MFRMLS Broker Quarterly. BQ.Q4.15 October 22, 2015

Transcription

1 MFRMLS Broker Quarterly BQ.Q4.15 October 22, 2015

2 Anti-Trust Obligations There can be no discussion at this meeting, or in any other place, concerning the prices or commissions paid or charged by the firm you represent, terms or conditions established by your company for the provision of services such as credit terms, markups, or profits, the geographical areas in which your company is seeking or may seek to do business, or persons or companies with whom your company will or will not do business. Any departure from these ground rules could result in severe civil and criminal penalties to you as individuals, to your company and to your association and MFRMLS.

3 Today s Agenda Review listing requirements per Rules/Regulations Seller s options on MLS Entry More on Seller Waiver Form The Main Event: Coming Soon (Pre-MLS) Survey Results Discussion Ideas on Next Steps Reminders: Compliance 101, Selling Agent- AWC/Pending

4 Listing Requirements

5 Listing Requirements Types of Listings Accepted Exclusive Right of Sale Exclusive Agency Limited Service Listing New Construction Participant/User Owned Fractional Listing Joint Listing Sold Data Entry Only Types of Listings NOT Accepted Net Listings Open Listings

6 Listing Entry Requirements New listings must be entered into Matrix within two (2) business days (not counting weekends and Federal Holidays). Violation can result in a $500 fine. All new listings will be placed in incomplete status until one front exterior photo is loaded. Any change in status or price must be made within two (2) business days after all required signatures have been obtained. Listings may not be entered as Active prior to being available for actual showings. Note: Commercial/Business Opportunity listings are exempt from photo, driving directions and address requirements

7 The Seller has options If the owner of record chooses to not have the property entered into the MLS, otherwise referred to as an office exclusive, the listing shall be filed with MFRMLS but not disseminated. Exempt listings require an Owner s Waiver of MLS Entry Acknowledgement (or other like form) Signed by Listing Broker Signed by Owner of Record completed form to listingwaiver@mfrmls.com

8 The Seller s Waiver Form

9 No Waiver form on File? The listing broker will not be in compliance with MLS Rules & Regulations until a completed form is received Failure to submit form within two (2) business days upon the latter will result in an automatic $500 fine for each occurrence. The dated signature of the owner(s) of record The beginning date on the listing agreement

10 New Listings Added 7/1/15 8/31/15 Listings Entered: 32,384 Waivers received: 88

11 Main Event: Coming Soon Pre-MLS Listings Survey Results & Discussion

12 What are we NOT discussing today? We are NOT discussing brokerage business models that do or don t use Coming Soon (pre-mls) as a tool Why? It s not against the rules of MFR if done properly (the scope of an MLS discussion)

13 The Working Definition for Today s Discussion Coming Soon: a property that is listed with a brokerage but is not yet in the MLS often referred to as a pocket listing, office exclusive, pre-mls. Advertised in advance of time requirement for entry in MLS Advertised in advance for longer than the time requirement for entry, with a Seller s Waiver form on file at MFR

14 The Question: Should MFR have a status for pre-mls? Properties are listed as coming soon online sites like Zillow have a special section for coming soon and auctions. Some listing clubs (Facebook and other platforms) have surfaced offering selective exposure to coming listings to their group or club. Internet sites have emerged pay to enter your coming soon listing access to inventory only by paid members.

15 Why even consider a status? MFR brokers and agents are frustrated when their buyers find a property on-line that is not in Matrix. I saw it on the Internet, they say. Ummm.. Let me check it out Might be the response you have to give The consumer expects you to know, how can you? We saw it online So it must be true? but

16 We Don t Know What We Don t Know Tracking listings that should be in Matrix but are not is a blind spot for MFR compliance What do we know? If there is a Waiver on file If there is not a Waiver on file, we find out why Assess the $500 fine

17 What Else Can be Done? Some large MLSs across the country have added a Coming Soon section/status. Is it time for MFR to consider this? Let s look at the results of the recent Broker survey. 650 responses, approx. 8% of total MFR Brokers. Of the 650 responses, 93% were Brokers; 7% were either broker admin or appraisers. And the survey says

18 In What County (counties) do You Conduct the Bulk of Your Transactions? 30.0% 27.2% Volusia Lake/Sumter 25.0% 20.0% 22.3% Orange/Seminole Osceola Osceola/Polk 15.0% 14.8% Polk Pasco 10.0% 5.0% 0.0% 3.4% 4.0% 2.6% 1.7% 5.1% 1 2.8% 6.0% 8.6% 1.5% Pasco/Hillborough Hillsborough/Pinellas Sarasota/Manatee Sarasota/Charlotte Other (outside MFR coverage area)

19 Why do You Think Brokers/Agents Use Coming Soon? Top 5 Reasons 76% To increase the chance to double end 42% To generate leads 33% To build interest before going into the MLS 19% The seller has reasons not to put into the MLS 19% Miscellaneous (property prep, auction, etc.)

