Sponsored Partner Content by Bright MLS
Bright MLS is the result of 9 organizations coming together to create one MLS and simplify the MLS landscape.
One of the important tasks these organizations tackled was creating a new set of rules that considered the local needs of this new expanded footprint.
Representatives of all 9 MLSs collaborated to determine the rules, statuses and property types. While most of the rules will be familiar since they are consistent with existing MRIS rules, there are few details that we want to highlight for you. Here are 7 Bright MLS Rules you should know.
7 Bright MLS Rules to Know
1. All changes to listings, including initial entry, status and price changes must be completed within 3 (three) business days of the start of the listing term (which may or may not coincide with the date the listing agreement was signed by all parties) or effective date of the change.
2. If requested, you must provide copies of listing agreements and all related addenda to Bright within 3 business days.
3. If the seller does not want the listing entered into Bright, then the subscriber must obtain certification for the exempted listing and submit the documentation to Bright within 3 (three) business days. This Waiver of Broker Cooperation Form or other certification signed by the seller is acceptable.
4. A listing not marketed in Bright may be added to the MLS after it has sold, if the property wasn’t listed, was listed with a non-Bright participant, or was subject to an Open Listing Agreement.
5. Cooperative Compensation may not be based upon Net Sales Price. Cooperative Compensation must be offered as a percentage of the Gross Sales Price, as a flat dollar amount, or combination of the two. For new construction only, Cooperative Compensation may be offered as a percentage of the base sales price, which is defined as the price before any buyer upgrades.
6. Days on Market (DOM) and Cumulative Days on Market (CDOM) accumulates when a listing is in Active or Active Under Contract Status.
7. CDOM will reset on the 61st day if a property’s status was Expired or Cancelled. CDOM will reset if a property is in Closed Status.
Which listing status should you use in Bright?
When you convert to Bright, you’ll also see some key differences in our MLS statuses. Below is a side by side comparison of Bright’s status and prior MRIS status.
| Bright status
| Prior MRIS status
|| Active, APP REG
| Active under contract
| CNTG/KO, CNTG/No KO
|| Sold, Rented
| Coming soon
| Coming Soon
| Temporarily off the market
| Temporarily off the Market
We’ve created a printer-friendly “cheat sheet” to help you remember the new Bright statuses. Download it here.