MRED Seeks to Expand Market Reach with Proposed Rule Changes
MRED, jointly owned by Realtor associations and brokerage firms, is aiming to broaden its market reach with proposed rule changes. While association owners have approved the policy, it still needs to clear additional hurdles.
CEO Jensen will present revised rules and regulations to the group’s board of managers next week. The proposed updates include a code of conduct to ensure that non-Realtor participants adhere to professional standards.
If the changes are approved, each individual Realtor association or MLS that partners with MRED will have the option to implement the new rules. Partner groups will need to make business decisions on extending additional services, such as lockbox access or forms libraries, to non-Realtor subscribers.
The move will allow MRED to enter markets where non-Realtor access is already permitted, such as in “Thompson states” and California. Jensen emphasized that the goal is to expand MRED’s marketplace without artificial boundaries imposed by operating agreements.
Despite the rule change, there are no immediate plans to restrict MRED’s private listing network based on Realtor status. Member organizations will retain autonomy in making their own access decisions.
Jensen noted that the decision to update the rules is aimed at reducing legal exposure for MRED. She emphasized that the change was not a reflection of any issues with NAR and expressed hope for a continued strong relationship with the association.
In response to the decision, NAR stated that local MLSs have the discretion to set their own participation requirements. The association remains committed to protecting the benefits that MLSs provide to agents, consumers, and the industry.