Everything you need to know about CREA’s REALTOR® Cooperation Policy
What do I need to do?
Starting January 3, you must place your residential listings on the MLS® System within three business days of public marketing, with some exceptions.
Learn more about what CREA considers “public marketing” and the exemptions to the policy.
What if my seller doesn't want to list on the MLS®?
If your seller decides they don't want to market their listing on the MLS®, you must receive written confirmation of this decision. This written confirmation from the seller must include a clear instruction not to engage in public marketing of their property, and an acknowledgement that declining to place their property on the MLS® may:
- result in reduced exposure to the pool of potential buyers;
- result in a lower number of offers received; and
- limit the seller’s ability to receive the most favorable offers in terms of price or other terms and conditions of sale.
Use BCREA's Exclusive Listing Contract to comply
The BC Real Estate Association (BCREA) has revised their Exclusive Listing Contract so it complies with CREA's Realtor Cooperation Policy. It's available on WEBForms now.
BCREA notes: "The disclosures in the Exclusive Listing Contract have been modified to reflect real estate practices in BC. As such, the CREA REALTOR® Cooperation Disclosure and Consent form is not required for BC transactions and will not be available on CREA WEBForms®."
Our Rules of Cooperation have also updated to align with the Realtor Cooperation Policy. You can see what’s changed here.
Info resources
Background
Elected representatives from real estate boards across Canada, including REBGV, voted to approve CREA's Realtor Cooperation Policy and establish a new Duty to Cooperate into the REALTOR® Code at their AGM in April.
The Realtor Cooperation Policy was a recommendation from a CREA working group, which concluded that such a policy would make the MLS® more comprehensive and valuable to Realtors and their clients over the long term.
