What is the New REALTOR® Cooperation Policy?

Picture of Jane Pinzhoffer

Jane Pinzhoffer

Jane Pinzhoffer is a seasoned writer with over a decade of experience crafting engaging content across various topics. Her passion for storytelling and keen eye for detail bring valuable insights to our blog, helping readers navigate the complexities of real estate with clarity and confidence. When she’s not writing, Jane enjoys exploring new destinations, indulging in music and movies, and immersing herself in a good book.

What is the New REALTOR® Cooperation Policy?

The Realtor Cooperation Policy, announced by CREA (Canadian Real Estate Association) is a new policy starting January 3, 2024, that will require residential real estate listings to be placed on an MLS® system within three days of being marketed publically, among other requirements. The Realtor Cooperation Policy is being established to ensure equity and transparency in the sales and marketing process of real estate.

Consumers have had growing concerns over the last few years about misusing marketing tactics that keep listings off MLS® systems.

The premise behind the Realtor Cooperation Policy is to ensure homeowners are aware of the value of publicly promoting their house for sale on the MLS system, realtor.ca, and utilizing third-party distribution to other websites.

What is an “Exclusive Listing”?

Exclusive listings are those where the real property is not listed on the local multiple listing system. Instead, real estate agents will leverage their personal list of contacts, personal websites and social channels to solicit a buyer for the home.

What are the Benefits of Exclusive Real Estate Listings?

This may be done for one of many reasons;

  • the seller may have a degree of concern over the privacy of their personal affairs;
  • they may be testing the waters to see if their ideal price is reasonable or out of reach, and they don’t want to go public yet;
  • and the seller’s REALTOR® may have persuaded them with selfish intent.

If you opt for an exclusive listing, additional measures will be in place for appropriate disclosures. Any seller who declines to use an MLS® system to market their property must confirm in writing that they understand the pros and cons of not promoting their property publicly.

Real Estate Coming Soon Sign

“Coming Soon” Real Estate Listings

It also brings to light issues regarding “Coming Soon” advertisements. This is a way to build interest in a home before it becomes available. The challenge becomes that while companies like our own utilize this strategy to garner a lot of attention for the property through social posts, paid ads, and signs to ensure we hit the market with a lot of activity, others have been found to use this as an opportunity to ‘double-end’ a deal, where they reap the reward of representing both the buyer and the seller.

Because some realtors are looking out for themselves instead of their clients and using that time to solicit their own buyers, it has caused problems across the industry, requiring more rules and regulations (thanks, bad apples!)

Municipal Real Estate Sign By-Laws

Regarding signage, regulations vary depending on the municipality. Even real estate boards have rules and guidelines for members to follow regarding signage. For example, Mississauga won’t allow “coming soon” signs at all.

During KT Confidential | The Real Estate Podcast, we discuss the most common bylaws realtors break regarding signage.

Right now, the rules around signage aren’t being enforced. Time will tell the repercussions and how they will be mandated around the Realtor® Cooperation Policy.

If you plan to list your house for sale in 2024, there are many benefits to hiring someone who knows the way around the industry, the changing rules and regulations, and your local market. Do your due diligence, interview a few, and hire the one you’re most confident and comfortable with; if contacting us happened to be considered, you wouldn’t be disappointed.

Picture of Jane Pinzhoffer

Jane Pinzhoffer

Jane Pinzhoffer is a seasoned writer with over a decade of experience crafting engaging content across various topics. Her passion for storytelling and keen eye for detail bring valuable insights to our blog, helping readers navigate the complexities of real estate with clarity and confidence. When she’s not writing, Jane enjoys exploring new destinations, indulging in music and movies, and immersing herself in a good book.

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Open House Terms & Privacy Agreement

for KT Open Houses

  1.  

1. Visitor Etiquette: All visitors are required to maintain a respectful and safe environment in our client’s property by adhering to the following etiquette guidelines unless otherwise directed by a representative of The KT Team:

  • Footwear: Please remove footwear upon entry to help preserve the property’s cleanliness.
  • Washroom Facilities: Visitors are kindly asked to refrain from using washroom facilities.
  • Personal Belongings and Furniture: For privacy and safety, please avoid touching personal belongings or opening furniture not part of the sale. Examples include dressers, media consoles, and most free-standing furniture.
  • Food and Beverages: Outside food and beverages are prohibited while touring the property.
  • Furniture: To respect our client’s space, please avoid sitting or lying on any furniture.
  • Pets: Pets are not allowed within the property.
  • Children: Parents and guardians are responsible for ensuring children follow these guidelines.

2. Visitor Tracking and Safety: To ensure the safety of our clients’ property and personal belongings and the security of our real estate agents, all visitors are required to provide accurate and complete contact information. This information is used to track attendees and ensure accountability.

3. Digital Communications and Follow-Up: By providing your contact information, you consent to receive digital communications from our real estate team, including information about this property, future open houses, and other relevant real estate opportunities. These communications may include marketing or promotional messages, and we aim to keep them relevant to your interests.

4. Opting Out: You may opt out of receiving digital communications at any time by contacting us directly at the contact points below or following the unsubscribe link provided in messages. Opting out will remove you from future marketing communications, although we may retain your contact information for internal records related to visitor tracking.

KT Realty
229 – 336 Bronte Street South
Milton ON L9T 7W6
[email protected]
1 (800) 617-0090

4. Prospecting and Sales Activity: Our real estate team may use your information for prospecting and follow-up purposes. We ensure these communications are conducted respectfully and aim to provide opportunities aligned with your interests.

5. Privacy and Data Protection: We respect your privacy and are committed to protecting your personal information. Your details will not be shared with third parties, except as required by law or for purposes directly related to the safety of open house events.

6. Acknowledgment: By submitting this form, you acknowledge that you have read, understood, and agreed to these terms and conditions. You agree to adhere to any additional requests or instructions the real estate agents provide to maintain a safe and secure environment during your visit.