I’ve worked hard as a real estate broker to build an exclusive network. How can I market my listing to my exclusive network without risking Fair Housing or Clear Cooperation Policy violations?
Say “Yes” to the MLS!
Marketing a listing to an Exclusive Network and putting it in the REcolorado Matrix MLS system are not mutually exclusive. You can and should do both!
The marketing strategy you use to promote your listing is determined by you and your client. Consider the benefits of promoting your listing both to your exclusive network and in REcolorado Matrix.
Including your listing in the REcolorado Matrix MLS system makes available to the broadest group of potential buyers. Consumers gain access to listings in REcolorado Matrix through their real estate agent. These are serious home shoppers who are actively looking for a home to purchase. By including your listing in REcolorado Matrix, it will automatically be included in the Client Portal and search results for serious buyers actively working with an agent.
Outside of the REcolorado Matrix MLS system, you can market your listing to your exclusive network. Remember, your listing should be in Coming Soon status before any marketing occurs and up to seven days, and in Active status before any showings or open houses occur.
As offers come in, you and your seller can review offers for the highest, best, and most favorable terms. The buyer may have come from your exclusive network, or they may have found the listing in the MLS. Either way, you’ve upheld your fiduciary duty to your sellers and used your exclusive network along with the REcolorado Matrix MLS system to find potential buyers.
While real estate brokers are often good at networking, limiting a listing to only an exclusive network is rarely in the best interest of the seller and often violates Fair Housing guidelines. The goal of Fair Housing is to ensure all potential buyers have access to all homes for sale.
Think of this example provided by Vendor Alley. A young family has a child who needs speech therapy. Only one school district provides the service. But, because they are not a part of your exclusive buyer network, they do not have the opportunity to make an offer on your listing. Not only does this risk Fair Housing violations through unintentional discrimination, but they might be willing to pay a premium for a home in that school district. By making the listing available in the REcolorado Matrix MLS system, you ensure it’s available to the broadest group of potential buyers and significantly reduces the risk of Fair Housing violations.
REcolorado Matrix MLS also uses Listing Data Checker to scan listings for potential Fair Housing violations and alerts you so you can fix them. When you say “Yes” to the MLS, you reduce the risk of a Fair Housing violation.
Clear Cooperation Policy
The Clear Cooperation policy is designed to support Fair Housing by ensuring that listings made available to some buyers are visible to all buyers. If you are marketing your listing at all outside of your brokerage, it needs to be in the MLs; otherwise, this is a Clear Cooperation violation.
As a listing broker, your goal is to attract the highest, most favorable terms, and best offer for your seller’s property. Even well-networked brokers are not connected to everyone. You might miss the right buyer if the home is only seen by a limited network.
By putting the listing in the REcolorado Matrix MLS system, you make it available to the largest broker-to-broker network in the state with approximately 26,000 real estate brokers and their buyers. Additionally, to market the property in compliance with the Clear Cooperation Policy, the listing must be input into the MLS.
When you use the tools available to you within REcolorado Matrix, you can both expose the listing to the greatest number of prospective buyers, including those in your exclusive network and serious buyers who are actively working with a real estate broker.
If you have questions about putting your listing in the MLS, our Customer Care team is available to answer them! Reach us six days per week at support@REcolorado.com or 303.850.9576, option 1.