MLS News

Two new MLS Policies approved in January

Property under contract for over one year
While It's important to report listings in contract promptly, it is also equally important to report them closed. Such procedure serves to build a database for CMAs and statistical data will better reflect trends in an area with this recorded data accurately on file. The MLS Rules require prompt reporting within 24 hours of a listing status change and therefore this policy is designed to encourage compliance.

NEW MLS POLICY #1: Property currently in contract and listed prior to January 1, 2004 will be changed to an active or expired status (depending on the listing's expiration date) within 10 days after notice of such impending action appearing on the CBR MLS TEMPO welcome screen. Regarding property listed after January 1, 2004 and currently in contract over 90 days from the report date, the status will be changed to active or expired (depending on the listing's expiration date).

Therefore, you are encouraged to run your office and agent inventory reports to see if there are properties in contract that are affected by this new policy. Please be certain the status of these and all others on your listing inventory is accurate and note that it is hoped an electronic notification system can be designed in the future to help remind you of any future listings that violate this policy.

Multiple Entries - Different categories/property types
A listing has one primary use category and should always be entered according to that use. While properties can sometimes be rezoned, divided or rehabbed to ideally suit another listing type, the fact remains the property is currently available according to its primary use. The feature selection of Alternate Uses was designed to capture other envisioned purposes by the REALTOR® for any property deemed to have options for a buyer other than its existing primary use.

NEW MLS POLICY #2: REALTORS® that have more than one listing in MLS for the same property will have all but the first one (the one with the lowest MLS number) withdrawn within 10 days of this notice being posted on the CBR MLS TEMPO welcome screen. Further, any future multiple entries of the same property will be immediately removed from the system allowing only one entry per property, that being the first entry. REALTORS® are encouraged to use the alternate use data field if applicable for their listing instead.

Again, you are encouraged to run your office and agent inventory reports to see if there are multiple entries of the same property that now are affected by this new policy. You are welcome to select any one of your listings (it does not have to be the first one entered if you choose, it's MLS that will choose the first entry) that legally and accurately describe the property that is for sale, preferably based on its current primary use or MLS will adjust your listing inventory based on the policy. MLS is researching the option to see if CBR MLS TEMPO system search results for a particular property type could also include property with an alternate use of that same property type that would help you market your properties.

Please be certain your broker, other REALTORS® and office staff are aware of these important new practices for policies designed to improve data integrity and effectively and efficiently market your listings for you and your clients on the CBR MLS Tempo^® system.