Listing Etiquette
Friday 28 September 2007
Don't use other agent's photos
When houses linger on the market, often the "For Sale" sign in the front yard will change more than once. In this market, it is increasingly common for frustrated buyers to transfer a listing to another agent if they feel a sale is taking too long. If one of your clients asks you to take over a listing, it is important to show professional courtesy to the former listing agent.
The biggest complaint: Don't steal my photos! We have received complaints that some new listing agents are using the old agent's photos. While there are no specific MFRMLS Rules and Regulations against this practice, photos do belong to the agent that took them. If you take over a listing, please make the effort to take your own photos. It will show a professional courtesy to the former listing agent, and it will show your client that you are ready to put new effort into selling their home.
RatePlug Helps Mortgage Brokers In a Tough Market
Friday 28 September 2007
Realtors: Take this chance to strengthen your business relationships
In this market, Realtors are not the only ones hungry for business. As mortgage brokers tighten their belts, chances are, they're knocking on your door for referrals. It's a good time to strengthen your relationships, and RatePlug - available as a free value-added feature of your MLS subscription - can help.
Smart homebuyers often qualify for financing before they begin their hunt for a home. That puts mortgage brokers in a position to refer business to Realtors, and lenders are most likely to refer to Realtors who show they're serious about returning the favor. RatePlug is a perfect way to start building a relationship with a lender.
What is RatePlug?
RatePlug allows you to include mortgage options from up to three of your favorite lenders at the bottom of each listing you Email from MLXchange. The benefit for your clients is that, with each listing, they get accurate, up-to-date information showing a realistic monthly payment for the property, including property taxes. The benefit to you is that you provide a valuable tool to your clients.
For lenders, the benefit is clear. While RatePlug is free for Realtors, lenders pay $49.95 per month to allow them to affiliate with up to 10 agents.
Is your favorite lender part of the RatePlug network?
Sign up to find out. The sign up process is quick and easy, and you can do it online. Sign up here. Once you've signed up, you can search the network and select from up to three available lenders. Don't see your favorite lender? Tell them about RatePlug and that if they sign up, you'll include them with every listing you Email. Lenders can sign up here.
Send Automatic Listing Notifications With MLXchange
Friday 28 September 2007
Keep clients abreast of relevant new listings as they hit the market
Do you notify clients as soon as new listings that fit their requirements hit the market? Do you get a notification?
Living in the information age, we expect instant access to news that is important to us. When looking for a home, there is little news of more personal importance than a new home prospect. As Realtors in a tough market, having the ability to move quickly and give our clients top service is key to our success.
MLXchange allows you to send frequent automatic updates to your clients - and to yourself - and it allows you to view a running tally of updates.
Enter Client in Client Manager
The first step in taking advantage of the advanced features in MLXchange is entering your client in the Client Manager. This will help you stay in touch with your client and give you access to an array of useful tools.
Save a Search
Once you've established a client in the Client Manager, perform a search for listings that meet their criteria. Once you get the result you want, use the drop down menu on the bottom of the Results Screen to save the search. Give it a name and a description, and link it to your client.
Select Notification Settings
Once you have associated a search with a client, MLXchange will give you notification options. If you want to send frequent updates via Email to your client, click the check box next to "Send to Client." Remember: the client's Email address must be in the client manager for this to work. Next, select the Email template you want to use to send the notifications. Choose the frequency of the Emails: does your client want an Email every day? Or will once a week do? Finally, you can choose to have an Email sent to yourself each time one is sent to your client so you know what listings they are seeing. You can even select to view the listing with a different report template so you can quickly access the information that is important to you, but that you don't want a client to see (like showing instructions or the listing agent, for example).
View Listings In Client Manager
At any time, you can view your contact in the Client Manager to see the history of Email notifications. This way you'll have an up-to-date list of all the listings that have been sent, so you'll never be caught off guard when a client asks you about one of them.
Bulk Email Issues
It is important that you have your client's permission before setting them up to receive automatic Email updates. If your client has not asked for them, they could regard your Emails as spam. Clients always have the option to unsubscribe from your automatic Emails, and MLXchange will immediately and automatically respond to their request. Because automatic Emails must be sent from a bulk Email server, for some clients your Emails may show up in their bulk Email folder. Call your client to make sure they are receiving your Emails. If not, have them check their bulk Email folder and set their mail client to accept your Emails.
Info Icon Helps You Eliminate Listing Errors
Friday 28 September 2007
New tool in our campaign to reduce fines
We are on a campaign to reduce fines and improve the accuracy of the data in your MLS. Critical to our effort is giving you the tools you need to avoid making listing errors. Our newest update puts important listing Rules and Regulations at your fingertips in the Listing Maintenance section of MLXchange. Next to the most important Listing Maintenance fields, you'll see the Info Icon. Clicking on the Info Icon opens a window with important information including dos, don'ts, and tips on how to properly format the data. If you have questions about how to input information in Listing Maintenance, chances are you'll be able to find the answers here.
