Use Tax Autopop when entering a listing to help you enter the correct information from the get go.
Use Listing Compliance Self Check which allows you to review new and existing listings for common compliance issues so you can head them off at the pass!
Instructions for both are at the bottom of the Compliance Page of RMLS LINK
A listing should have its status changed to ‘Contingent’ when a buyer and seller have both signed a purchase agreement / contract. The contract is between the seller and the buyer, but is contingent on the lenders approval, just as other contracts may be contingent on the sale of another property or inspections.
Contingent listings are still fair game to show and submit back up offers. This is why updating status changes are required to be done within two (2) business days, according to the RMLS Rules and Regulations
The required field subtype is one of the basic fields used to narrow a search of properties that fit a customer profile. The subtype is a description of the subject property based on construction and physical design, regardless of legal description.
S (Single Family Detached)
Free standing residential dwelling that does not have common walls.
C (Condo, Coop Condominium or Cooperative)
a. Condominium A group of housing units that share common walls, ceilings and floors. Typically, each individual owns the unit space and areas of common use. The land is typically owned in common by all unit owners.
b. Coop (aka Cooperative) A group of housing units that share common walls, ceilings and floors. Ownership is not conveyed. In a co-op purchase the buyer becomes a shareholder in a corporation that owns the building. The buyer carries a leasehold interest in the subject unit.
T (Townhouse/Villa/Row)
A row of homes sharing common walls which can be attached to other units with one or both sides sharing common walls, depending on whether the unit is in a center or end position. Townhouses can be grouped together to create duplexes or triplexes, or they can be a part of a large townhouse complex. Ownership includes any areas of common use.
M (Mobile Home)
A dwelling manufactured in a factory, designed to be transported and is semi permanently attached to the land. Mobile homes must be attached to real property and taxed as real property to be listed in the MLS system.
A buyer looking for condominiums rarely wants to look at mobile homes, even if the mobile home park is set up legally as a condominium or coop.
RMLS Compliance Care
What is so important about making sure sales are entered accurately in the MLS within 2 days of closing? Time saved when putting deals together, quicker lender approval and better information to market South Florida around the world.
RMLS has three compliance rules that have an impact on every residential transaction. Violations for status change, incorrect sales information and failure to report sales, affect both the individual listing it pertains to and the larger marketplace as well.
Status Change: Entering the proper status on listings identifies how many listings are on the market at any one time. Knowing the supply available in a particular neighborhood, condominium complex or type of listing is important when negotiating a contract. It is part of the matrix that enables buyers or sellers to have a proper perspective when evaluating offers and counter offers.
In addition, entering the correct status helps maintain the good will of real estate professionals working together by saving them time.
Incorrect Sales Data: The sales date and final selling price should match the date reflected in public records, which is the date the HUD-1 was signed and the deal closed by the last party.
Accurate financial data is important to help evaluate the market and the typical buyer in the sub market. Any seller’s concessions (cash paid by the seller, such as Points, repairs made as condition of the sale, or proportional separation of personal property included in the transaction) should be disclosed in the remarks section. While not required by RMLS, it is recommended that the broker remarks or addendum be edited at the time the sale is posted to disclose such concessions. This will minimize contact from appraisers and agents trying to make sense of the numbers.
Failure to Report Sales: All sales of listings are required to be entered within 2 business days of the sale. This includes properties that are Temporary Off Market (TMP), Contingent (CTG) or Pending (PND) prior to the expiration date entered. The MLS data is updated more frequently than sales are reported in Public Records, so it is often a better comparable for the marketplace.
Why do these Rules Matter?
Appraisals: Currently, every residential appraisal prepared for federal financing is required to include a market analysis. This form, the 1004mc, identifies the quantified changes for the market area (neighborhood) of the subject property. A time period of 3, 6, and 12 months is analyzed, including the number of active listings, days on market, sales prices and list price to sales price ratios. Customarily appraisers pull this information from the MLS database. When the data is inaccurate then the report is flawed, causing the appraised value to be skewed, rejection by a lender and denial of the buyers loan.
Automated Value Model (AVMs): Similarly, the Automated Value Model is a service that uses mathematical modeling to value properties. The majority of AVMs compare the values of similar properties at the same point in time. Many lenders use this type of model to value residential properties in lieu of an appraisal. While these models are quick and cheap, they do not factor in the condition of the property to determine its value. The accuracy of the AVM is dependent on the accuracy of the data it pulls from.
Market Statistics: Finally, the Housing Market Statistics available in local and national publications identifies the health of the real estate market. These statistics compare housing units sold this month to a year ago, and determine a variety of one line statistics, i.e. which value range of homes are selling the fastest and which are stagnant, how big an influence foreclosures are having on a market area, and overall volume of real estate sold. All these reports depend on data collected by the MLS. So if you want to demonstrate that real estate is a good risk in South Florida and is not still declining, then you need to enter your sales into the MLS accurately. Buyers, Sellers, Investors and Lenders make decisions based on the numbers. So when the numbers are right we all win!
Autopop
Autopop inputs many of the required fields at the time a listing is entered with the click of one button just by entering either the Address or Tax ID. This not only reduces the time to enter the listing, but helps reduce potential compliance issues in fields such as Tax ID #, Address, legal description, current taxes, and owner’s name.
How To Use Autopop:
From the MLXChange home page, click on “Modify or Add New Listing” located in the “Find a Listing” box on the left hand side.
Once you click “Add New Listing” and select the “Property Type”; a pop up box will appear asking if you want to Autopop. Here you can access the tax records either by Address or Tax ID. Which ever one you pick, make sure that the bubble next to that search is filled in. Hint: The Compliance Department recommends accessing the tax records via “Tax ID”. If you access the tax records by address, there may be several choices that match the property. Be careful to check the box that matches your property owner. In some counties there are often similar addresses that only differ by the Street Suffix (i.e. 123 Hampton Circle, 123 Hampton Place and 123 Hampton Drive). After selecting the address, click on “Populate” at the bottom left corner.
If you originally opted not to use the Autopop by clicking the “Cancel” button, you can still access it by clicking on “Tax Autopop” at the bottom right of the screen.
You will be able to review and change any listing entry fields that were Autopoped prior to saving. This way if your information about the property is more accurate than the tax records, you can change it. The Compliance Department recommends that you clarify these differences in Public or Broker remarks; whichever is appropriate.
Listing Compliancy Check
The Listing Compliancy Check is a great NEW feature that empowers you to review the listing for possible violations that would generate compliance notices. You can use this feature on existing listings or at the time of listing entry, once the listing has been submitted.
How To Use Listing Compliancy Check:
From the MLXChange home page click on “Modify or Add New Listing”.
Enter the MLS # in the box at the top right hand of the page and click the green arrow to the right of that box.
This is the Listing Summary Page which provides a quick summary of the listing. Now look to the bottom left and find the “LINKS” drop down box. Click the down arrow and select “Listing Compliancy Check”, which is the last choice, and click the green arrow to the right of that box.
The next pop up box provides a view of the data checker screen which is the same screen the Compliance Department utilizes to check listings. You will notice that all information, including listing and expiration dates, is entered. This information can only be viewed by you the listing agent, the listing broker and anyone that has admin privileges in your office.
The items highlighted in RED on this page alert you to potential violations that should be reviewed and changed to prevent the listing from being out of compliance. If no items are in RED, the listing does not have any of the more common violations, but this does not guarantee the listing is compliant with ALL RMLS Rules.
Make note of the MLS Value and the Realist Property Records (P/R) Value comparison in the center of this view. MLS Value on the left is what was entered by you or your office for this listing. P/R Value on the right is what is showing in the Realist Tax records. If the Autopop feature described above is used, these fields will match providing the Tax ID used to search for the information was accurate. When these two entries do NOT match, the field entry will show up in RED. If you do not see a P/R Value and the listing is not new construction, please double check your entry to ensure the right Tax ID was entered.
If you find items in RED, you can minimize this screen and then click the “EDIT” button next to the listing summary at the top right of the page. Make the changes necessary and save the listing. Close the data checker screen and run the compliancy check again to make sure your changes meet the Rule requirements.
Both of these features help with the details and accuracy of your listings. Give them a try and if you need assistance with these features, contact the RMLS Help Desk at 561-514-6438 or email them at Help.Desk@rmlsfl.com. Remember, accurate data helps everyone work more efficiently to market and sell real estate.
If the mobile home or boat dock has its own tax ID / parcel number which identifies it as real property, then either one can be listed in the MLS. This includes all forms of ownership including condominium or cooperative. Mobile Homes should be listed in residential listings with a subtype that identifies it as a Mobile Home. Boat docks should be listed as land. (See Volume 3-2011 of Regional RE-Views for more details on how to enter docks.)
Here the RMLS rules are directly influenced by the limits of your licensure by the State of Florida and DBPR. Since the RMLS database was developed to support the promotion and sale of real property ONLY, mobile homes and docks with real property can be listed. RMLS does not allow personal property listed in our database, which is why you do not find listings for cars, jewels or furniture.
The MLS is a strong, dynamic tool to assist in marketing your listings to other real estate professionals. Yes, this information is seen by the general public. If you checked ‘yes’ to Internet Display, the basic information from your listing will be included in IDX feeds used to populate web sites. This casts a wide net to catch many of the increasingly Internet savvy buyers in the marketplace.
The MLS also acts as a more direct marketing tool which targets other real estate professionals in the marketplace who have buyer prospects that would be a perfect fit for your listing.
All the more reason to provide good detailed information about your listings. The big question is where do you put what information? Most of the information is self explanatory – Address is entered in the address fields, Room Dimensions in the coordinating room dimension fields, etc. But what to do when the listing has something unusual that you want to feature, such as an extraordinary view, recent updates or special features? What do you do when you need to explain information that just does not fit in the fields at the top of the listing, such as the ability to also purchase an adjoining parcel? Where do you put links to web sites that highlight the subdivision or the market area? This is when you use the power of the remarks fields to help sell your listing!
The Power of Remarks Fields
Remarks are divided into 4 sections: Public remarks, Broker remarks, Internal Office Remarks and the Addenda.
The Public Remarks Field which allows 225 characters, is uploaded to most of the IDX web sites. This is why you would put the additional information you want seen by all people in the initial public remarks.
The Addenda Remarks are an extension of the Public Remarks and are limited to 1,275 characters. Both the public remarks and addenda fields are seen by the public when customer reports are printed to send to prospective buyers. RMLS has specific rules against putting contact information in both public remarks or addenda remarks sections. Contact information would include the name of the listing agent, name of the listing company or any phone numbers that would lead prospective buyers to the listing agent or listing brokerage. Who would want to forward a customer report to a buyer prospect that has another agent’s contact information in it? Why would an agent send information to a buyer prospect if they could see how to contact the sellers or submit an offer to an auction website directly? Hey, who are we kidding? Real estate professionals are working far too hard to get deals done to be undercut by misplaced information!
The Brokers Remarks which allows 225 characters are seen by the other real estate professionals using the MLS system and are included when the full listing report is printed. You can use this area to communicate professional to professional in an effort to sell your listing. Items such as who to contact to show the listing and bonus or commission amounts.
Internal Broker Remarks is a single line of information that will only be seen by agents within the same firm as the listing agent.
Including links to web sites that could help sell the property can be a great addition to your listing, but watch out for hidden contact information. Web sites that identify community features or the amenities of the subject subdivision often have tabs to direct viewers to homes for sale in the area. If this site is developed in cooperation with a real estate firm that specializes in that area, then the firms name and contact information is often highlighted and can be obtained by anyone viewing the site. Therefore, be sure to review the site prior to posting the link in your listing. The Compliance Department will send out Courtesy Notices if the listing company is also the featured company in the website linked to the subject listing in public or addenda remarks.
Contact information also includes the names and phone numbers for owners and tenants to arrange a showing. Therefore, this information needs to be restricted to the Brokers Remarks. Recently, there has been a noted increase in listings that request pre-qualification of buyers through a specific mortgage company or even a mortgage agent. This is only allowed if the specified company or agent is identified through written request by the seller. This written information should be available to forward to RMLS upon request. If the listing simply says that each buyer should be pre-qualified, then the listing agent should not direct buyers to a specific mortgage company. This information should also be restricted to the Brokers Remarks, whether or not the seller requested a specific company.
There are many upsides to utilizing the Public and Broker Remarks fields as this additional information might be what’s needed to get the showing which sells the property or helps to facilitate a smooth closing. Understanding the power of these remarks is all the more reason to keep in mind who will be seeing which field and whom you are communicating with in each set of remarks.
Rule of thumb could easily be if it helps describe or market the subject property listed then put it in the Public or Addenda fields. If it is information that will help ensure a smooth transaction with a cooperating real estate professional, then place that information in the Brokers remarks. In the end your goal and the goal of RMLS is to sell property.
Listing Price
The list price entered for rental listings should reflect a rate per month and should correspond with one of the six rental rate fields on the listing which are:
Furnished Annual Rent
Unfurnished Annual Rent
Furnished Seasonal Rent
Unfurnished Seasonal Rent
Furnished Off Season Rent
Unfurnished Off Season Rent
The intent is to have the rent quoted as price per month to reflect the standard of business practices for residential rentals.
Dual Listings
Properties are allowed to be listed for sale and for rent at the same time in the RMLS database. If this is the case, special attention should be given to two fields on the Rental listing profile: For Sale Y/N and For Sale MLS Number.
What is not allowed is entering the rental listing more than once. If the owner is willing to consider several rental options: annual, seasonal and off-season then all of these fields should be filled in and only one of these values entered as the list price.
Month Identifiers
There are 12 required month identifiers on the rental listing profile sheet which are used to communicate if a property is available or not for that month. Furthermore, you can identify what rental amount the owner intends to receive for each month. The options are: A-Annual, S-Seasonal, O-Off Season, R-Rented, and N-Not Available.
Status Changes
If you have a listing that has been rented on an annual lease, then you should close the listing out as Rented. If the Listing is available for many months but you have only rented it for a couple of months, then you should change those month identifiers to R for rented. It is not necessary to change the status of the entire listing to Rented since the property is still available for the other months, and the listing agent will want to rent out the remaining available months.
