At CREA’s Annual General Meeting on Tuesday, April 18, 2023, membership will vote to approve a proposed REALTOR® Code amendment which will incorporate REALTOR® Cooperation as an ethical obligation.
Here is the proposed REALTOR® Code amendment:
What is REALTOR® Cooperation?
REALTORS® can and should be using MLS® Systems to market properties on behalf of clients as part of any strategy to publicly market a home. The REALTOR® Cooperation Policy would require that within three (3) days of any public marketing, a home would have to be listed on an MLS® System unless an exception applies.
Why is a policy to place listings on an MLS® System necessary?
Some boards and associations expressed concern about the rise of limited marketing practices – like “coming soon to MLS®” marketing – which keeps properties off MLS® Systems and goes against the very purpose of membership in a cooperative selling system.
An MLS® listing generates more potential for better outcomes: increased reach to a larger pool of potential buyers, fewer days on market, a better price or other terms of sale, and more inventory for buyers to choose from. At the same time, listing on an MLS® System reinforces the value and integrity of MLS® Systems as the best and most comprehensive inventory of homes, all of which are available only through a REALTOR®.
What will the membership be voting on at CREA’s 2023 AGM?
The vote will be to approve adding a new Duty to Cooperate to the REALTOR® Code that includes a requirement to comply with the revised REALTOR® Cooperation Policy.
Why are we voting on a REALTOR® Code amendment?
While CREA’s Board of Directors has the ability to create policies, several boards and associations asked for a vote on REALTOR® Cooperation at the 2023 AGM, and also suggested that REALTOR® Cooperation should be part of the REALTOR® Code. An amendment to the REALTOR® Code requires a vote, so the proposed amendment to the REALTOR® Code addresses both requests.
Who will enforce it?
The new REALTOR® Code amendment would give boards and associations the authority and the responsibility for enforcement under their existing REALTOR® Code enforcement procedures.
What are the possible outcomes of the vote at CREA’s AGM?
If the REALTOR® Code amendment passes, the policy will come into force on January 3, 2024. Otherwise, the policy will not come into effect.
REALTOR® Cooperation not only promotes the value of REALTORS® as trusted professionals, it helps strengthen the REALTOR® and MLS® brands – cornerstones of our industry.
On Wednesday, April 5 from 1:30 – 2 p.m. EDT, we will be hosting a brief virtual information session to go over this information. A copy of the recording will be made available following the event.
Register for the information session
Please note: This session will be provided in English only.
Find all related REALTOR® Cooperation resources on CREA.ca/REALTORCooperation, including:
