January 2020

Here is the latest issue of the NJMLS newsletter. It has also been emailed to you in a more mobile-friendly version. Enjoy!

Table of Contents
Fee Reduction
Clear Cooperation
2019 by the Numbers
Class Calendar
 

NJMLS Listing Fee Reduced


The NJMLS has given you one more reason to celebrate the new year! Providing members with more value has always been our priority. That’s why we have maintained or reduced our fees year after year while also adding products and services like Cloud CMA, Remine Pro, and Homesnap Pro at no additional cost for our membership. We have gone one step further — we’ve reduced our listing fee for published listings by 25% — from $40 to $30.

The NJMLS Board of Directors voted to reduce the fee effective January 1, 2020. The reduced listing fee will be reflected in the February invoices (when listings entered in January are billed). It’s one more way the NJMLS continues to give members even more value!

We hope this helps kick off a very successful year for all.


 

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NAR’s Clear Cooperation Rule


At the end of last year, we announced to our members that the National Association of REALTORS® passed the Clear Cooperation Rule, which became effective January 1, 2020. The policy was proposed to address the growing use of off-MLS listings, to strengthen cooperation, and ensure REALTORS® have access to all available inventory. NAR’s Advisory Board concluded that leaving listings outside of the broader marketplace excludes consumers and undermines REALTORS®’ commitment to provide equal opportunity to all. The policy requires listing brokers who are participants in a multiple listing service to submit their listing to the MLS within one business day of marketing the property to the public. The policy doesn’t prohibit brokers from taking office exclusive listings, nor does it impede brokers’ ability to meet their clients’ privacy needs. The policy was approved by a large majority of the vote of the NAR Board of Directors; the rule states:

Text of Clear Cooperation Rule
Within one (1) business day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants. Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public.


FAQs
If you observe the mandatory submission time to publish a listing in the NJMLS, nothing changes because you are already complying with the new rule. The change impacts Office Exclusives with a Waiver of Broker Cooperation. Here are answers to some questions you may have:

Are Exclusive Right to Sell or Exclusive Agency listings I enter into the NJMLS impacted by the Clear Cooperation Rule?
Exclusive Right to Sell listings and Exclusive Agency listings entered into the NJMLS are not impacted by this rule. The NJMLS already requires a listing be published within 24 hours; therefore, the rule does not apply. Continue to submit these listings as you have been, according to the Rules and Regulations set forth by the NJMLS. As a reminder, if you have a listing that is published in the system but cannot be shown for more than three calendar days from the listing start date, a Delayed Showing form must be completed and uploaded into the system as an Associated Document, in compliance with the NJMLS Delayed Showing Policy.

How does this rule impact Office Exclusive listings submitted to the NJMLS with a Waiver of Broker Cooperation?
An Office Exclusive that is submitted to the NJMLS, where the listing office is not cooperating with other brokers, is not affected as long as the listing is not publicly marketed. If any public marketing takes place, the Clear Cooperation rule then applies.
Note:  The Waiver of Broker Cooperation form has been updated to reflect this new policy.

How does this rule impact Office Exclusive listings submitted to the NJMLS with a Non-Dissemination form?
An Office Exclusive that is submitted to the NJMLS with a Non-Dissemination form is not impacted as there is already an agreement to cooperate with other Brokers.

Does the Clear Cooperation Rule apply to all property categories submitted to the NJMLS?
The rule applies to Single Family Homes (Residential), Condo/Coop/Townhouse, and 2-4 Family listings in our required market areas.
This rule does not apply to Rentals, Commercial, Business, 5+ Mixed Use, and Land listings, or to listings outside of the NJMLS Market Area.

 

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NJMLS:  2019 by the Numbers


There’s reason to tout some of the successes of 2019. Following are a few key NJMLS statistics for 2019, with the percentage of change versus prior year:

 
NJMLS Members 12,442 +4.1%
NJMLS Offices 1,276 +4.2%
New Listings 49,564 +4.5%
Sold Listings 21,138 +3.6%
Median Sold Price $415,000 +2.1%
Average Days on Market 63 -3.1%
Leased Listings 10,470 +4.8%
Months Inventory 4.4 -17.0%


 

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Upcoming Classes and Webinars


Please register using the links provided on the XL Paragon Desktop.
 

January 2020
 
In the Classroom:

Tuesday, February 4th, Lyndhurst
10:00am – 2:00pm   Orientation
 
Wednesday, Febraury 5th, Lyndhurst
10:00am – 2:00pm   Orientation

Thursday, February 6th, Haworth
10:00am – 2:00pm   Orientation

Wednesday, February 12th, Lyndhurst
10:00am – 2:00pm   Orientation

Thursday, February 13th, Haworth
10:00am – 2:00pm   Orientation

 Tuesday, February 18th, Haworth
10:00am – 2:00pm   Orientation

Wednesday, February 19th, Lyndhurst
10:00am – 2:00pm   Orientation

Thursday, February 20th, Haworth
10:00am – 2:00pm   Orientation

Monday, February 24th, Lyndhurst
10:00am – 12:00pm   Prospect Module Workshop
1:30pm – 3:30pm   CMA Workshop

Wednesday, February 26th, Lyndhurst
10:00am – 2:00pm   Orientation

Thursday, February 27th, Haworth
10:00am – 2:00pm   Orientation



On the Web:

Monday, February 10th
10:00am – 11:30am   Orientation Webinar
1:00pm – 2:00pm   Intro to Remine Webinar

Tuesday, February 11th
10:00am – 11:00am   Prospect Webinar

Friday, February 14th
10:00am – 11:00am   zipForm Basics Webinar
1:00pm – 2:00pm   ShowingTime Webinar

Friday, February 21st
10:00am – 11:00am   Cloud CMA Webinar

Friday, February 28th
10:00am – 11:00am   Map Search Webinar
1:00pm – 2:00pm   Tracking Tools Webinar


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