January 2020 Edition

IN THE NEWS

 

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.

Read the rest of the article here.

Source: Moncrieff, Stacey. “Restoring the Norm of MLS Cooperation.REALTOR Magazine Jan-Feb. 2020.

NATIONAL SNAPSHOT

 

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.

 

 

DATA INTEGRITY

 

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.

Click here to see where you are able to report these types of issues.

 

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.

 

Connecticut Real Estate Market Trend Recap

November 2019 (By County)

Average Sales Price

CountyPrice
Fairfield$417,977
Hartford$229,588
Litchfield$254,303
Middlesex$280,198
New Haven$234,267
New London$252,879
Tolland$213,273
Windham$203,429

Number of Units Sold

CountyUnits
Fairfield1,340
Hartford1,136
Litchfield342
Middlesex265
New Haven1,217
New London416
Tolland177
Windham159

Average Days on Market

CountyCDOM
Fairfield113
Hartford76
Litchfield115
Middlesex109
New Haven90
New London124
Tolland105
Windham109

Number of Active Listings

CountyActive Listings
Fairfield8,240
Hartford5,271
Litchfield2,888
Middlesex1,784
New Haven5,797
New London2,830
Tolland1,157
Windham916

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.

CEO UPDATE

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

 

 

PRODUCT SPOTLIGHT

 

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.  

 

TRAINING CALENDAR

january

22jan9:30 am10:30 amWebinar: Take Matrix to the Next Level

December 2019 Edition

WHAT’S NEW

 

Be Homeful for the Holidays 2019

 

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:

 

YES, I want to help

 

NATIONAL SNAPSHOT

 

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.

 

DATA INTEGRITY

 

When Does My Listing Start??

…and what date should I enter in Matrix??

 

Fields to consider:

  • List Date/Start Date
  • Signature Date(s)
  • Delayed Entry Date

 

Scenario #1

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.

 

Scenario #2

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)

 

Scenario #3

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: 

Compliance@SmartMLS.com

 

Connecticut Real Estate Market Trend Recap

October 2019 (By County)

Average Sales Price

CountyPrice
Fairfield$387,404
Hartford$236,241
Litchfield$246,476
Middlesex$301,062
New Haven$245,227
New London$250,283
Tolland$214,897
Windham$188,889

Number of Units Sold

CountyUnits
Fairfield1,553
Hartford1,255
Litchfield363
Middlesex295
New Haven1,275
New London507
Tolland188
Windham173

Average Days on Market

CountyCDOM
Fairfield108
Hartford75
Litchfield152
Middlesex105
New Haven91
New London100
Tolland89
Windham74

Number of Active Listings

CountyActive Listings
Fairfield9,163
Hartford5,722
Litchfield3,111
Middlesex1,896
New Haven6,385
New London3,000
Tolland1,227
Windham968

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.

CEO UPDATE

 

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:

  • Closed listings volume went up almost 4%.
  • SmartMLS membership went up by almost 5%.
  • SmartMLS solved over 100,000 support tickets.

 

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.

Happy Holidays!

 

Kathy Elson, CEO

 

 

PRODUCT SPOTLIGHT

 

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.

 

Learn More about ListTrac

 

SmartMLS Holiday Hours:

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!

DECEMBER WEBINARS

November 2019 Edition

WHAT’S NEW

Silent Auction

 

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.

 

 

Please see the auction webpage for more information and to place your bid.

 

 

NATIONAL SNAPSHOT

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.

 

DATA INTEGRITY

 

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.

 

 

Connecticut Real Estate Market Trend Recap

September 2019 (By County)

Average Sales Price

CountyPrice
Fairfield$430,501
Hartford$239,470
Litchfield$280,958
Middlesex$262,302
New Haven$229,302
New London$240,356
Tolland$218,518
Windham$208,307

Number of Units Sold

CountyUnits
Fairfield1,517
Hartford1,230
Litchfield372
Middlesex305
New Haven1,336
New London481
Tolland210
Windham161

Average Days on Market

CountyCDOM
Fairfield94
Hartford71
Litchfield129
Middlesex106
New Haven78
New London86
Tolland95
Windham70

Number of Active Listings

CountyActive Listings
Fairfield9,481
Hartford5,787
Litchfield3,183
Middlesex1,997
New Haven6,519
New London3,029
Tolland1,251
Windham1,046

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.

CEO UPDATE

The SmartDesk

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

 

 

PRODUCT SPOTLIGHT

 

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 Holiday Hours:

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!

NOVEMBER TRAINING CALENDAR

X