Is the End of "Off-Market" Listings Near?

The National Association of Realtors (NAR), which oversees 640 multiple listing services across the country, voted this week to require members to list all properties within one day of marketing efforts beginning - a policy effective May 1, 2020. In essence, they are trying to prohibit “off-market” listings. The goal of this is for all buyers to have equal knowledge and access to all the properties that are currently for sale. However, this policy may have unintended consequences for sellers and their agents. For example, agents can no longer start marketing a property while it is undergoing renovations or getting staged and photographed. For more pros and cons of this new policy, check out this article.