When you prepare to meet with your seller to present your market analysis, do you discuss the benefits of marketing the home through the multiple listing service, or do you suggest that the best way to market the home is by doing an exclusive listing?
NJREC 11:5-6.4 ((f), 2, 4 specifically addresses the procedure every licensee should be practicing before contracting with a Seller to represent him/her in the sale of his/her home. Let’s break it down by the sections stated above:
(f) Unless directed not to do so in writing by an owner, every licensee shall fully cooperate with all other NJ licensees utilizing cooperation arrangements which shall protect and promote the interests of the licensee’s client or principal. This means the listing goes into the MLS unless otherwise directed by the owner in writing. This does NOT mean an exclusive listing.
2. All requirements imposed by the obligation to fully cooperate shall be complied with on all listings unless the client or principal, with full knowledge of all relevant facts, expressly relieves the listing broker from one or more of those requirements in writing. If the Seller does not want their home listed in the MLS, but will allow cooperation these instructions should be put in writing signed by the owner and made as an addendum to the listing agreement. Such a writing shall be made available for inspection by other brokers upon request.
4. Should the client or principal direct the listing broker not to cooperate at all with all other licensees, evidence of this intent shall be in writing in the form of a Waiver of Broker Cooperation and signed by the client or principal. Copies of this Waiver of Broker Cooperation and the listing agreement to which it relates shall be provided to the client or principal and to their authorized representative by the Broker. This Waiver shall become a part of the listing agreement at the time it is signed, and shall be made available for inspection by other brokers upon request. However, no direction or inducement from the client or principal shall relieve the listing broker of his/her responsibility of dealing fairly and exercising integrity with all other licensees.
Every licensee should provide the Seller with ALL relevant information regarding the choices that are available in marketing the home. The Seller makes the decision as to what type of marketing they want …MLS or Exclusive. It is not the licensee that makes that choice.
Remember Article 1 of the REALTOR® Code of Ethics: “When representing a buyer, seller, landlord, tenant, or other client as an agent, REALTORS® pledge themselves to protect and promote the interests of their client”. Ask yourself this question everyday: “Am I protecting the interests of my client, or am I protecting my interests”.
Stay well everyone… Mary Cano, NCJAR CEO