20 Do You Allow Coming Soon? Yes 33.4% 15.7% 50.9% No I don't have a policy (yes or no) regarding "coming soon" listings.

21 If Yes What % of Your Inventory might be Coming Soon before put into Matrix? 45% Estimate that less than 2% are Advertised as Coming Soon 14% Estimate between 3-10% 22% are Unsure If you responded "yes" to question # 4, what percent of the listing inventory in your company/firm would you estimate is advertised as "coming soon" prior to entering the listing into the MLS? 50.0% Less than 2% 45.0% 40.0% 35.0% 30.0% 25.0% 20.0% 15.0% 10.0% 5.0% 0.0% 1 Less than 2% Between 3-10% Between 11-20% Between 21-40% Between 41-75% More than 75%

22 Ah, Relief: Do You Allow Coming Soon Advertising WITHOUT a Listing Agreement? Do you allow your agents to advertise "coming soon" listings without a listing agreement in place? 100.0% 94.5% 90.0% 80.0% 70.0% 60.0% 50.0% 40.0% 30.0% 20.0% 10.0% 0.0% 5.5% Yes No

23 Should MFR Look at Options for a Coming Soon Status? YES 39% NO 61%

24 If Added, Who Should Be Able to See the Coming Soon Listings? 12.4% Coming Soon Listings should be searchable by all agents/brokers in the MLS but not included in reports that go to consumers (auto s, CMAs, etc.) 49.6% Coming Soon Listings properties should be searchable by all agents/brokers in the MLS and included in reports that to go consumers (auto s, CMAs, etc.) 38.1% Coming Soon Listings should be searchable only by the broker/agents of the listing office.

25 Snapshot: Solds by ADOM July 1, 2015 August 31, days, days, days, days, days, 5686

26 Listings Sold with ADOM of 3 or Less July 1, 2015 August 31, Listings Sold 07/01 thru 08/31 w/adom of 3 or Less 25.0% % % % 4.1% 9.6% 7.1% 8.9% 7.5% 7.4% 5.9% 7.3% 6.8% 11.2% 10.2% 4.2% 6.5% 10.0% 5.0% 0 0.0% Listings Sold with ADOM of 3 or Less % of Total of County Sales

27 ADOM Breakdown of 0-10 days DOM for Listings Sold 07/01 thru 08/ % % 8.0% 7.0% 6.0% % % 1.4% 1.8% 2.2% 2.1% 2.0% 2.0% 2.1% 1.9% 1.6% 1.6% 1.0% 0.0% 4.0% 3.0% 2.0% # of Sold Listings % of Total Sold Listings

28 Can We Talk?

29 Next Steps Compile Your Feedback Expand the Feedback Loop Possible Workgroup or Focus Groups Research possible platforms Expand research to agents Compile all feedback and recommendations for Board of Directors (late Q1 2016) Would you be interested in participating in a focus or work group?

30 Final Notes

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32 How Do You Know Who.Hasn t? Go to then choose the Broker Authorization button

33 Change to Selling Agent ID Fields As of October 21, 2015 the Selling Agent ID fields will be required for all listings when the status is changed to Active with Contract (AWC) or Pending (PND) in the Matrix system. Note: The Selling Agent ID fields will be cleared when the status is changed from AWC or PND to a status other than Sold or Leased. When a listing transaction is changed to AWC or PNC, Brokers with an agent on either side of the transaction will automatically receive an notification. Brokers can Opt Out of these s by going to the GoPherIt portal. Brokers who receive a RETS feed can pull this data from RETS as an alternative to receiving an notification. If the office is not involved on either side of the listing transaction the Selling Agent ID information will be suppressed.

34 Thank You for Your Input