In metro Atlanta we have 2 multiple listing services, GA MLS and First MLS or FMLS. I received this notice from FMLS about some changes which I think are going to be good. This is not the complete notice, it's just a summary.
Economic conditions and other factors have made it necessary for FMLS to establish some new policies and to modify certain rules; see below:
FMLS Policies Short Sales Reference to "short sales" is allowed only in remarks, either public or private. The verbiage must include the following language: "potential short sale/subject to lender approval"
Auctions In accordance with all other requirements for listing input, properties subject to auction can be entered into the FMLS system only if they can be sold before the auction takes place. Such listings must include a reasonable list price. The following must be included in the "Remarks" field: "subject to auction, call listing agent". If the listing can only be sold at auction, it cannot be entered in the FMLS system.
If a current active listing becomes subject to auction only sale, it must be withdrawn from the FMLS system.
All improved and unimproved real estate listed for sale under an exclusive right to sell contract with a Principal Member must be listed with FMLS except as provided in Rules 3.2 and 3.3 hereof.
All FMLS listings are required to be placed in the proper class of property and in the actual geographical area in which they are located. Members shall make every effort to input accurate listing data into the FMLS system including, but not limited to, a list price that represents the amount the seller is willing and able to accept given other reasonable contract terms. Additionally, photos shall not be altered or enhanced in any way that might misrepresent the property.
This one is exciting to me: On March 11, 2009 a new field, Unit Sq Ft, will be added to the Residential Attached property type. Reference to square footage in the Remarks section is still prohibited. Reference to square footage shall not be disclosed or referenced in the FMLS computer system except for:
a) reference in "Remarks" to approximate square footage for Commercial property type
b) fields specifically provided for square footage in Residential - Attached property type (This is for condos and townhomes only.)
So many condo buyers want to know the square footage of a place and in the past it was prohibited to add it in the listing. This will make it so much easier for Buyers to compare units. If square footage is added to the listing in a residential detached (house) it will get kicked out of the system. For now, we will take what we can get, square footage in condos is a great change!
Area Boundaries were also discussed. Agents can login to FMLS for more details.
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If you are thinking of buying or selling a home, contact local expert Jen Bowman, Realtor and Broker Associate with Success Realty serving the real estate needs of Decatur and Metro Atlanta, GA. 404-456-5024
Interesting to see the rules of other boards. We have always had price per sq ft for both listing and sold. Also we have had verbiage and a search field for short sales for quit some times. Except most people dont follow the rules properly and the verbiage is very verbose. :)
It is important for mls boards to make changes in order to adapt to the changing market. It sounds like FMLS is doing a good job of that.
Heather, you are right, many agents don't follow the rules. It makes it more difficult for others when clients or prospects ask us about another agent's listing and we can see it's done wrong. I find myself telling a lot of people that the listing was put into the system wrong and I can't change that.
Brent, FMLS does actually listen to requests for changes in the system. I have sent in some and it's great when I see it implemented.
Thanks for your comments.
Rules?? What are rules???
Square feet for condos seems savf, but for town homes, if they are in the MLS and entered by the listing agent, the percentage of errors is extremely high in my area because of the basements, 3 story units build on a slab, garages, etc.. Many will add the square feed of below grade areas.
If agents can enter square feet for town homes, it could lead to many errors and mislead the buyers.
Hi Jen, gosh, there are so many RULES! How can you possibly remember them all?
I wanted to thank you for your recent comment and for taking the marketing survey I posted. People were wondering how many responses I got through my post. I ended up with 11 surveys taken after a few days on AR. Not too bad!
Have a GREAT weekend in Decatur!