MLS Orientation, Oct. 25, 2010

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

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MLS Orientation, Oct. 25, 2010

  1. 1. REALTOR® Association of the Sioux Empire, Inc. Multiple Listing Service Orientation
  2. 2. Rules & Regulations Guidelines & Definitions MLS Systems 20 Minute Break at 10:30 AM MLS Data Compilation Communications / Additional Resource Agenda
  3. 3. 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.
  4. 4. 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.
  5. 5. 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.
  6. 6. 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)
  7. 7. 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
  8. 8. 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
  9. 9. 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
  10. 10. 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.
  11. 11. 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.
  12. 12. 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.
  13. 13. 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.
  14. 14. 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
  15. 15. 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
  16. 16. 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
  17. 17. 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
  18. 18. 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/
  19. 19. 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
  20. 20. 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
  21. 21. 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

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