The new Info Icon joins the Tax Autopop and Pop-up Reminders in our arsenal of technological tools designed to keep the MLS accurate and help you avoid fines.
MLX Professional Upgrade Successful
Thursday 13 September 2007
Thousands upgraded in August 2007
Since we made MLX Professional the standard version of MLXchange for all MFRMLS subscribers, nearly 8,000 upgraded and began taking advantage of the advanced features. Our Help Desk reported very little call volume related to the upgrade, indicating most subscribers enjoyed a seamless transition.
MFRMLS is proud to offer all our subscribers the MLX Professional service. For many Realtors in other MLSs, the Professional upgrade comes with an additional monthly fee, but for you, it is a standard part of your subscription.
Take advantage of free training
If you just recently upgraded to MLX Professional, consider signing up for one of our training sessions. Training is a free value-added benefit of your MLS subscription. At a training session, you will learn about the advanced features of MLX Professional and how to make them work for you. Check out the Events Calendar on www.mfrmls.com to see when we will be holding an MLX Professional Training Class at your local association headquarters.
On the Waterfront
Thursday 13 September 2007
When is a property considered waterfront?
We all know that waterfront property is worth more than land-locked lots, but we must be careful about how eagerly we label our listings as "waterfront" or "lake view." Imagine your client’s disappointment when the "waterfront" property you've taken them to turns out to be next to a glorified retention pond; imagine your embarrassment. Or worse yet, imagine if the listing agent meant "lake view" to apply to the neighborhood, while the property you are showing offers no lake view at all.
Be courteous to your fellow Realtors, and be honest about the water features of the property you are listing. Although the MFRMLS has no hard and fast rules that distinguish the difference between a pond and a lake, we ask you to look at a property through the eyes of a buyer's agent, and give them the tools they need to represent your property accurately. Also, remember to distinguish community features from the features of the specific property.
Brokers: Check Your Accounts Online
Thursday 13 September 2007
Office suspensions begin September 17, 2007
As you know, as the broker, you are ultimately responsible for the MLS subscription fees for all agents in their office. In the first week of July, we suspended service to those individual subscribers who had not paid their 2007-2008 MLS fees and added a $40 late fee. If those balances remain unpaid on Monday, September 17, the entire office risks MLS service suspension. Eliminate that possibility by making sure your account is current. Log into our online payment center where you'll be able to see if any agents in your office have an outstanding balance. If they do, you have two options: 1) pay the balance or, 2) if the agent is no longer active in your office, file a Form #2050 with your local association and we will remove that agent's charges from your account.
Fines down 46% Since April 2007
Thursday 13 September 2007
When Jack Vahey took the reigns as MFRMLS President in April 2007, he set an ambitions goal of improving the accuracy of the data in the MLS and reducing fines by 85%. We are happy to report that we are well on the way. In July, the number of fines constituting the top 5 listing violations totaled just slightly over half the number for April: a huge decrease. Since the beginning of our fiscal year in November 2006, we've seen a drop of 67%. As the trend continues, it seems we have Jack's goal of an 85% reduction in our sights.
Why do we fine?
Fines are a necessary evil. One of our primary missions is to make sure the data in your MLS is as accurate as possible. Fines have proven very effective in enforcing the Rules and Regulations, but we would prefer not to fine our subscribers at all.
Education is key
If each subscriber has a thorough understanding of the MFRMLS Rules and Regulations, the number of listing mistakes will decline, as will fines, and the accuracy of the data will increase. Our Listing Maintenance class has proven a huge success, drastically reducing the number of first-time offenders. Our Rules and Regulations are now searchable from www.mfrmls.com making it easier than ever for you to get answers to important listing questions, and of course, we've featured the top listing violations each month in this e-zine, giving you tips on how to avoid common fines.
Software upgrades
We have aggressively implemented software options within MLXchange to help reduce the possibility of entering inaccurate data. The Tax Auto Pop feature not only provides a properly formatted Tax ID, but it automatically completes nearly a third of the required fields with information from the county records. The compensation field has a pop-up reminder illustrating the proper formatting, and new upgrades prevent you from being able to enter most types of unacceptable formats. Regarding photos, our policy of submitting an "Association Loaded" photograph for photo violations has eliminated the occurrence of multiple fines on individual listing. Later this month, an upgrade to listing maintenance will introduce a information icon to the most important fields, which means you'll have access to important listing rules at your finger tips (we'll give you more information about this new feature in our next e-zine).
Thanks to you!
Additional software upgrades have made it easier for us to identify listings in violation, allowing us to catch more than ever before. The fact that, despite the improved technology, fines are still on the decline is testimony that you have made an effort to make sure your listings are right the first time. Keep up the good work. You’re the key to helping us reach Jack's goal of an 85% reduction in fines.