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Updated MLS Policies & Digital Watermarking Author: 2010 MLS President - Karen Parkin Jan 28

Your MLS will soon be adding a digital watermark to all photos. Per the MLS Rules and Regulations, MLS Vendors will have 72 hours to update all listing data so that this watermark is displayed on all photos shown on all of their websites.MLS Photo Watermark Sample
 
The digital watermark is the translucent, Registered ®
trademark of the MLS as shown in the example on the right.
It is digitally laid on top of every photo in the bottom right
corner which is the most standard way to protect a copyright.
 
The main reasons your MLS will be implementing this digital watermark is to reduce incurred legal fees and to protect your listing data and copyright.
 
The MLS Board of Directors approved the following updates to the MLS Rules:  
 
MLS Rule 5.1 Form of Indicating Compensation: Additional Compensation disclosure as required by NCREC Rule A.0109 where cooperating broker’s additional compensation is more than “nominal” shall be placed in the Additional Compensation field.
 
Added the following wording for clarification to MLS Rule Section 1.2 Detail on Listings Filed With The Service: A property data form, when entered into the Service computer by the listing broker, shall be complete in every detail which is ascertainable as specified on the property data form.
 
Participants/REALTOR® Subscribers who do not complete every detail, which is ascertainable, are subject to fines as specified in Exhibit 2 attached to these Rules. Further, no agent or company information such as phone numbers, hyperlinks to websites, Talking Ads, email addresses, etc., or offers of compensation of any type shall be placed in fields where the public might see them such as the “Remarks” or “Direction” fields. The proper location for this type of information is “Non Public Remarks” or “Additional Compensation” as specified in Section 5.1.
 
Added clarifying language to MLS Rule Section 2.5 Reporting “Pending” And Sold Sales to The Service: (NOTE: Once the contingency is removed under (a) [buyer's house is not under contract], (b) [Alternative 2], or (c) [subject to Short Sale] above, the status must be changed to Pending.) When the NOTE is read in conjunction with the entire MLS Rule, this change makes it clear that once a seller has accepted a contract with a short sale addendum attached, the property status = Active-Contingent; then, when the Lienholder notifies the Seller of the approval of the short sale, the property status=Pending.
 
Thank you for your time and attention to this important information!

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MLS Rule Change on Status of Short Sales Author: 2010 WRAR President - Mary Martin Dec 21

Happy Holidays! I am pleased to report that the MLS Board of Directors, after requests from members, has amended the MLS Rule concerning the status of a short sale. Previously the MLS Rule required a status of “Pending” when the Seller accepted an offer where Standard Form 2A14-T “SHORT SALE ADDENDUM” was included with offer. The Board modified the Rule to require a status change of “Active-Contingent.” The modified MLS Rule 2.5 is printed at the bottom of this post.

If you have a Pending “Short Sale” listing, please modify the status to Active Contingent.

During the discussion, the Board heard that some listing agents are not advising the seller to accept any offer(s) but rather are sending the offer(s) to the lienholder to determine whether the lienholder would agree to the terms of the offer.

You should consult legal counsel about this practice and insure that the Seller and Buyer have informed consent about the difference between sending a contract or sending just the offer to the lienholder. Note: Many lienholders will not respond to an offer; they do respond to a contract.

Your Association has created a Best Practices: Short Sale paper to help listing agents, buyer agents and Brokers-In-Charge. I urge you to Click Here & read it.


Section 2.5 Reporting “Pending” And Sold Sales to The Service: Status changes, including final closing of sales, shall be reported to the Multiple Listing Service by the listing broker within one (1) business day after they have occurred. If the negotiations were carried on under Section 2 (a) or (b) hereof the cooperating broker shall report accepted offers to the listing broker within one (1) business day after occurrence and the listing broker shall report them to the MLS within 24 hours after receiving notice from the cooperating broker (See MLS BofD Minutes 05-19-08; See MLS BofD Minutes 09-18-08).

The listing Participant must report any pending sale subject to a contingency according to the following requirements:

a) If the contract is contingent upon the buyer selling a property not currently under contract, the status changes to Active Contingent  and subsections (b) and (c) of this Section 2.5 shall not apply; or
b) If the contract created by the parties uses Alternative 2 of the NCAR/NCBA Standard Form 2, the status remains Active Alternative 2 and subsection (c) of this Section 2.5 shall not apply; or
c) If the contract created by the parties uses Standard Form 2A14-T Short Sale Addendum, the status changes to Active Contingent and subsections (d) shall not apply (see MLS BofD Minutes 12-17-09); or
d) The status of the listing must be changed to “Pending” (See MLS BofD Minutes 04-19-07)

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Increase Your Bottom Line with Realty Connect® Author: 2010 WRAR President - Mary Martin Dec 15

EXCITING NEWS! Your MLS has partnered with Goomzee to offer you the nation’s premier text message marketing and lead generation application called Realty Connect®. Goomzee’s technology is used nationwide by REALTORS® to deliver property information and photos to buyer’s cell phones.

As an MLS Subscriber, you automatically get a FREE basic feature, 2-code plan. Log in right now and for the next 26 days, you can try out the premium feature plan complete with Mobile Virtual Tours, Auto Responder, interACT and much more!

Here’s how Realty Connect® works…

A buyer views a unique property code and text-in number on a sign rider, or in an ad, and they send a text message from their mobile phone. In seconds, they receive property information, pricing, and agent contact info.

At the same time, listing agents will receive email and text alerts containing the new leads’ callback number. This means no more worrying about lost leads because of empty flyer boxes or unanswered voicemails. With Realty Connect® from Goomzee, you reach today’s buyers, 24/7, using the technology they prefer to communicate with – text messaging.

Log in and try out your new account today – Realty Connect® Login

Simply login using your NRDS# and password from the MLS and you can begin using the service immediately. There is a step-by-step setup wizard to get started, and built-in training guides and videos to help you get started.

Currently, 70% of US cell phone owners don’t have a smart phone. This makes typing in property addresses, etc. still very difficult. With Goomzee’s convenient, reusable 5-code system, you will reach more buyers and satisfy your sellers.

Goomzee has also already begun negotiating with various sign suppliers in Wilmington for discounted pricing. The best part is you can order your signs directly from the Reatly Connect® admin.  

Your MLS is confident that by using this new tool, you will be able to attract more buyers and increase your bottom line. Click Here to view REALTOR® testimonials or here to watch a video breakdown on this service on WRAR.com/TV.

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