January 2020 Edition
January 2020 Edition
Clear Cooperation Policy
“Have you ever received an inquiry about a property for sale but couldn’t find it in the multiple listing service?” Kathy Elson, CEO of Connecticut’s statewide SmartMLS, posed that question to a large roomful of MLS participants in January 2019.
The overwhelming response was yes, and that, she told the group, is why the MLS would soon be requiring its participants to enter publicly marketed listings into the MLS.
At the time SmartMLS was one of a few MLSs to have implemented or considered such a measure. Now, a similar rule is poised for nationwide rollout.
In November, the National Association of REALTORS®’ Board of Directors passed Statement 8.0 of the Handbook on Multiple Listing Policy, also known as the Clear Cooperation policy.
The policy requires listing brokers to submit listings to the MLS for cooperation with other MLS participants within one business day of marketing the property to the public.
Source: Moncrieff, Stacey. “Restoring the Norm of MLS Cooperation.” REALTOR Magazine Jan-Feb. 2020.
Existing-home sales fell in November, taking a small step back after October’s gains, according to the National Association of Realtors®. The Northeast and Midwest both reported growth, while the South and West saw sales decline.
Total existing-home sales decreased 1.7% from October to a seasonally-adjusted annual rate of 5.35 million in November.
However, sales are up 2.7% from a year ago (5.21 million in November 2018). Lawrence Yun, NAR’s chief economist, said the decline in sales for November is not a cause for worry.
November 2019 existing-home sales in the Northeast grew 1.4% to an annual rate of 700,000, down 1.4% from a year ago. The median price in the Northeast was $301,700, up 3.9% from November 2018.
REPORTING DATA INACCURACIES
In an ongoing effort to maintain the integrity of the data on our system, we use a Data Checker program that automatically inspects the data in hundreds of listing fields.
There are, however, some areas where our Data Checker program falls short, such as alerting us when a listing is not being made available for showings, or when a listing should be marked SHOW but has not been.
That is why, in addition to our automated programs, we still rely on our users to help us make sure listing data is as accurate and dependable as possible.
NOW AVAILABLE: Compliance Corner Archive!
Have you ever wanted to revisit a past Compliance Corner article that is no longer available in Matrix? Now you can. Simply click this link Compliance-Corner-Archive or enter compliance corner in the SMARTDESK search bar and you will be able to view all past articles.
As always, please feel free to contact the Compliance Team for additional information.
November 2019 (By County)
Based on data supplied by SmartMLS, Inc. for all property types. Analysis dates are November 1, 2019 through November 30, 2019. This graphic does not reflect all activity in the marketplace. Copyright (C) 2020, SmartMLS, Inc. All rights reserved.
What’s Coming Up
At the end of 2019, we rolled out an updated and enhanced SmartMLS Member Dashboard. While the layout is a bit different than its predecessor, the new Dashboard still provides quick access to all of the Smart products and services that you and your agents rely upon. We are excited to announce that we will be adding two new tiles to the Dashboard: MyFloodStatus and Homesnap.
MyFloodStatus is a flood zone determination feature that is embedded within our Matrix system. It allows you to purchase accurate and detailed structure-based flood zone determination reports. This is a great tool for both Buyer’s and Seller’s Agents.
Hopefully Homesnap is a household name within your office. It is the official mobile app of SmartMLS, and as such, all SmartMLS agents are provided with the upgraded version of the app (Homesnap Pro) as a no-cost member benefit. Homesnap Pro lets you stay connected with clients and access all of your MLS data while you’re on the go.
Plus, you’ll be automatically designated as the agent to contact on all of your active listings, and all questions and showing requests will be sent directly to you, for free. On top of all that, a new version of the app is coming soon that includes more advanced search features, a new map interface and more listing editing options.
There’s a lot more to come in 2020- stay tuned!
Kathy Elson, CEO
Flooding will happen…Incorrect determinations should not! MyFloodStatus gives you accuracy, protection and peace of mind.