Special consideration should be made to modify your brokers remarks if a current lease would affect the ability to show the property on demand or if special arrangements need to be made with the current tenant.
Closing Out a Rental Listing
Once an annual rental listing is leased, it should be closed out with the status showing as Rented with the lease date, monthly rental amount and leasing agent identified. Be careful to not show the rental amount in Gross Rent terms but rather in Monthly Rent terms.
If you had the listing entered both for rent and for sale and the property sells, then the rental listing should be cancelled. The sales price should only be reflected in the sale listing and not in the rental listing. Never should a sales price be entered into the database as a lease amount. This listing error has a negative impact on the National and State statistics for rental rates in the marketplace
Advertising Rentals
When it comes to advertising rentals, be careful to only advertise your own listings and those for which you have written permission to advertise. Take note that there is no “Any Broker Advertise” in the special information drop-down like there is for residential listings. This is being reviewed, but as of May 2011 there is no way for a listing agent to give this carte blanche approval to allow other real estate professionals to advertise their rental listings. So if you are the one advertising, protect yourself by obtaining written permission from the listing broker before you place that ad! The majority of Unauthorized Advertising complaints received by RMLS are for advertisements of rental listings.
RMLS is currently working on an update to the rental listing profile form. We have been working in cooperation with neighboring MLS systems that are part of the data exchange to create similar inputting techniques. Contact our Help Desk with any questions.
Data Input Accuracy: Why it’s important and How it affects our Industry
The Real Estate Industry is driven by the data we input, change and use on a daily basis. What may seem like a chore of inputting a listing, has a larger effect than most realize. Inaccurate data fields and untimely or incorrect status changes make every real estate professional’s job harder and more time consuming. Products, web sites, statistics, client management, retention and repeat business depend on data accuracy.
Address Fields
Sections 2, 3, 4, 5, 6, and 7 should always be a MLS editable table to maintain consistency and accuracy.
These fields determine Street, City, County and state searches on any website. Map searches use this input along with geodata information to pin point a listing as accurately as possible. In most cities, the street number and name will be used more than once with the direction or suffix as the unique factor to locate the correct listing.
Why separate the Direction and Suffix? If both street direction and suffix were entered into a single line, then creating the search technology becomes more difficult. Entering the information of fields 2, 3, and 4 into one typed line requires additional code to be written to parse and scrub data. For example: N Main Street could be entered as:
While this example may seem ridiculous, these are a true representation of actual entries. A programmer would have to think of every variation and change the code every time a new variation of the same address is entered. The constant change in code leads to additional programming costs and even more errors since not every possibility may be thought of.
Industry third party vendors also depend on this information to produce reports given to buyers and sellers. A CMA program that looks for similar homes will likely miss one or more listings if the above holds true. If an agent is competing for a listing and showing comparable prices, an inaccurate report could diminish their credibility since most consumers have already researched on sites such as Zillow or Trulia.
The Internet has provided unlimited customer growth potential in real estate with IDX availability on web sites. Providing the most current and accurate listing information is a key factor to keep someone on your site and potentially convert them to a customer. Inaccurate information caused by bad data makes a site unreliable, which over time reduces the number of hits received.
Outdated Information
Outdated information refers to listing content that is no longer valid, including listings that are off the market or priced incorrectly due to a price change.
An incorrect listing status has a powerful impact on website data as well as national reports. MLS’ throughout the country report status information to NAR which compiles the data to identify housing trends. This is where many media agencies get information on the current market. Third party vendors are providing some unique and powerful statistic reports that agents purchase and use on web sites and in presentations. Not updating a listing to the appropriate status in a timely manner skews those numbers.
How does one error come back to bite you? . . . Appraisals!
Everyday agents receive appraisals that do not meet agreed contract prices. This is often due to bad data pulled by an appraiser or from Automated Valuation Systems used by the lender to determine the amount they are willing to lend on that property. The more accurate and detailed the information in a MLS, the better chance appraisals will also be more accurate.
Tax Identification Number
Tax ID numbers represent the ability to show a buyer the addition to their monthly expenses above the mortgage. Globally, the Tax ID is another unique identifier used in valuation sites to pin point an area and to create a home value.
How does the MLS protect me with entering inaccurate data?
One of the best methods is to auto populate existing information when entering a listing from a tax source. This not only lowers the chance of error but saves time entering a listing.
The use of data checking systems to review data and determine if there is missing or incorrect information has become a powerful tool in assuring that the data is as accurate as possible. These systems notify subscribers of an error that needs to be corrected.
Having accurate and timely data is the most important tool that drives the current real estate industry. Your attention to such detail can make or break the next deal for you and other real estate professionals.
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