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Making the Market Work

MLS Minute

February 2022

Local MLS Changes:

Public Remarks, Photos, Non List Sales Sellers Disclosures and Form Changes

Public Remarks Require 100 Characters:

Public remarks now must be a minimum of 100 characters.

10 Photos are Now Essential

The Board of Directors has heard and discussed your concerns about the new photo rules and has made modifications that address your concerns.

Coming soon listings and non-list sales will NOT require 10 photos.

Inputting Listings Cheat Sheet

Non-List Sales Enhancements:

Previously, agents could not enter non-list sales if they had any kind of ownership in the property (on the listing or buying side) or did not receive compensation. That has now changed.

A non-list sale is any property sale generated by an MLS participant that is not currently listed in the MLS. For example; this could be an expired listing, co-op with non member, or a for sale by owner where a member is participating in an agency capacity.

Remember, non-list sales are not pocket listings. Pocket listings are a Clear Cooperation violation and could be a potential Code of Ethics violation. Non-list sales are not Private Listings. All listings must be filed/entered with the MLS.

Non-List Sales Cheat Sheet

Sellers Disclosure Forms Required

Sellers disclosure forms must be uploaded with every listing when it is legally applicable. There is a sellers disclosure exemption that must be filled out when it is NOT legally applicable. See form for more information.

Sellers Disclosure Exemption Form

Upcoming Form Changes

Smart devices and subscriptions will be added to the following forms:

-Listing Contract and Purchase Agreement:

Smart home devices are now part of the "what's included paragraph."

-Sellers Disclosure Form:

Page 3 asks for smart home subscription services.

-Closing Statement:

Now states thats seller agrees to cancel or transfer smart home subscriptions.

New forms will be available in TransactionDesk in the coming weeks.

REALTOR® Property Resource:

Building a Relocation Packet with RPR

Relocation buyers present unique challenges for REALTORS® all of skill and experience levels. RPR can help you meet and exceed those client needs with an array of data, tools and reports that are perfectly fit for the task.

This collection of videos shows you how to use RPR to determine relocation buyer needs, how to use RPR Maps to determine time and distance commutes, and how RPR Neighborhood reports can give out town buyers a feel for the areas they’re moving into.

Watch

Down Payment Resource:

First Time Buyers in 2022

The latest Q4 2021 Homeownership Program Index highlights a growing availability of help for first responders and other community heroes.

Nearly 9% of all homebuyer assistance programs available in Q4 benefit teachers, first responders, law enforcement officers, firefighters, healthcare workers and other providers of critical community services. Another 11% of programs offer benefits for veterans, members of the military and surviving spouses.

Read More