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MLS Orientation, Oct. 25, 2010

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REALTOR Association of the Sioux Empire

REALTOR Association of the Sioux Empire
MLS Orientation, October 25, 2010

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MLS Orientation, Oct. 25, 2010 MLS Orientation, Oct. 25, 2010 Presentation Transcript

  • REALTOR® Association of the Sioux Empire, Inc.Multiple Listing ServiceOrientation
  • Agenda
    Rules & Regulations
    Guidelines & Definitions
    MLS Systems
    20 Minute Break at 10:30 AM
    MLS Data Compilation
    Communications / Additional Resource
  • Various Rules of RASE MLS
    All Residential, Land, and Multifamily (4-plex or less) listings are required to be entered in MLS within 48 hours of the list date.
    Unless otherwise noted on the Listing Agreement (see Section 8a)
    48 hours = two business days
    A primary photo is required. Up to 25 photos total. The main photo must be of the property for sale (exterior or interior). At least one photo must show the exterior of the property for sale.
  • Various Rules of RASE MLS
    • New Construction Listings
    Must at least have the footings poured
    Must have a main exterior photo (actual construction, similar to photo, or line drawing)
    RASE defines New Construction as never having been lived in. It does not matter how many times the property has changed hands or whether there is any type of warranty on the property.
    • Attach External Documents
    If a property requires a Seller’s Property Disclosure, then the form must be attached to the listing in MLS
    License Law Reminder – Residential & Multi-Family (4-plex or less) listings must have a completed property disclosure except in the case of
    1) New Construction (never been lived in)
    2) An Estate, Guardianship, Conservatorship, or Trust
    3) Bankruptcy
    4) Foreclosure
    Lead-Based Paint Disclosures are required for all of the above as it is a Federal form and requirement.
  • Various Rules of RASE MLS
    Mobile Homes
    Land must be for sale. No rented lots
    Permanent foundation = Residential property type (Mobile Home property subtype)
    Not a permanent foundation = Land property type
    A permanent foundation is defined as a minimum frost depth of 42” or a floating slab
    Although manufactured homes do retain the ability to be moved, they are not mobile homes, and are not restricted to this property subtype.
    Model Homes
    Main photo must include the word “Model Home”
    Listing price must be the actual list price of the property shown as it is currently finished
    Additional explanation should be included in the Public and Agent Remarks, including a price range for available options
    Must at least have the footings poured to be entered on MLS
    Lockboxes
    Must be identified as RASE Issued or otherwise in the Showing Instructions on MLS
    Virtual Media
    The Virtual Media field must contain a direct link to a virtual tour or slideshow of the listed property.
    Websites cannot be listed in the Virtual Media field.
    Branded and Non-Branded Tours must be marked accordingly.
  • MLS Statuses
    All status changes must be entered in the MLS system within 48 hours.
    Active - Contingent House: An accepted purchase agreement dependent upon the sale of another property. This is an active status and showings should continue to be scheduled unless the Seller has specifically requested otherwise. This status will automatically expire. Note that the expiration date should be extended to the anticipated closing whenever using this status. The first paragraph of the Listing Agreement extends permission to do this without additional written consent from the Seller(s).
    Active – Contingent Miscellaneous: An accepted purchase agreement dependent upon a future and as yet unknown circumstance. This status includes Miscellaneous, Financing, and Inspection contingencies. This is an active status and showings should continue to be scheduled unless the Seller has specifically requested otherwise. This status will automatically expire. Note that the expiration date should be extended to the anticipated closing whenever using this status. The first paragraph of the Listing Agreement extends permission to do this without additional written consent from the Seller(s).
    Reporting Contingencies (Section 1.6) – A notice posted in the property is not sufficient. The status change must be entered in the MLS system for all properties when an offer has been accepted. This does not include contingencies with a zero hour kick-out. All properties in a contingent status are required to have a detailed explanation of the contingency in the Agent Remarks field of the listing. Details should include, but are not limited to, the type of contingency (inspection, financing, etc.) and the duration of the kick-out (2 hours, 3 days, etc.).
    Note: The RASE MLS does allow zero hour kick-out purchase agreements to remain in an ACTIVE status on MLS. The listing agent is still required to note the details of the current status in the Agent Remarks field on MLS. This does not eliminate the ACTIVE-Contingent House (SCH) status. Any listing with a kick-out or right of refusal period longer than zero hour must be reported as SCH on MLS. (Section 1.6 Modified: August 2009)
  • MLS Statuses
    All status changes must be entered in the MLS system within 48 hours.
