Have you ever received a violation from the CRMLS Compliance Department?
It’s never fun, but issuing citations for rule violations is essential to maintain an accurate MLS database.
Here’s a quick breakdown of MLS compliance, where the rules come from, and why they’re important for everyone’s business.
WHY do we need MLS compliance?
As California real estate professionals, we succeed the most when we work together. And to do that, we need to agree on a set of reasonable ground rules.
Rules? What rules?
When you’re a CRMLS subscriber, or a member of any Association that subscribes to our services, you are subject to the CRMLS Rules and Regulations.
Okay…so who makes these rules?
The CRMLS Rules and Regs are based on the Model Rules developed by CAR and NAR. Additional recommendations are made by the CRMLS Rules Committee, which includes a representative from every CRMLS Member Association. All rules must be approved by the CRMLS Board of Directors before being put into effect.
Who sits on the Board of Directors?
The CRMLS Board of Directors is made up of three groups. Eight of the Directors are CRMLS Members elected by the REALTOR Associations. Three Directors are voted into office from the 10 largest Brokerage Participants within the CRMLS system. The final group of four Directors are elected by the existing Board of Directors. Additionally, there are requirements that a certain number of Directors come from small Associations, and from brokerage firms with fewer than 100 agents.
Why do these rules matter for agents and brokers?
Access to accurate, up-to-date listing data is essential to the success of your business.
Imagine you are trying to help a client come up with the right price to list their home for sale, but none of the MLS homes sales data in the surrounding area is accurate. Without reliable information on comparable home sales in the market, establishing price and advising on a marketing strategy becomes a LOT harder.
The Rules also protect your rights. What if you brought a buyer for a listed property, but the listing agent decided after the contracts were signed that they didn’t want to pay you the full commission that was listed on the MLS? The Rules act as the contract for you to enforce and protect your rights.
What is UP with MLS Compliance?
The CRMLS Compliance Department is here to enforce the Rules and Regulations designed to protect the accuracy of MLS information, and therefore the integrity of your business.
*Check back for tips on how to avoid and how to take care of violations under posts tagged ‘Compliance’.