Four Upcoming Rule Changes you Need to Know

The REcolorado Board of Directors recently passed four rule changes for REcolorado subscribers that will take effect in the next month. REcolorado’s implementation of NAR’s Clear Cooperation policy is also coming in May. Here’s what you need to know:

Teams and Productivity

Beginning mid-April

Beginning mid-April, when a team ID is entered on a listing, all production will be recorded under the Team ID. All productivity reports and metrics will reflect 100% of the transaction under the team ID if the buy side or sell side is a team ID. Productivity will no longer be split between a team and its team members and cannot be transferred if a team member leaves the team.

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Solicitation of Expired Listings

Effective April 12, 2020

A business practice among some brokers is to solicit listings that are in an Expired status. This often includes downloading Expired listing data and sending it in bulk, or paying third parties to contact sellers of Expired listings. According to Section 12.6 of REcolorado’s Rules and Regulations, trolling or prospecting Expired listings is not an acceptable use of MLS content, and providing MLS information to third-party companies is a violation of REcolorado Rules and Regulations.

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Listing Period: Expire and Relist

Effective April 12, 2020

A listing period begins when a listing is made Active and continues until a listing is in an off-market status. This is referred to as Days in MLS. If the listing broker or listing office expires and enters the same property within 30 days, a violation of the MLS rules will occur, and an immediate $100 fine will be assessed. The expiration date submitted to REcolorado Matrix must correspond to the date specified in the listing contract, except when it is modified by an amend/extend.

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Clear Cooperation

Effective May 1, 2020

The National Association of REALTORS® introduced MLS Statement 8.0, known as the Clear Cooperation Policy, in late 2019. The policy requires listings to be entered into REcolorado Matrix within one business day of marketing the property. Per NAR, MLS organizations are required to begin local implementation by May 2020, which is when REcolorado’s implementation will begin.