Phone-Free Transactions
Friday 19 January 2007
Wouldn't it be nice if the first call you received from a buyer's agent was an offer?
How to cooperate on a sale with minimal phone calls
Do you ever feel that you could actually get some work done if only your phone would just stop ringing? As real estate professionals, we live and die by the phone--so wouldn't it be nice if we could find a way to eliminate as many unnecessary calls as possible?
You may be surprised to discover what we consider an unnecessary phone call--any request for showing instructions or important documents like the Seller's Disclosure. Why? Because we've integrated technologies with MLXchange that allow Realtors to complete these tasks with the click of the mouse, without ever having to pick up the phone.
ShowingTime
ShowingTime is a feature seller's agents can activate on any or all of their listings. Once activated, the ShowingTime icon appears with other listing data on the "details" screen. With it, a buyer's agent can automatically view showing instructions, and if necessary, request to schedule a showing. The recent addition of "ShowingTime" as one of the drop down options for the "Showing Instructions" field makes it easier than ever to use. Read more about the benefits of ShowingTime >>
Attachments
Since we upgraded to MLXchange 2.0 in 2005, you've had the ability to upload documents to your listings, and you've been able to view documents posted by others on their listings. Perhaps the most valuable document subscribers attach to their listings is the Seller's Disclosure statement, which you can download as soon as your client is ready to make an offer. Find out more about attachments >>
If you employ both of these features on your listings, you give buyer's agents everything they need to present the property--meaning the first phone call you get about a listing could be an offer, and wouldn't that be nice.
Wireless Solutions are Almost Here!
Friday 19 January 2007
Enhanced technology goes live on February 6, 2007
Starting February 6th, you'll be able to search the entire MLS using your compatible wireless hand-held device. Email you customers listing reports, including full-color photos. Perform property searches, agent and office roster searches, and hotsheet searches from where ever you happen to be. Impress your customers with on-the-spot results. Best of all, MLX Wireless is another no-cost, value-added benefit of your MFRMLS subscription.
In our next issue, we'll have more details on how to take advantage of MLX Wireless.
How to Enter Range-Price Listings
Friday 19 January 2007
If you want to list a property with range pricing, there a few simple rules you must follow:
- You must enter "Y" into the Value field for "Range Pricing Y/N"
- In the comments Section, add "Seller will entertain offers between $x (low price) and $y (high price)"
- The List Price MUST be the high price in the range
- The low price MUST be the low price in the range
If you frequently employ range pricing, you should review all you active listings to make sure you've complied with these rules.
New Photo Rule:
Friday 19 January 2007
The front exterior shot should occupy the first photo position on MLXchange.
Exterior photo should be front and center
MFRMLS Rules and Regulations have always required each listing to have a front exterior photo or rendering of the property, but has not specified what position that photo should occupy. As a result, some listing agents opt to feature the pool or an interior shot first. This practice defies Realtor's; expectations and makes comparisons more complicated for buyers.
A new rule going into effect on February 1st, 2007 requires that the front exterior photo occupy the #1 position. Pool photos and interiors are still encouraged, but they must occupy the 2-10 slots. Each listing except for vacant land must have a front exterior photo. Enforcement of this rule begins on February 1st, so check all your listings to make sure you don't receive a fine!
Avoiding Photo Fines
Friday 19 January 2007
Photo violations are one of the easiest violations to avoid because you can select "Association Loaded" and MLS's photographer will photograph your property and upload it free of charge. Nonetheless, photos remain the number one listing violation. Here are some tips on how to avoid photo fines based upon what we've been hearing from you:
I'm so busy, sometimes I forget to go back to a new listing to upload a photo.
It's easy to do: your clients are eager for you to get their listing up, you have everything you need to post the listing except the photo, and you mean to get by to take the photo, but life gets in the way. If this sounds like you, it would be a good idea to select "Association Loaded."
I don't choose "Association Loaded" because I like my own photos better.
We upload hundreds of photos daily, and the MLS photographer does a professional job. However, if you take a photo you like better, you can always upload your own photos at any time.
When I chose "Association Loaded" and later upload my own photo, sometimes MFR overwrites my photo.
This can happen. Once you select "Association Loaded," we will send a photographer to the property and upload the photo. The process is automated, so we can't check to see if there's already a photo, and as a result, if you've already uploaded photos, we will overwrite your first photo. If this happens, you can always replace our photo with the original image. And know this: we'll never overwrite any of the images in position 2-10.
New Showing Feedback service is now part of ShowingAssist
Friday 19 January 2007
Would you like to know how well your listings showed to prospective buyers?
