California Regional MLS, the country’s largest multiple listing service with some 108,000 subscribers, has announced a number of changes relating to property listings and processes. As detailed by Inman, CRMLS has revised its rules to make violations of “Coming Soon” preview listings no longer eligible for a warning before a citation is issued. Subscribers who fail to obtain a “Coming Soon” form before submitting a listing will now get a citation and a $750 fine.
Additionally, CRMLS updated its listing credit rule for listings distributed to agent and broker websites through Internet Data Exchange (IDX) feeds. Inman explains that “IDX Transparency Initiative” centers around feedback from subscribers related to consumer frustrations.
The new rule now states: 12.16.5 Listing Credit. All Listing Brokers grant permission for any Advertising Broker to display any listings submitted to the service by the Listing Broker only if the listing display or advertisement is clear so that a reasonable real estate consumer understands:
a) Who is the Listing Agent & Broker,
b) Who is the Advertising Broker and
c) How to contact that Listing Agent or Broker
CRMLS also formally eliminated use of the term “business days” from its rules, except for its Clear Cooperation Policy, months after officially noting Saturday a business day. The Clear Cooperation Policy, as noted by Inman, was instituted by the National Association of Realtors and went into effect last year, requiring listing agents to submit a listing to their MLS within one business day of marketing a property to the public.
For more on the CRMLS changes, head to Inman by clicking here.