MRED Blog

REinventing MLS

Category Archives: MRED Rules and Regulations

We’re helping improve real-time data accuracy. Here’s what that means for you:

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We get it. Data accuracy is one of the top priorities for your multiple listing service. That’s why we’re adjusting the listing status change time frame so everyone gets better, more timely data.

MRED had received feedback concerning the previous 72-hour listing status change time frame being too long.

Effective Friday, March 1st, 2019, listing status changes must be completed within 48 hours (including weekends and holidays) on the following statuses:

 

  • New (NEW)*
  • Contingent (CTG)
  • Active-Temporarily No Showings (TEMP)
  • Auction (AUCT)
  • Pending (PEND)
  • Price Change (PCHG)
  • Closed (CLSD)
  • Rented (RNTD)
  • Canceled (CANC)
  • Expired (EXP)

 

MRED’s Board of Managers approved this change as a way to combat outdated information. Moving to this 48-hour time frame provides real estate professionals and their clients with more timely data.

Numerous connectMLS system enhancements (like the mobile-friendly Modern View) and general technological advancements allow brokers to easily access and update listings on the go. You can also email the Help Desk a completed status change form if you are unable to make a listing status change. That form is available under “Forms –> MRED Listing Forms, etc” in connectMLS.

These options make it convenient and beneficial to abide by a shortened listing status change time frame. MRED polled Designated Realtors and the overwhelmingly majority said they would be able to observe this change.

Please be advised, failure to comply with this rule will continue to result in an automatic $250 fine. Keep in mind, listings must be entered into the Standard Listing Network or Private Listing Network within 48 hours of the listing agreement or within 24 hours of advertising to the general public, whichever comes first. This advertising includes for sale signs, public-facing websites, and print media. The rule regarding failure to report new while publicly advertising is unchanged and carries an automatic $1,000 fine.

Thank you for being a part of MRED. We’re excited to bring more timely data to real estate professionals and consumers.

Still have questions? Check out these FAQs.

We’re happy to help! Just contact MRED’s Rules and Regulations Department at 630-955-0011 or policychange@mredllc.com.

*Listings must be entered into the Standard Listing Network or Private Listing Network within 48 hours of the listing agreement (after the date of the last required signature) or within 24 hours of advertising to the general public, whichever comes first. This advertising includes for sale signs, public-facing websites, and print media.

Do you use exempt forms? You’ll want to read this…

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MRED provides a Listing Exemption form as a way to document properties that are being withheld from the multiple listing service at the specific request of sellers. The only time an exemption form should be used is if you have a listing that you are not publicly marketing.

Exemption forms do not allow for listings outside the MLS to be publicly marketed.

Examples of publicly marketing a listing:

  • For sale signs
  • Coming soon signs
  • Public-facing websites
  • Print media

So where can you input listings that your seller doesn’t want in the Standard Listing Network (SLN)? The Private Listing Network (PLN) provides an option that meets all the requirements.

PLN listings can be openly advertised and do not appear in traditional SLN search results. Additionally:

  • PLN listings are not sent to third-party portals or distributed through IDX or VOW.
  • PLN listings are not included in emails to clients through connectMLS.

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Any listing that’s being publicly marketed must be in the SLN or PLN within 24 hours of the marketing going public to avoid a $1,000 fine. This works to ensure that all agents have access to information about any listing a client might happen to come across and inquire about.

You can view the entire listing exemption policy in connectMLS here

Read up on more information about the PLN here

Compare and contrast the PLN, SLN, and exempt listings here

Still have questions? The best bet is always to check with our Rules and Regulations Department. You can reach them by email here or by calling 630-955-2755.

Wait… what’s the MRED PLN again?

PLN cover.jpg

Midwest Real Estate Data is dedicated to working for the greater good of real estate brokers both individually and collectively.

The connectMLS Private Listing Network (PLN) is a key piece of that goal.

Launched in 2016, the PLN benefits brokers on a personal level as it provides a way to pre-market “coming soon” listings that might just be a coat of paint or the right photo away from being ready to share with the world. It’s also good for the industry and keeps brokers relevant by retaining inventory in the hands of brokers so they are the first to know about listings for sale.

If you haven’t used the PLN yet, this spring season is a great time to start! Make sure you’re searching from the 1,800 listings currently in the PLN.

Using the PLN gives your properties more time in front of 40,000 real estate professionals without accumulating market time as you get the listing ready.

More benefits and details of the PLN:

  • No price is necessary; you can feel out the market using a price range
  • Only a select few fields are required
  • Listings in the PLN do NOT appear in Standard Listing Network (SLN) search results
  • PLN listings are NOT sent to third-party portals nor are they part of IDX/VOW listing distribution
  • PLN listings are NOT included in emails to clients through connectMLS
  • You can attach broker-only comments on the PLN listing (date available for showing, etc)

Inputting a listing in the PLN also saves you time, as you can create an SLN listing draft directly from the PLN and work on it from there. Once the draft is ready, you can publish it into the SLN without having to create a new listing or cancel the PLN listing, it will automatically reflect that it’s been transitioned. However, listings aren’t moved out of the PLN until they’ve been activated in the SLN.

connectmls

It’s also important to remember the PLN rules and regulations. Just like with the SLN, you must have a signed agreement for any properties placed in the PLN. Listings must be entered into the PLN or SLN within 48 hours of the listing agreement or within 24 hours of advertising to the general public, whichever comes first. This advertising includes for sale signs, public-facing websites, and print media.

The PLN offers many benefits, whether you’re a listing agent looking to generate buzz about new construction months away from completion or a buying agent always wanting to stay one step ahead of your clients, take advantage of this resource today!

For more information on the PLN, watch this video overview or contact MRED’s Help Desk at 630-955-2755 or help.desk@MREDLLC.com.

 

Help – I made a typo in the list price field and saved my listing!!!!!!!

BY:  Sarah Burke, Compliance Manager

When proofing your hot new listing, you realize you input $3,200,000 instead of $320,000. Don’t worry – you’re not alone and mistakes happen.    Just send us a status change form and request a “price change new”.  Already made a price change?  That’s OK – send us a status change form anyway.  MRED will still adjust the original list price for you.  This way the OLP to LP won’t look like a drastic price reduction.

Test Your Fair Housing IQ

In honor of Fair Housing month click HERE to take NAR’S fair housing quiz.

Fair Housing Month

Don’t forget April is Fair Housing Month.  For more information on Fair Housing events in Illinois see the link below.

http://www.loansafe.org/illinois-department-of-human-rights-announces-start-of-fair-housing-month