Approach will help industry professionals get the most up-to-date property information for clients
The Canadian Real Estate Association (CREA) has announced a new policy that is designed to ensure integrity, transparency, and comprehensiveness in residential property listings.
The “Duty of Cooperation” policy was instituted in response to consumers’ concerns over “the rising misuse of marketing tactics,” which were keeping a significant number of listings off the market, CREA said.
The new addition to CREA’s code of conduct for industry professionals now requires residential listings be placed on an MLS within three days of it being publicly marketed.
“Public marketing is any type of marketing of a listing to the public or to anyone not directly affiliated with the brokers and licensees of that brokerage,” CREA elaborated.
This will ensure that industry professionals will have access to the most up-to-date property data, further serving the needs of clients.
“Cooperation is central to what we do as realtors, and protecting and enhancing the comprehensiveness of MLS systems is in the best interest of the market,” said Jill Oudil, the previous chair of CREA. “The [new policy] ensures realtors have access to the most comprehensive property data for their clients, and at the same time it maximizes selling opportunities for home sellers.”
The policy also includes significantly improved disclosure and consent requirements between relators and seller clients, as well as more defined parameters for exclusive marketing per client preference.
The changes will come into effect on January 3, 2024.
“This timeline will provide real estate boards and associations time to review their current rules and ensure they are compliant with the policy,” CREA said.
