Monday, June 8, 2015

What You Should Know About MLS !



Specializing in expired listings one of the most common complaints I hear is the sellers "didn't like their listings".  I've written plenty of blogs reminding homeowners they are the boss but there is one entity higher up than the homeowner when it comes to your listing and it is the multiple listing service better known as MLS !

Many homeowners are unaware of certain rules when it comes to the listing and how they enforce these regulations.  There is also a separate entity that enforces actions of real estate agents and brokers which is the "ethics committee" but for this blog we will be focused on MLS regulations.  

Pictures

  • First rule of MLS you must post a picture within 10 days of the home being listed.  If it is not MLS will be more than happy to take the picture for you and a hefty charge to your agent will be attached ! Keep in mind this will only be one picture and chances are not the best allowing your agent to keep an exclusive while waiting for pictures to be taken (hopefully by a professional) is the best way to deal with this.
  • Another regulation is the amount of photos and what it is allowed to contain.  While most homes do not get near the max limit higher end homes often can - MLS will only allow up to 20 photos per listing.    Signage is not permitted in any of the photos also "branding" is not permitted in any virtual tours.  
  • Let's take a moment and discuss one thing that should not actually become a regulation !  If your agent is taking pictures please relocate your animals so they are not in the photo, I'm an animal lover but they do not need to be the stars of your listing ! That being said if your agent takes photos with you in them you should find a new listing agent, this is one of a realtors pet peeves its up there with no photos at all!

Your Listing Description 

  • Biggest complaint I hear is homeowners want more information on the description, unfortunately sometimes it is just not possible to fit everything.  There is a character that we can not change.  In order to fit as much information as we can often abbreviations will be used this is not a lazy realtor or office staff tactic this is the way we are able to really describe the property !  Now some may take this to the extreme so I will give a brief list of common abbreviations.   EIK, LR, FDR, CAC, IGS 
  • This is also an area where agents are not allowed to put any information that will direct buyers to the listing agent.  The only way for the agent to get potential buyers to contact them directly is on sites in which they are able to be branded ! You will need to discuss with your Realtor prior to listing what websites that they will be branding.  

 Showings

  • You may not think MLS couldn't possibly control how or when your listing is shown but they most definitely do ! Any home that is listed must be available to be shown within a timely manner.  Keep this in mind when your reviewing the showing instructions which you should be reviewing with your agent prior to signing anything ! 
  • If any home is unable to be shown for more than 10 days must be removed from MLS, there are times when you may not be available for a few days which is why the 10 days is allowed.  If your in need of this kind of break your agent can place it on TOM status on MLS with a date for showings to begin again which is important for other agents to know ! 
Any Changes Regarding Extensions or Price Changes 
  • This is more than likely the one thing that drives homeowners a bit crazy - simply verbally telling your agent you want to extend or change the price of their home is not an option.  MLS will randomly audit listings and if we do not have the "Report of Change" filed simply saying it was done verbally will not suffice.  For legal reasons this is also a protection for the seller that the listing can not be changed without them being aware of it.  

Now there are certain items that MLS will send to the ethics committee but homeowners should know about so they know if their listing is in compliance !

  • Financing  Terms - Unless your looking at a new development condo/co-op you will only be able to ask for a additional pre-approval ! You can not force a buyer to use a specific company for financing.  
  • Directions - This is another pet peeve for Realtors - if your agent writes "See Mapquest" or "Google Maps" they are illegal and is an ethics issue your agent must write actual directions ! 
  • Show Instructions - They can not include phrases like "Don't Bother Showing If ........ " that is an ethics violation ! This is the area to put if their is notice required or agent needs to accompany ! 
For the PDF File which includes all MLS Rules & Regulations Download Here

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