These low-cost, structure-based flood determination reports allow you to confirm, challenge and know the true flood status of any property. MyFloodStatus shows you the details with layered mapping and proprietary technology that allows visual verification of the structure location in relation to the flood zone. For just $30 you will receive a pinpoint accurate, certified and insured MyFloodStatus flood determination report.
The CT REALTORS® Foundation is proud to once again partner with the Connecticut Coalition to End Homelessness for our fourth annual “be homeful for the holidays” campaign.
This campaign raises emergency assistance funds to help local families stay in the comfort of their homes and avoid experiencing the trauma of homelessness. Experiencing homelessness as a child is a prime indicator for experiencing homelessness as an adult, so our efforts can literally break the cycle of homelessness for generations to come.
For every $25 donation, a Paddington book, bear or blankie will also be gifted to a child living in a shelter over the holidays. It’s a win-win for CT’s children in need!
Click this button to learn more:
Existing-home sales rose in October, a slight recovery from the declines seen in September, according to the National Association of Realtors®. The four major U.S. regions were split, with the Midwest and the South seeing growth, and the Northeast and the West both reporting a drop in sales.
Lawrence Yun, NAR’s chief economist, expects added growth in the coming months. “Historically-low interest rates, continuing job expansion, higher weekly earnings and low mortgage rates are undoubtedly contributing to these higher numbers,” said Yun. “We will likely continue to see sales climb as long as potential buyers are presented with an adequate supply of inventory.”
October 2019 existing-home sales in the Northeast fell 1.4% to an annual rate of 690,000, with no change from a year ago. The median price in the Northeast was $296,700, up 5.7% from October 2018.
When Does My Listing Start??
…and what date should I enter in Matrix??
Fields to consider:
If the LIST DATE and SIGNATURE DATE(S) are the SAME, this is the date your listing legally begins and the date you enter in Matrix as the List Date.
If the LIST DATE and SIGNATURE DATE(S) are DIFFERENT, the listing legally begins AND the date you should use as the List Date in Matrix is the latter of the two. (Example: List Date 11/1/19, Signed 11/3/19, Listing legally begins on 11/3/19)
If the listing is subject to a DELAYED ENTRY clause, the listing legally begins on the date determined above in scenarios #1 or 2. HOWEVER, you use the DELAYED ENTRY DATE in Matrix as the List Date. This avoids the accrual of market time prior to entry into Matrix.
Listing Date or Compliance questions?
Please email us at:
October 2019 (By County)
Based on data supplied by SmartMLS, Inc. for all property types. Analysis dates are October 1, 2019 through October 31, 2019. This graphic does not reflect all activity in the marketplace.
Copyright (C) 2019, SmartMLS, Inc. All rights reserved.
As we wrap up the year, it is a good time to reflect upon all we have accomplished together and look forward to what is on the horizon.
2019 was a busy year all around:
Additionally, we made significant enhancements to some of our programs and policies, specifically the Delayed and Withhold from MLS listing policy changes instituted this past Spring. Although this was a substantial change for many users, the cooperation and understanding that we received was overwhelming.
The rollout of these changes was, by and large, a huge success- a feat that could not have been accomplished without you! Thank you for being so flexible and patient, and for working with us (especially our very busy Compliance department) to help insure that our MLS data is more accurate and dependable than ever.
We are very excited about 2020. We look forward to providing more MLS system enhancements, including a mobile-optimized website that will make it a lot easier for you to access all of the SmartMLS products and services from your mobile device.
Thank you for helping make SmartMLS the best MLS out there.
Kathy Elson, CEO
Which websites generate the highest number of leads for your listings? Where are buyers spending more time viewing your listings? ListTrac offers members of the real estate community a real-time dashboard, detailed listing metrics, and reports providing a complete picture of how their listings are performing in the MLS, IDX, and syndication websites.
ListTrac’s dashboard provides real-time metrics related to your listing activity across the web with views catering to brokers, agents, or MLS executives. ListTrac delivers a weekly newsletter for brokers, agents, and MLS execs to view a summary of online activity related to their listings. Let a seller know how many times their home was viewed online or how many people inquired about their home using ListTrac’s sellers report.
