MLS News

By Ben Calhoon, Chair
2008 MLS Committee

This year has been an exciting year for CBR's Multiple Listing Service. With technology making its footprint in the real estate industry, rest assured your MLS is staying ahead of the curve.

I'm sure it needs no introduction, but the biggest achievement this year has been the successful conversion to Tempo^TM 5. This robust new system gives us the ability to take advantage of new technologies that will let REALTORS® work much more efficiently.

The biggest upgrade would be the ability to search using visual mapping technologies that are integrated into the system. Map searching adds another platform in MLS, allowing users to do even more specific searches for their clients.

From a programming and management perspective, Tempo^TM 3 had been upgraded as far as it could go. Tempo^TM 5 will allow us to grow and expand with the ever changing real estate environment for years to come.

With any software upgrades, you can expect some problems here and there, but having an outstanding MLS staff like we do at CBR has made this the best conversion to this system nationwide. Education and phone support is readily available to any member who needs it.

Along with the upgrade from Tempo^TM 3 to Tempo^TM 5, the MLS committee has continued to enhance other areas of Tempo^TM 5. With over 80% of buyers' starting their home search online, we want to ensure that we give them all the details we can.

We have already implemented the ability to have 18 pictures per listing as well as enhanced client web pages. Coming soon, we will be splitting "amenities" into two different categories, interior and exterior. This will allow for more detailed descriptions and searches in MLS. Some additions that have already been made to amenities are balcony, waterfront and water view.

CBR Tempo^TM also separated square footage into two separate categories, "Square foot tax record" and "Square foot ATFLS". Square foot ATFLS was added to show total "finished" living space in a property. As we all know, this has been a gray area to add finished lower levels and 4-season add-ons to the actual square footage displayed on CBR Tempo^TM. We hope this feature will help give further details to REALTORS® and clients as to what specifically is finished in a home.

CMAs that were originally run through CBR Tempo^TM were defaulting to square foot ATFLS but members have stated they prefer the tax record figure instead. Using this figure will give all REALTORS® the opportunity to better detail a listing presentation and/or market analysis.

Another nice enhancement we are working on is to show the original list price on the agent and buyer sheets. With an increase in days on market this year, many sellers' have adjusted prices accordingly but still show several days on market. The MLS Committee's view was that if we show the agent/ buyer the significant price drop since a property was first put on the market, this will help them focus on "value" rather than days on market. Currently MLS shows a price drop with a down arrow next to the price.

Ever had the client that tells you "I only want to search foreclosures, HUD homes, etc"? Now you can! CBR Tempo^TM has added a drop down category that will allow you to classify your listing as a HUD, bank owned/REO, Agent-owned or short sale. This is a searchable field that can also be used in setting up customized e-mail searches for your clients.

Speaking of these types of sales, CBR Tempo^TM continues to work with HUD brokers and others in the business to figure out a way to streamline procedures for these types of properties to be displayed on CBR Tempo^TM. We understand that we have some hurdles with regard to getting banks and HUD to conform to our MLS policies, but having a system that is accurate is a top priority. MLS will continue to work hard on finding solutions that insure the integrity of the data we display.

With the significant rise in short sales this year, CBR has approved mandatory disclosure of these situations and new forms have been approved for use beginning October 1, 2008. The first form is a proposed "Short Sale Addendum to Listing Agreement" that REALTORS® can use with sellers in a short sale situation. The form is an agreement between owner and brokerage to disclose short sale information about the property. The second form is "Understanding Short Sales" and, while not viewed as a mandatory form, it was deemed advisable to provide it as an informational resource to a buyer and/or seller. A complete article on the mandatory short sale disclosure was published in the September In Contract and can be found at ColumbusRealtors.com.

On a final note, CBR Tempo^TM has brokered a deal with CyberHomes that looks to be a win-win relationship for all of us. CyberHomes has started to receive our Active MLS listing data as of July 1, 2008 for their Automated Valuation Module (AVM) which will provide leads to brokers at no charge. With so many valuation Web sites popping up, the MLS Committee took the task to research the various sites available and pick the best one to align with. Public inquiries to CyberHomes will display the participant broker's active listings with links back to their web sites. This relationship should generate new business for all members of CBR. Visit www.cyberhomes.com for more information.

ATFLS modified
The default square foot figure in the quick CMA Report in CBR Tempo^TM will be changed from using the ATFLS (Approximate Total Finished Living Space) sq. ft. figure to the tax record sq. ft. The ATFLS sometimes includes the basement which then allows the basement space to be computed as equal to the cost of the first and second floor space. This change will still allow a REALTOR® to compute the basement square footage separately. This change is expected to be implemented soon. Watch the MLS Welcome Screen for implementation date.

New MLS Field: Acceptance Conditions
As disclosure of a short sale situation is now mandatory, a new MLS field has been created to provide for this disclosure. The new MLS field group -- called Acceptance Conditions -- will include the following five drop down choices: Bank-Owned/REO; Estate; HUD/VA; Relo Corporate; Short Sale. This will be an optional field and you will be able to select as many of these choices as apply.

Exceptions removed from In Contract reporting requirement
Current policy regarding disclosure of IN CONTRACT status includes language which allows exceptions for relocation property, short sale or bank-owned property or a purchase awaiting signatures. The argument was made that more consideration be placed on the agreement between buyer and seller for the MLS status rather than including the lender and the property should be placed IN CONTRACT but contingent on bank approval much like any contingent contract based on financing, inspection or sale of home -- but not left as active.

Therefore Section 1.10 of the MLS Fine policies has been amended as follows:

Any accepted purchase contract by the seller constitutes the need to report the property in contract, contingent on financing or inspection or contingent escape to MLS within 24 hours except weekends and federal holidays whereby the status is to be entered the following business day. Exceptions: A purchase offer involving (1) relocation property (2) short sale or bankowned property or (3) any purchase offer awaiting signatures may remain in MLS with an active status and not be reported in contract until authorized signatures have been secured. REALTOR® will be notified and allowed 24 hours to correct the identified violation before fine assessed and there shall be only one warning per licensee.

Members failing to correct the violation will incur a $100 fine.
HUD Listings

MLS in cooperation with HUD has notified local LLBs that HUD properties displayed in MLS:

• must be entered as EO (Entry Only) and have 5% entered in the commission (with the understanding that commission could be as high as 10% for aging HUD inventory);
• must be reported as Contingent once a bid has been accepted;
• must be reported as In Contract once the bid has been ratified; and
• must be reported as Closed when that event occurs.

The NHMSI web site and spreadsheets provided to local LLBs by HUD will all serve to help members remain compliant with current MLS rules and policies or be subject to a fine.

Do not install Internet Explorer 8.0 Beta
Please be aware Internet Explorer 8.0 Beta is not currently supported with Tempo 5. Beta software is not stable, and is provided very limited support by Microsoft until it goes live (in other words, reaches a stable version).

Please continue to use Internet Explorer 7.0. Once Internet Explorer 8.0 is 1) out of beta and 2) supported by CBR Tempo, we will post a message to the MLS Welcome Screen.

CBR Tempo Classes
Below is a grid of the classes scheduled for Tempo^TM 5 training in October & November. These are the same Tempo 1, 2 and 3 classes we've been teaching for years now _ but using the Tempo^TM 5 system, of course.