Rules…rules…rules

Posted on: July 6th, 2020 by Andrew Clark No Comments

Rules…rules…rules

Between license law, MLS Regulations, the Code of Ethics, Lockbox Rules and local, state and federal regulations, it’s difficult to keep track of all the do’s and don’ts.  Here’s a reminder of some responsibilities with regard to showing and status updates.

When scheduling a showing, for any reason, the agent who will be present during the showing must be the agent scheduled to be there.  In the event somethings comes up before or during the showing and the agent who is scheduled to conduct the showing can’t attend or stay, the person to conduct the showing must be changed via the broker’s method for doing so electronically or the scheduled agent must contact the listing agent/call center to advise of the change.  This also applies to teams.  A team member may NOT show homes that were set under another team member’s name.  If an agent has someone covering for them, they may not set appointments in their name and have the covering agent conduct the showing.  The agent who is covering their business must be scheduled for the appointment.

If an agent does not want to enter a property for a showing, inspection, etc., they must obtain permission from the listing broker or seller to wait outside, in their car or not attend at all.  If you have any concerns about entering a property, you should contact the listing agent to discuss the situation and work out a solution.  https://www.ohiorealtors.org/blog/1280/covid-19-isnt-a-reason-to-allow-buyerstenants-into-a-property-alone/

Further, if the showing can’t be completed during the scheduled time, it must be rescheduled or the listing agent/call center must be contacted for permission to make a change (come early, extend, etc.).

Status updates are addressed in MLS Regulations and the Code of Ethics.  Although, MLS Regs allow a period of time for updating the status of a listing in MLS, the Code of Ethics requires that the existence of an accepted offer be disclosed to any broker seeking cooperation.  This means that, if a cooperating broker/agent inquiries about a property, makes contact to schedule a showing, etc., they must be advised if the seller has accepted an offer on the property…regardless of any contingencies.  This applies to a contract with a contingent sale without notice.  Updating the status in MLS is a simple way to convey the information.  However, it can also be done via a call center instruction, Showing Time or any other type of communication.  If a property goes under contract between the time a showing is scheduled and the actual time of the showing, the cooperating broker/agent should be advised.

A buyer has scheduled time to see a property and does not want to find out afterward that it already had an accepted offer on it.

It is recommended that all REALTORS® review the Code of Ethics, MLS Regulations and other laws/regulations pertaining to their business to ensure they remain informed of their responsibilities.

Ohio REALTORS® has a library of topics that can be reviewed to further keep you informed.