While the new policy becomes effective on Jan. 1, NAR directors delayed implementation until May 1, 2020.

The National Association of Realtors board of directors voted to ban the controversial practice of “pocket listings.” It’s a practice that was surging in competitive markets, which allowed a listing agent to use a multiple listing service to let others know the property was for sale, usually with an informal “coming soon” notice, while not officially sharing the listing and often retaining a full commission. 

“We know that the policy is a crucial protection for consumers,” said Redfin CEO Glenn Kelman, who supported the NAR decision, “especially members of minority groups who, research shows, are often the last to find out about pocket listings.” The new NAR rule requires properties to be listed on the MLS within one business day of being marketed to the public. While the policy becomes effective on Jan. 1, NAR directors delayed implementation until May 1, 2020, to give the nation’s more than 800 multiple listing services time to make any technology changes and educate users. 

Source: NAR