A free Showing Feedback service is now available as part of the ShowingAssist service already provided by MFRMLS. ShowingAssist lets showing agents request showings and view showing instructions online through the MLS.
Now, for showings requested through the online service, an automatic request for feedback on the property will be emailed to the showing agent after they have viewed the property. The showing agent just has to click a link in the email and type in any comments they have - and you will instantly be notified by email of the new feedback! The feedback on your listings can also be viewed online as part of the showings reports in ShowingAssist. To see these reports, just click on the "Smartlinks" option on the MLXChange home page, and click the "Configure ShowingAssist" button.
For more information, go to >>
Things to look forward to in 2007:
Monday 08 January 2007
2006 was a great year at MFRMLS, but 2007 promises to be even better, with exciting developments like these:
MLX Wireless
In early 2007, you’ll be able to search the entire MLS from your compatible wireless hand-held device. Search hotsheets, properties, and agent and office rosters. Email listing reports, including photos, any time, anywhere. The best news? MLSWireless won’t cost extra! It’s a value-added service included in your fee.
Listing Maintenance Class
In January of 2007, we will begin offering a new Listing Maintenance Class. The class will cover all the most common listing violations, and we’ll give you some tips about how to avoid making them. Everyone who uses Listing Maintenance should take this free class; it could prevent you from receiving future fines.
2006: The Year in Review
Monday 08 January 2007
E-Billing and Online Payment Proved a Great Success
We are dedicated to constantly improving our services and the value of the tools we provide, and in 2006, we made major enhancements in both areas. We instituted E-billing, introduced anti-fine features, rolled out value-added features, and were still able to offer rebates and incentives to our subscribers.
E-Billing Proved a Great Success
We started 2006 after a successful first attempt at instituting an electronic billing and online payment initiative. Nearly 23,000 subscribers--almost 90%--received their E-Bill (and a final traditional paper invoice) and paid online in December, 2005.
Then in May, 2006 MFRMLS cut out the paper altogether and conducted its first exclusively electronic billing cycle. Online payers received a significant online payment discount. E-Billing and online payments were designed to reduce operating costs, allowing us to fund the rich resources that make the MLS a valuable tool for your business.
Fine Reduction Features
It’s important to all subscribers that MFRMLS provides reliable, accurate listing data. Fines help reduce violations, but fines are no fun for our subscribers and they are no fun for MFRMLS. In an effort to reduce fines, features such as Compensation pop-ups and Tax Autopop were developed, and a new Photo Policy eliminating multiple fines was instituted.
With the new policy, listings fined for not having a photo default to "Association Loaded" to avoid subsequent fines.
Compensation Pop-Up
The compensation pop-up was introduced as a reminder to include compensation in the correct format: dollar amount and/or percentage of sales price. This helped reduce fines for our subscribers.
Tax Autopop
Tax Autopop is a valuable feature that reminds you of proper formatting of Tax ID’s, which enables you to link directly to county tax records, and automatically fills out several of the required listing fields, including Legal Description.
New Photo Policy – No More Multiple Fines
Most MFRMLS subscribers understand that a listing without a photo is subject to a fine. You can indicate on a new listing whether the photo will be Broker Loaded or Association Loaded. If you choose the latter, the MLS will take the photo and load it for you within the grace period. Subscribers who chose "Broker Loaded" and fail to load a picture within 7 business days face a fine as before—but under the new policy, once the fine is levied, the property will default to "Association Loaded" and an MFRMLS photographer will load the image. This new policy eliminates all multiple photo violations for individual listings.
Value-Added Features
Most subscribers are not fully aware of all the value-added features included with their MFRMLS membership. In 2006, the following four features were added.
Rateplug
In September, MFRMLS subscribers became able to include mortgage rate quotes from up to three preferred lenders when E-mailing listings to clients. The lenders loved the increased visibility, and the clients enjoyed having customized payment estimates based on current interest rates, asking price, property taxes, and insurance.
Supra KeyBox Integration with MLXchange
MFRMLS provided access to the Supra KeyBox technology from MLXchange, allowing you to display KeyBox settings, Make KeyBox assignments, and display KeyBox showing activity reports without leaving MLXchange. This allows MLXchange to continue to be the hub for all your real estate activities.
ShowingTime Improves
ShowingTime is a wonderful tool that allows instant access to showing instructions without picking up the phone. It also allows you to request showing instructions online. Now it’s even easier to use ShowingTime, because it’s included as an option in the “Showing Instructions” field’s drop-down menu.
MFR Secure - Phase II
Phase II of the MFR Secure program more fully realized the potential of the security provided by the Loginkey ™ . This initiative, including concurrent login limitations, inactivity time-outs, and general session timeouts, was designed to prevent unauthorized users from gaining access to the valuable information contained in your MLS – private information you pay for.
