Entering Listings for Comp? Remember These Steps

Question:  How do I enter a listing for comparable purposes in the MLS?

Answer:  MLS users are permitted to input listings in the MLS as comparable properties even when the sale itself did not originate out of the MLS.  Examples include when an agent represents a buyer in a FSBO listings, when an agent facilitates a transaction between a buyer and seller who already knew each other, or one-time showing contracts.  While it is not required to input these properties, it is encouraged for the benefit of other MLS Participants and for our market statistics.  There are some steps you will need to ensure you still take in order to input these properties:

• Get Permission:  Make sure permission to enter the property data is granted in writing from both parties of the transaction.  This may already be part of your contract but double check
• Enter ALL Required Information:  All required information as with any other listing, is required for a comparable input.  This includes, at a minimum, a main exterior photo of the property and all fields marked with “R.”  Use the correct dates as stated on contracts rather than the day you are entering the listing.
• Be Generous with Details:  Appraisers often need information beyond the required fields in order to use the properties for comparable purposes.  Please try to gather and enter data such as room dimensions, condition/updates to the property, and additional photos.  Remember, it may lead to additional and unnecessary time calling for information on properties if it’s not entered in the beginning.
• Inform MLS Office:  If you did not represent the seller, the “FSBO” or “Nonmember” agent/office will need to be entered as the listing office.  MLS staff are the only users able to make this change for you.  Email info@daar.com with the MLS number to make the change.
• Indicate Comparable Input:  Commonly this has been entered in the agent remarks should also be added under the “Listing Type” field.  You may still receive a warning email for entering a listing past the two-day “listing date” grace period.  MLS staff reviews all of these warnings and looks in the MLS to verify if the listing was input for comparable purpose prior to assessing any fines.

If you have further questions, please contact our office:  (218) 728-5676 or info@daar.com