In less than two months, the new REALTOR® Cooperation Policy established by Article 30 of the REALTOR® Code (Duty of Cooperation) comes into effect, reinforcing collaboration and professionalism within the Canadian real estate industry.
So, what does this mean for your business?
Beginning Wednesday, January 3, 2024, when public marketing of a residential listing occurs, REALTORS® will be required to place the listing on an MLS® System within the timeframe adopted by their board or association unless an exemption applies. The policy provides that this timeframe may be up to a maximum of three days.
Efficient and effective cooperation using MLS® Systems maximizes opportunities for REALTORS® to:
- bring together home buyers and sellers;
- promote the value of REALTORS® as trusted partners; and
- strengthen the REALTOR® and MLS® brands.
“Protecting and enhancing the comprehensiveness of MLS® Systems not only benefits REALTORS®, it’s in the best interest of Canadian home buyers and sellers,” said Jill Oudil, CREA’s Immediate Past Chair following our Annual General Meeting in April 2023.
Why is it a win for sellers?
Placing a property on an MLS® System provides your clients with increased exposure to a broader pool of potential buyers.
Why is it a win for buyers?
With more sellers on MLS® Systems, your clients benefit from more choice, giving them more opportunity to find their dream home.
Why is it a win for REALTORS®?
This practice benefits REALTORS® by continuing to place cooperation at the heart of every real estate transaction.
Ahead of January 2024, CREA will continue to provide resources and information at CREA.ca/REALTORCooperation, including updated FAQ, policy documentation, infographic and a white paper on the benefits of MLS® Systems.
