When did REcolorado’s Clear Cooperation Policy take effect?
REcolorado began local implementation of our Clear Cooperation Policy on May 1, 2020, per the mandate from the National Association of REALTORS®. To give everyone time to learn about the policy, warnings were issued for the first few months. Fines began in September 2020.
Does the Clear Cooperation apply to REALTORS® only?
The Clear Cooperation policy applies to all REcolorado subscribers. When joining REcolorado, all subscribers agree to abide by the REcolorado Rules and Regulations, which include Clear Cooperation.
Who does the Clear Cooperation policy benefit?
The Clear Cooperation rule brings benefits to brokers, REALTORS, appraisers, and consumers—everyone. It reinforces the consumer benefit of cooperation and ensures MLSs are an efficient and transparent marketplace that is pro-competitive and pro-consumer. The MLS allows the greatest widespread exposure of relevant, comprehensive inventory and the most accurate data. Having all listings in the MLS gives buyers fair and equal access to all properties, which limits brokerage exposure to potential Fair Housing violations. It also means sellers can count on their property being marketed to the largest pool of potential buyers and real estate professionals, helping to ensure they receive the highest and best offer or the offer with the most favorable terms.
What are the benefits of Clear Cooperation to brokers?
The Clear Cooperation policy allows brokers more access to listing data to produce more accurate market stats reports, Broker Price Opinions, and CMAs, which leads to a better understanding of market activity. More complete listing data also means brokers have access to a comprehensive set of listings that can be shared with clients. For REALTORS, this policy helps to ensure compliance with the REALTOR Code of Ethics by advancing the interest of home buyers and sellers as well as cooperating with fellow brokers.
What if my seller doesn’t want their listing in the MLS?
REcolorado Matrix offers the ability to enter a listing while protecting a seller’s privacy, which includes suppressing the address of the property and preventing the listing from being displayed on websites. In the rare event a seller has extenuating circumstances to request that their listing not be included in the MLS, this must be memorialized in the listing agreement and may only be done as an Brokerage Exclusive, which cannot be marketed outside the brokerage. If marketing occurs outside the brokerage, it could be considered a violation of the Brokerage Exclusive agreement and the Clear Cooperation policy, which would subject the agent to review and potential fines. The listing must then be entered into the MLS within one (1) business day.
The Clear Cooperation rule says a listing must be in REcolorado Matrix within one day of marketing the property. According to the policy, what is considered marketing?
Marketing includes, but is not limited to, distributing flyers, flyers displayed in windows, yard signs, brokerage sharing, digital communications such as email blasts or social media, multi-brokerage listing sharing networks, applications available to the public, and digital marketing on public-facing websites including IDX, VOW, and syndication portals. A listing can be marketed as Coming Soon if it is in the Coming Soon status in REcolorado Matrix. If there is a For Sale sign in the yard and the listing is in the Coming Soon status, a “coming soon” rider or some indication of coming soon must be placed on the sign.
Can I share information about a listing in my office sales meeting if it is not in REcolorado Matrix?
Discussing an upcoming listing with fellow brokers inside your office is acceptable. However, discussing the listing outside your office is considered marketing; therefore, the listing must be added to the MLS within one (1) business day as either Coming Soon or Active.
How will REcolorado enforce the Clear Cooperation Policy?
As with any rule, REcolorado relies on brokers to comply with the rule and to report policy violations. If you see a violation of the Clear Cooperation policy or any MLS rule, send an email to DataIntegrity@REcolorado.com or call 303-850-9576, option 1. Please include any time/date stamped information when available. All reports are considered highly confidential. Our Data Integrity team will review the incident and fines are issues to those who are in violation.
What are the fines for violating the Clear Cooperation policy?
Violations of the Clear Cooperation policy will result in hefty fines as determined by the REcolorado Board of Directors. Fines start at $1,500. Repeat offenders risk severe consequences including fines up to $15,000 and suspension of your REcolorado account and access to REcolorado Matrix.
Does the Clear Cooperation Policy apply to all property types?
The Clear Cooperation Policy applies to all property types except New Home Community, New Home Plan, New Home Spec, Business Opportunity, and Specialty.