The following is a set of typical MLS rules and policies
New MLS Rules and Most Common Finable Offenses
Inaccurate MLS data can cost you a sale…and result in an automatic fine for degrading the accuracy of the MLS database! Here is a combined list of regulations which are now finable offenses and the most common inaccuracies that trigger a fine.
REQUIREMENTS
- Listings Not Available For Showing: Because MFR exists to facilitate cooperation by Participants in the showing and sale of each other's listings, no listings may be entered as “Active” if not available for actual showing. For example, MFR will not accept listings with “No showings until MM-DD”. The “Temporarily Off Market” (TOM) status is for listings that cannot be shown temporarily.
- No Access Codes: You may not enter combination lockbox codes, gate codes, alarm system codes, or any other codes for equipment designed to ensure property security, in any field.
MOST COMMON FINABLE OFFENSES
- Status Updates: Still the BIG ONE in costing you money. Listings must be changed to “Sold” or “Pending” within two business days after closing or after the offer to purchase is signed by all. This is an automatic fine with no warning letter.
- Remarks: Public Remarks, Additional Remarks and Driving Remarks must not contain any contact numbers, names, or web addresses. Put it in “Realtor® Only Remarks”.
- Virtual Tours: Company logos, agent photos, commissions, bonuses or contact information are not permitted in the photo or virtual tour section. The virtual tour, main photo, and other “views” may contain only a property photo, site plot, property sketch, property line art, or survey. Virtual Tour contact information is the only contact information allowed on the Virtual Tours.
- Room Dimensions: The kitchen, living/great room and master bedroom must have accurate dimensions entered. Too many listings have dimensions of “0 X 0” in these three required fields. Think about it. While it may be an expedient when loading the listing, not having approximate dimensions on ALL the rooms is a real disservice to your sellers, potential buyers and other brokers.
- Incorrect Sale Date: Must be the actual “Date of Closing”, not the date you close out the listing.
A Word About Fines
One of the hallmarks of a well-run MLS is that its users can rely on the data entered by their fellow real estate professionals.
We don't like imposing fines as much as you don't like getting them. In fact, it would save your MLS lots of money and staff time spent each month policing the database, sending out fine letters, and tracking chronic offenders – all to ensure the accuracy of the critical data fields you depend on.
A few minutes reviewing that just-loaded listing or updating your current ones can save you and your broker needless hassle and expense.