    Pending Status
    Entered when all contingencies have been satisfied to the satisfaction of the Seller
    Indicates that no more showings will be scheduled
    Drops off of HomeVIEW and other Web sites
    Will automatically expire. Always extend the expiration date through the anticipated closing. The first paragraph of the Listing Agreement extends permission to do this without additional written consent from the Sellers.
    An Overdue Pending status appears when a listing has passed its anticipated closing date, but has not yet expired
  • MLS Statuses
    All status changes must be entered in the MLS system within 48 hours.
    Sold Status
    Must first save in Pending status
    Use Sold status to report Contract for Deed (CFD) properties
    Don’t forget to enter all Concessions and Allowances
    An explanation is required whenever the selling price is outside 7% of the listing price
    An explanation is required whenever the selling price is greater than the listing price
    “Non-Member” selling office used for listings sold by non-members
    Off Market
    Still under contract
    Used when the Seller wants to remove the listing from MLS for a time
    Will automatically expire. Extend the expiration date if listing contract is extended
    Cancelled
    Indicates the end of a contractual relationship
    Dates to Remember
    Contingent Date – Contract acceptance
    Pending Date – Seller wishes to stop showings
    Days on Market (DOM) – Calculated Entry Date to Pending Date
  • Lookup Lists and Field Relationships
    Submit missing Street Names, Subdivisions, Schools, Cities, etc to the RASE MLS office.
    Use “Temporary Check Back” option to complete the listing
    Street Names can be added immediately
    All other lookup options must be submitted to the vendor (24 hour turn around)
    “Temporary” option should never appear on any listing for more than 24 hours!
    Additional selections will not be added to Counties or MLS Areas
    School Districts will be modified to match the County and MLS Area configuration
    Field Relationships
    Counties tied to State
    Cities tied to County and State
    Subdivisions tied to MLS Areas
    Elementary, Middle, and High Schools tied to School District
    Note these relationships when entering listings and searching the MLS
  • MLS Rules & Regulations
    Compliance with Rules, Section 7
    Most 48 hour rule violations are $50 per incident
    Failure to report variable or miscellaneous commission arrangements - $100 per incident
    For personal promotion messages, showing instructions, or seller-specific information in the Public Remarks - $25 per incident
    Unauthorized copy of any listing photo - $50 per photo
    Failure to upload Sellers Property Disclosure - $50
    Placing a website in the Virtual Media field - $50
    Failure to report a contingent status w/zero kick-out - $200 per incident
    MLS office can request documentation in order to investigate potential violations of the MLS Rules & Regulations.
  • MLS Rules & Regulations
    Compliance with Rules, Section 7, letter (d)
    These violations require a mandatory appearance before the MLS Committee
    • For permitting a MLS system password to come into the possession of an individual who is not a MLS Participant - $2,000
    • For permitting an electronic lockbox key and pin to come into the possession of an individual who is not a MLS Participant - $1,000
    • For failure to correct misuse of the term MLS as per Section 4.4, a fine of $250 will be assessed.
  • MLS Rules & Regulations
    Misuse of the Term MLS (Section 4.4)
    Participant and subscribers shall not use the term “MLS”, “multiple listing service” or any derivatives to infer that the public will have access to the MLS on their own websites or on any advertising in any media. The acceptable use of the term MLS is for a participant or subscriber to indicate they are a member of the “MLS”.
    MLS Numbers may be used to search and on the full detail display of an IDX website. MLS numbers may not be used in any type of advertising media including but not limited to print ads, electronic advertisements, television advertisements, and radio advertisements.
    URLs and Company Names – Company names and websites displaying listing content obtained through the MLS may not use the terms “MLS”, “ML” or “Multi-list” or the words “Multiple” or “Multi” or “Service” or “System” together or in any combination or any derivatives thereof in a website address (URL) or website name or company name in a manner that would lead a reasonable consumer to a multiple listing service.
    Websites – Websites displaying listings obtained through the MLS may not contain a reference assertion, indication or suggestion that the “MLS”, or the “Multiple Listing Service”, “The Multiple Listing System” can or is being searched or reviewed. Reference to “all” properties whether in MLS or in a specific area is not an accurate representation and will be considered a violation under this rule.
