Keeping Calm in Crisis - Guidance from CMLS
Friday, March 27, 2020
Real estate colleagues and friends:
We are living in uncertain times. In moments like these, we look to, and lean upon, people and institutions that can provide a sense of stability and confidence.
The MLS plays that role in our real estate world. Real estate professionals and the people they serve need to know what is happening - and not happening - in the real estate market right now. The bedrock of information the MLS provides is how they get that knowledge.
Things are changing fast. And despite the events underway, people will continue to need to buy and sell homes. The value of the MLS as a fair, secure and stabilizing force in the market has never been stronger.
Toward this end, CMLS provides the following guidance:
1. Listings and their marketing should be transparent to the consumer and in line with current local rules. Days on market calculations for an “active” listing should not be altered if the property is available to be sold and is being actively marketed. MLSs should utilize RESO’s standard statuses within their systems and provide clear guidance to members on how to best classify listings within existing rules. Current and historical data accuracy requires that we document today's marketplace activity accurately.
2. MLSs can continue to support their local market by working to identify ways in which a property can be marketed safely. Explore new ideas and options for enabling virtual open houses and showings. This is an excellent opportunity to foster innovation.
3. The MLS facilitates market liquidity, and real estate needs to continue to work for our communities. In most markets, it is possible to operate both safely and lawfully while observing experts’ recommendations and government orders. MLSs can work with local and state associations to provide current market data that informs local officials in an effort to classify real estate as an essential service. This does not mean business as usual; we must practice responsible real estate.
Open communication and information sharing are crucial during this time. CMLS will host live forums with virtual roundtables every Friday to update you on the most pressing MLS matters and to foster learning and sharing within our community.
The MLS makes the real estate market work. Preserving the confidence, connections and community it creates during this crisis is our mission.
Join the conversation, be part of the solution, stay safe.