Washington-based Northwest Multiple Listing Service (NWMLS) has announced updated listing options the MLS says are designed to further expand seller flexibility while ensuring an open, comprehensive and transparent marketplace for residential real estate.
According to a release, NWMLS’s new “First Look” listing option gives sellers enhanced flexibility during the early stages of a listing without walling off inventory inside closed or private networks. Developed in response to member feedback, NWMLS says First Look provides practical solutions for navigating Washington’s public marketing requirements, balancing sellers’ needs for preparation time with buyers’ access to the marketplace.
First Look listings, available on Sept. 4, include the following features:
- Universal broker access: Every property in the new First Look status must be timely submitted to NWMLS and accessible to all 30,000+ member brokers, satisfying the mandate for concurrent, equal broker access and preventing off-MLS “shadow” markets.
- Expanded marketing during listing preparation: Sellers and listing brokers may publicly market the property in First Look for up to 21 days while preparing the property for active status launch.
- Optional showings: Sellers can choose to host showings during First Look, or wait to make the property accessible to buyers for showings until the active launch.
- Seller marketing controls: Sellers can decide if a First Look listing is published on thousands of Internet Data Exchange (IDX) websites or choose to engage in more tailored public marketing during First Look.
- Pre-launch history: Listing activity accrued during First Look, like days in status and pre-launch price adjustments, remain available in the internal NWMLS database, ensuring member brokers and their clients have access to that information.
“Northwest MLS has always provided seller flexibility within an open, transparent marketplace, and our rules are constantly evolving to meet changing consumer expectations,” said Justin Haag, president and CEO of Northwest MLS. “We are giving sellers the flexibility they desire when preparing a home for market, while steadfastly protecting buyers from private networks. Simply put, First Look modernizes the pre-launch preparation process, while ensuring an open marketplace and fair competition, in full compliance with Washington State’s open-market laws.”
The release notes that First Look also enables NWMLS to resolve ongoing litigation with Compass, while reaffirming its commitment to an open and comprehensive marketplace, data integrity and consumer protection across the Pacific Northwest.
