Not all brokers accept a co-listing agreement, as it affects their commission, especially when a buyer is used by a third broker. Co-listing agreements can be made for several reasons: there are two owners of a property and each wants to use their own preferred brokerage company (this is sometimes the case when a property is sold during divorce proceedings), or a seller cannot choose which brokerage company to choose because it is different but just as attractive. Marketing strategies. A multiple listing service cannot regulate the type of offers its members are allowed to accept. We can only regulate what is displayed in our database. Maybe, but maybe not. Many states have set co-exclusive listings in their real estate laws, while Massachusetts has not. The National Association of REALTORS®, author of our MLS rules and regulations, has developed guidelines for the acceptance or denial of co-exclusive entries into MLS based exclusively on the definition of state law. What a cucumber! For example; Without a state definition, we have no clear basis for accepting or denying co-exclusive entries into the MLS service in Massachusetts. It has been suggested by legal counsel that, in order to allow co-exclusivities in MLS, we must first make a decision on a listing basis – the terms contained in the listing agreement, so that we can preemptively classify the list as “open” or “exclusive” and hope that the courts will agree in the event of a problem. A: A co-listing agreement includes two real estate agents who both work to sell your property. The two brokers would share an agreed commission.
It is unrealistic, problematic and places a great responsibility on the MLS board to make decisions on other benchmark agreements in this way. The rules currently state that MLS must accept the exclusive right to sell listing contracts and exclusive agency listing contracts and can accept other forms of agreement. In addition, the MLS Board of Directors has closely reviewed our current rules and the service rules still apply to “the” listing broker. It is clear that only a broker can enter an entry into the multiple listing service database. There may also be disputes between the two brokers regarding the effort to sell the property or conflicts between the commercial agents mandated by the brokers. Yes, both! Rest assured, there is absolutely nothing in national law or in our code of ethics that prevents an agency from entering into this type of co-listing agreement. It`s just an alternative business deal. Also remember that open offers are also valid under state law, ethics, and an acceptable business method of working as a trustee of a real estate seller in Massachusetts. . .