Kevin Best, Account Manager for Metrolist discusses the new functions added to the MLS to identify the status of properties listed.
Interviewer: Today we are talking with Kevin Best, Account Manager for Metrolist and Kevin welcome to the show.
Kevin Best: Thanks Dan, glad to be here.
Interviewer: I love all the new changes you guys were doing with Prime Access, its making my life easier. So I appreciate that, I should tell you that right out of the gate.
Kevin Best: Thanks.
Interviewer: And you are going to make some more, you are going to add a couple new functions to the MLS, is that right?
Kevin Best: That is correct. One of the biggest frustrations or challenges that brokers in the metropolitan area have been dealing with is truly identifying whats the status of the property and is it available for showing? Our Rules and Regulations Committee created a task force that reviewed this problem and has come up with a solution by creating some new fields in the MLS.
Interviewer: What are those new fields?
Kevin Best: There are going to be two new fields that are going to be required, an approval conditions and a status conditions as well upon listing input the type of seller is also going to be a required field.
Interviewer: Okay, so you know in the past we've had to guess, is it a foreclosure or is it not a forelosure. Is it a short sale? I know that used to be put in the terms and some agents used to put also put it in the remarks, but now there is a very specific field for this, is that right?
Kevin Best: That is correct. Between the approval conditions and the status conditions they will be able to identify, is it a short sale, a court owned property, equitable interest. And also has the property already had offers submitted for it or is it even available for showings at the current time.
Interviewer: I think whether there have been "offers submitted" is a big, big deal because obviously in the past if it's a short sale or foreclosure, it will say active, and we dont know, we can tell if it's one of those two properties, but we dont know if there is two or three offers already in to the banks. That's going to help a lot. I imagine you got a lot of input from realtors about this and this is why you are making the change?
Kevin Best: That is correct. As I said, the task force that the Rules and Regulations Committee put together, did a lot of research on this, and has determined this really is the best way to go. Its going to make everything so much easier, there is the pending status. So if I've submitted an offer to a lender, I put the property into a pending status and between those two fields, I am going to know really what's going with that property.
Interviewer: And a logical question that I asked you is, you know give me a working definition of pending versus under contract, because it almost sounds like it's the same, but it's not?
Kevin Best: Its not. If it's under contract, we have the mutually executed written contract. Pending either means that I have submitted the offer to the bank and I'm waiting, or it could go as far as to say the bank is verbally committed, that they will accept that offer but we don't have anything in writing at this point.
Interviewer: All right, I've got some short sales, I've got some foreclosures, they are listed, do I need to manually go in and now fill-in these fields or will this automatically change over?
Kevin Best: That automatically changed over on December 22nd, 2010. We ran a program that changed everything based on the information that was on the listing at that time.
Interviewer: Okay, and if people have more questions about this who do they contact?
Kevin Best: As always, whenever it comes to rules and regulations, the best resource is our Compliance Department at Metrolist.
Interviewer: Okay, one other quick question, just for definition, and this is off the notes but, there are some realtors in the past who...were a little loose on how quickly they changed active to under contract. What are the Metrolist rules on that?
Kevin Best: All statuses need to be updated within 72 hours.
Kevin Best: So whether it goes from active to under contract or even from listing agreement to active in the system, unless the listing agreement says different, it needs to be done within 72 hours.
Interviewer: Good information, thanks, appreciate it.
Kevin Best: Thanks Dan.