  • MLS Rules & Regulations
    Violations of Section 4.4 include but are not limited to the examples noted below. Acceptable alternatives have been provided for clarification.
  • Guidelines, Definitions, and Other
    Additional Forms
    Consumer Disclosure Addendum
    Owner of Record Disclosure
    Information for your Buyers & Sellers
    Owner Occupied Tax Reduction Program
    Property Inspection Guidelines for Buyers and Sellers
    Guidelines and Definitions
    Guidelines for Measuring and Reporting Square Footage
    Variable Commission Rate Identifiers
    Residential Property Subtype Definitions
  • The Marks of a Professional:Accuracy, Completeness, Timeliness, Care
    Accuracy is Essential
    Check Every Fact
    Complete Information
    Every missing feature is a missed opportunity
    More information is always better
    Timely Entry and Good Photos
    Enter your listings ASAP for the greatest exposure
    Photos should highlight the best features of the property
    Refresh Your Listings
    Review the info in your listings and see if you can add or adjust it to make it more effective
    Adjust the Public Remarks to reflect positive comments from other agents and customers
  • The Marks of a Professional:Accuracy, Completeness, Timeliness, Care
    Worthy of Special Attention:
    Parcel ID # must be entered, and must be exactly as it appears in the property record. This will affect the Property History
    Lot size can only be entered in Square Feet. One acre = 43,560 SqFt
    Room Levels and Dimensions are important to potential purchasers and are a powerful marketing tool. Make sure they are accurate
    Street Address is broken up into several separate fields. Make sure you are entering and searching those fields properly
    Always take time to determine and use the correct MLS Area
    Include good directions to the property and add the nearest cross street. Also make sure the map pin placement is accurate on MLS
    Review your listing data before you submit it and regularly thereafter
  • Rapattoni MLS
    by Rapattoni Corp
    INTERFACExpress and INTERFACE
    by RealtyServer
    http://siouxempiremls.rapmls.com
    http://siouxempiremls.rapmls.com/pda
    Tech Support
    1-866-730-7114 (ID: 1496)
    mls@rapattoni.com
    http://www.interfacexpress.com
    http://www.pocketinterface.com
    Tech Support
    1-866-531-7065
    support@realtyserver.com
    Two RASE MLS Systems
  • For Future Reference
    You can use a limited set of HTML tags to add effects to the Public Remarks section on Rapattoni MLS. Below is one example of a scrolling marquee.
    Test your HTML code here:
    http://www.play-hookey.com/htmltest/
  • MLS Data Compilation
    Participation Agreement
    Broker owns the listing data
    MLS owns the compilation of listing data
    Provides recourse in the event that the compilation is used or distributed improperly
    RETS (Real Estate Transaction Standard)
    IDX
    • Rules
    • Contract
    • Framing (public access links) vs. Data Download
    HomeVIEW (www.homeviewsiouxfalls.com)
    • Currently operates with Rapattoni Frames
    ListHub (www.listhub.net)
    • Provides a platform for Brokers to manage their listing distribution
    • No cost to MLS or Brokers for syndication and dashboard tools
    • Additional (optional) reports and analytics are offered to Brokers and Agents
    • Brokers have the option to grant control at the agent level
    Direct RETS Feeds
  • Additional Resources
    • RASE-Inc.org - www.rase-inc.org
    • Rapattoni Corporation - http://rapattoni.com
    • SupraWEB – www.supraekey.com
    • REALTOR.org - www.realtor.org
    • SD Real Estate Commission - www.state.sd.us/sdrec
    • SDAR - www.sdrealtor.org
    • REALTORS Property Resource (RPR) - http://blog.narrpr.com
    • HouseLogic - www.houselogic.com
    • Real Estate Wiki - www.realestatewiki.com
    • How to clear your browsers cache - www.bnl.gov/itd/webapps/browsercache.asp
  • Thank you for your time and attention!
    RASE Multiple Listing Service Orientation
    October 25, 2010
    Darci Haraldson, MLS |IT Administrator
    REALTOR® Association of the Sioux Empire, Inc.
    Darci@RASE-Inc.org
    605.334.4752, Extension: 12
    AIM: rasedarci
    Facebook: www.facebook.com/darciharaldson
    LinkedIn: www.linkedin.com/in/darciharaldson