SmartMLS will close at 3PM on Monday December 23rd and will be closed Christmas Eve and Christmas Day. Offices will close at 3PM on New Year’s Eve and will be closed on New Year’s Day.
Have a safe and happy holiday season!
Keith Urban, a concert for recovery
Powered by CT Realtors with special guest Travis Denning.
SmartMLS is holding a Silent Auction to help raise much needed money to help those who are suffering from opioid use disorder within the state of Connecticut.
The winner of the auction (the highest bidder) will receive two tickets to the upcoming Concert for Recovery at Mohegan Sun Arena on Sunday, November 17th with exclusive access to the SmartMLS luxury box for this worthwhile event.
Existing-home sales receded in September following two consecutive months of increases, according to the National Association of Realtors®. Each of the four major regions witnessed sales drop off last month, with the Midwest absorbing the brunt of those declines.
Lawrence Yun, NAR’s chief economist, said that despite historically low mortgage rates, sales have not commensurately increased, in part due to a low level of new housing options. “We must continue to beat the drum for more inventory,” said Yun, who has called for additional home construction for over a year. “Home prices are rising too rapidly because of the housing shortage, and this lack of inventory is preventing home sales growth potential.”
September existing-home sales in the Northeast fell 2.8% to an annual rate of 690,000, a 1.5% rise from a year ago. The median price in the Northeast was $301,100, up 5.2% from September 2018.
Help Us Help You
Five Compliance Keys
1. Be sure to include the MLS# in any communication to the MLS about a listing data concern.
2. Do not ignore a listing violation inquiry notice! A lack of response by the due date will result in a fine. Once a fine is issued for a compliance violation, it cannot be waived.
3. Every edit to your listing causes our Data Checker program to automatically review every field and flag any possible inaccuracies. You will receive a notification email if an explanation or correction is required.
4. Use the Listing Data Checker widget found on the Matrix home page to track any listing violations that you may have received. Watch this short video for detailed instructions.
5. Avoid missing compliance notices – Add your office administrator to the Compliance notification alerts. Send an email to Compliance@SmartMLS.com with the Administrator name, MLS User ID and email address.
September 2019 (By County)
Based on data supplied by SmartMLS, Inc. Analysis dates are September 1, 2019 through September 30, 2019. This graphic does not reflect all activity in the marketplace. Copyright (C) 2019, SmartMLS, Inc. All rights reserved.
Although SmartMLS has business hours 7 days a week, there are times when you may need some assistance with one of our products or services but there is not a live SmartMLS team member available for you to speak with. However, that does not mean you are out of luck.
We have an online knowledge base, The SmartDesk, which is available 24/7 to get you through those times where you’re working outside of our business hours and need a little push in the right direction. This collection of articles ranges from quick answers to basic questions all the way to detailed, step-by-step instructions (with screenshots) for more complex issues.
You can access the SmartDesk directly from our corporate website (smartmls.com) by clicking Help Center, as well as from the Member Dashboard and the External Links widget on the Matrix home page. Additionally, many of the email replies we send after support interactions include a link to the SmartDesk.
Currently, we have almost 1,100 self-help articles. We’re constantly adding new content, so make sure to check back frequently. Also, please let us know if there is a topic you would like covered- we’d be happy to add it to make your life easier.
Kathy Elson, CEO
immoviewer automatically creates MLS compliant video content directly from your SmartMLS listings, complete with unbranded landing pages, downloadable videos, PDF flyers, and easy SSO integration. Every SmartMLS immoviewer account also comes with a unique immoviewer 3D tour integration that requires no subscription!
And if you want to present your listing in 3D and 360º, as shown below, immoviewer’s software platform can make it happen. Your first one is free and after that each 3D 360° tours is just $25 per listing, or you can add a Floor Plan and its just $69 per listing.
SmartMLS will close at 3PM on Wednesday November 27th and will be closed Thanksgiving Day and the day after. Normal hours resume on Saturday November 30th. Have a safe and happy Thanksgiving!