This new law is meant to create a more even playing field for agents and buyers who are trying to find homes. An Office Exclusive is defined as a listing handled by one real estate office only or kept from a Multiple Listing Service by the seller.
In the past, an agent with an exclusive listing would put the property on a Top Agent Network, share it with her brokerage or send it to her network. In other words....she controlled who would find out about the listing. Although an office exclusive is still permissible, some rules have changed to limit off market advertising.
The New Rule:
Within one (1) business day of marketing a property to the public, the listing broker must submit the listing to the MLS for cooperation with other MLS participants. Public marketing includes, but is not limited to, flyers displayed in windows, yard signs, digital marketing on public facing websites, brokerage website displays (including IDX and VOW), digital communications marketing (email blasts), multi-brokerage listing sharing networks, and applications available to the general public. (Adopted 11/19)
Here are a few things that a listing agent can't do before going public:
Put a yard sign on the property before it goes public
Send email blasts to anyone outside their brokerage before it goes on MLS
Post the listing on their website
Post the listing on the brokerage website
Post it to a Top Agent Exclusive Network
What about "Coming Soon":
An agent can put their upcoming property on MLS in the Coming Soon section. This will not go out to the public but will let other agents know about the listing. All advertising must clearly state that it is "Coming Soon"
Obviously, it is in the best interest of a seller to give their home as much exposure as possible. The internet and a listing service will do this. There are reasons why a seller may want to accept an off market offer but they must understand that they may miss the opportunity for competitive bids and higher offers.
I hope this help!
Source: National Association of Realtors website