS members plead this practice does not benefit the seller due to lack of exposure to the market, and undermines the cooperative spirit of Realtorsģ. Both cooperating agents and principal brokers have asked that I clarify the position and policy of Metro MLS.
- In order for any MLS Subscriber or Participant to input a property for sale/rent into the MLS, the member must have a legally executed listing agreement with the seller(s).
- Members have 48 hours to input the property into the MLS once the listing agreement has been executed.
- Failure to submit a listing into MLS within the 48 hour period could result in a $100/day penalty.
- All members MUST submit all Single-Family, Two-Family, Condominium, Vacant Land and Multi-Family properties into the MLS they are representing for sale.
- Sellers may opt-out of listing their property in MLS only by submitting a completed MLS Exclusion form. This is the responsibility of the Listing Agent. Failure to follow this policy could result in a $100/day penalty.
- Listings that have been properly excluded from MLS may NOT be advertised on other Real Estate portals or other 3rd party websites while under contract. Failure to follow this policy could result in a $100/day penalty.
NOTE: Wisconsin license law requires a real estate brokerage to have the sellerís consent to advertise a property. A broker must in all advertising disclose the brokerís name. In order to negotiate on behalf of the seller the law requires a listing agreement. To enter a property into the MLS a written listing agreement is required. Wisconsin license law prohibits licensees from advertising in manner which is false, deceptive or misleading. If the placement of a yard sign, for instance, causes the public to conclude the property is listed, then the advertising violates license law as misleading and the situation might be rectified by taking/having a listing. It is a violation of license law if any of the signs or promotional materials implies that the broker has a listing and the authority to negotiate for the seller.
If you have any questions or require any clarification please contact our administration department at 414-778-5400. Thank you.
Chris Carrillo, ePro, CMLX
Chief Executive Officer