Incentives and Rebates
Even with all the new features and services, the Board of Directors authorized subscribers who paid online and on-time to receive up to $100 in incentives and rebates, based on when they last paid Participation Fees.
Follow the links to read tips on how to avoid making these listing errors
Monday 08 January 2007
(Follow the links to read tips on how to avoid making these listing errors.)
1. Missing Photos
2. Tax Id's
3. Compensation Errors
4. Contact Info in Remarks
5. Virtual Tours
Missing Photos Still the Biggest Problem
Despite education efforts, missing photos remains the number one violation; however, the Tax ID Pop-up has clearly helped as we’ve seen a decrease in these violations by 17% since November 2006.
Who’s Receiving Fines?
97% were "first-time offenders," and we anticipate our new Listing Maintenance class will help eliminate many of these first-time listing errors.
How is the Subscriber Education Program Working Out?
We have good news! December showed a decrease of approximately 19% in the number of fines compared to November 2006. We hope this is the start of a downward trend as subscribers begin paying better attention to finable data entries.
Comparables Analysis Made Easy with iLinks
Monday 08 January 2007
Can you use your computer to point, select, and click? Then you can perform a Comparables Analysis using iLinks. A Comparables Analysis is not an appraisal or even a CMA; it is a quick price opinion that can be used to check the range that a property should sell for.
What is a Comparables Analysis used for?
A Comparables Analysis is an impressive way to suggest that a Seller price their property realistically, or to convince a Buyer that a property is a particularly good deal. This is not a new feature, but one some subscribers may not know about, designed to make your job easier.
How do I prepare a Comparables Analysis?
- Find the property by using an "iMapp Tax Search" or by clicking the "iMapp Tax" link with MLXchange.
- Select the "Comparables" tab.
- The system immediately goes to work to search for properties with the same use.
- It will also display the default "Comparison Criteria."
- Make any necessary changes to the default selections by choosing an alternate criterion for each drop-down list.
- Analyze the results and "uncheck" the properties you do not wish to use.
- After you’ve made your changes, select the "Update Criteria" button.
Up to thirty comparables results will display. Each result will be assigned a Value Ratio (the ratio of the Last Sales Price for the Property to the Current Assessed Value) and a Price Per Square Foot (the Latest Sales price divided by the building square footage).
The "Statistics" section calculates the Highest, Lowest, Average, and Median of each ratio for each comparable property. These ratios are then applied to the subject property to determine the most likely sales price. This is called the "Projected Sales Price."
Comparables that do not seem to be a good fit should be reviewed and deselected. Some may be deselected by the system by default. The system also ranks more highly comparables that are closer to the subject property, are more recent, and have similar features than those that are farther away, or sold less recently.
Note: For further information, go to www.iMapp.com
Rules and Regulations Change: Virtual Tours
Monday 08 January 2007
In the past, MFRMLS Rules and Regulations allowed no contact information in a virtual tour--not even the virtual tour company’s information. In a recent decision, the MLS board has decided to allow ONLY the virtual tour contact information to appear on the virtual tour. Since simply having the virtual tour contact info won’t help a buyer contact the seller’s agent, this does not undermine the atmosphere of cooperation the MLS fosters.
The added verbiage is in italics, below:
Section 7. Violations of sub-sections A-O will result in the application of the progressive fine formula:
C) Virtual Tours/Photo Sections: For entering company or agent logos, agent photos, commissions, bonuses or any contact information in the virtual tour or photo sections. Only photographs, site plot, property sketch, property line art or survey of the property can be entered in the virtual tour and all photo fields. Virtual tour company contact information is the only contact information that is allowed on the Virtual Tour.
Make a Custom Label for your GIS Map
Monday 08 January 2007
One handy feature of your Integrated Realty Information Service (IRIS) toolbox (an iMapp program accessible through MLXchange) is the ability to make custom labels on your Geographic Information System (GIS) Map.
Why would I want to print a custom label?
With this feature, you can label points of interest on a map and print it out for clients. Locate schools, shopping, houses of worship, employers, and other points of interest.
How do I print a custom label?
Select the "Label an Object on the Map" icon.
The "Label What?" dialog box will appear. Select "Custom Label." When the "Custom Label Input" dialog box appears, type in the text you want to see displayed on the map. You can also select options for the font, font style, size, and color, with the "Select" button. Then click "Okay."
At this point, the mouse pointer will change from an arrow to a crosshair (+). Left click one time on the GIS map at the position you want your label displayed. Voila! You can now print the map for your customer.