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BOD VOTES TO SUSPEND AVAILABLE SHOWING RULE FOR ACTIVE LISTINGS

BOD VOTES TO SUSPEND AVAILABLE SHOWING RULE FOR ACTIVE LISTINGS

Published Monday, March 23, 2020 4:14 pm

BOD VOTES TO SUSPEND AVAILABLE SHOWING RULE FOR ACTIVE LISTINGS

MIBOR REALTOR® Association is taking active steps to protect our members, their clients, and our staff in response to the current pandemic COVID-19. In this difficult time, it is important to the leadership that our members have the ability to meet these unprecedented business challenges and best respond to their clients’ needs and concerns.  

MIBOR is releasing information regarding concerns of clients’ anxiety about having to choose between having their homes physically shown during the pandemic or removing the listing from the market and suspending all internet marketing avenues.  

The MIBOR BLC Board of Directors met twice last week in response to numerous conversations with Brokers across our service area to discuss this concern.

As you know, if a seller wants to stop showings, BLC rules require the listing be moved into the Temporarily Off Market (TOM) status. This will suspend the Days on Market counter and allow you to bring the listing back on the market when the seller is ready to resume showings. However, TOM status removes the listing from internet data feeds including IDX and syndication (other advertising is permitted in the TOM status).  

In a unanimous decision, the Board voted to suspend the rule which requires Active Listings be available for showings. They also adopted the following definition of Showings:  

Showings include either of the following 1) Physical, on site viewing of the listed property  by potential buyers with a cooperating broker; or 2) virtual showing (which could mean live or pre-recorded video of listed property), during which the listing broker or agent is available to answer any questions that a cooperating broker may have about the property”.  


If your seller is willing to allow Virtual Showings only, you need not update your listing in anyway. If you use a Showing Service, you should reflect that only Virtual Showings will be allowed. If your seller would like to discontinue showings entirely during this time, MIBOR BLC will allow a temporary second option.  

Beginning today (March 23), the requirement that listings with an Active status must be available for showings will be temporarily suspended. If your seller elects this option, Days on Market will continue to count and the listing will continue to be distributed to IDX and other to internet sites as directed.    

If your sellers choose NOT to show their property in anyway but keep the listing as Active during this time, MIBOR BLC requires three disclosures:  

REQUIRED

  1. Disclose in the PROPERTY DESCRIPTION field. - An example of disclosure in PROPERTY DESCRIPTION field: "Due to the recommendation of social distancing to prevent the spread of COVID-19, this property will not be shown per the seller's request."
  2. Upload the fully executed Temporary Suspension of Showings form to the Manage Supplements menu under Modify Listing in the BLC.
  3. Update “Available for Showing, Y/N” field to “No” in the BLC. (NOTE this functionality is being implemented by developers asap today).

It is imperative your seller understands that if you are instructed to prohibit showings (physical AND virtual), this prohibition must be uniformly enforced against all interested parties and cooperating brokers. No showings means no showings!  

This temporary suspension of the BLC Rule requiring Active listings be available for showings will remain in effect until further notice. The Leadership and Staff will continue to monitor requirements and recommendations from the CDC and local governments.  

For up to date information, visit MIBOR.com, follow us on social media, and frequently check the BLC login in page for breaking announcements.  

Thank you for being a valuable member, stay well.