2008-2009 Board of Directors

Friday 06 June 2008

Welcoming our new Directors

May 1st marked the first official day of the 2008-2009 term for the MFRMLS Board of Directors. On April 18, each Director took an oath to uphold the core principals of MFRMLS and to lead our organization forward. We will look to them to make the best possible decisions on our behalf, and we praise them for so unselfishly giving their time and energy in an a volunteer position, so we may all benefit from their service.

We also recognized the Directors whose terms expired this year and thanked them for the dedication and service that was instrumental in achieving the many extraordinary milestones MFRMLS reached in the 2007-2008 term.

View a list of the current Board of Directors»

MFRMLS Subscription Fees Due June 16

Friday 06 June 2008

Invoices were posted on Friday, May 9

Here’s what you need to know about your 2008-2009 MFRMLS Subscription Fees and how to pay online and on time.

  • Subscription fees are due no later than 5:00PM on Monday, June 16
  • Your invoice was posted on our Online Payment Center Friday, May 9
  • You will receive an E-Bill via Email that will show your subscription fees and point you to our Online Payment Center
  • You will also receive a postcard in the mail letting you know when your invoice has been posted to the Online Payment Center.
  • The Online Payment Center accepts Visa or MasterCard, Discover and American Express. Sorry we cannot accept online check payments.
  • Because of the cost savings provided by our Online Payment Center, manually processed payments will assess a $10.00 Personal Attention Fee.
  • Late payments will assess a $40.00 Late Payment Fee.

Thank you for your participation in MFRMLS!

Fines Down 83% From First Quarter Last Year

Friday 06 June 2008

Compliance Corner

Top Three Violations

Last year, when our Immediate Past President Jack Vahey took the reigns of MFRMLS, he set an aggressive agenda for reducing Violation Fines. To meet his goals we initiated proactive communication efforts to help you understand what the most common violations are and how to avoid them. We also implemented software updates in MLXchange that help keep you from making mistakes. Our Listing Maintenance class ensures that each new member of MFRMLS knows how to enter listings correctly, and many veteran members have taken the class for the opportunity to reinforce their knowledge.

We also implemented Electronic Warning Letters, granting subscribers 24 hours to correct listing violations before drawing a fine. We have found that the vast majority of violations are corrected very quickly. As a result, our monthly fine report has been reduced to a handful, down 83% from the first quarter of 2007.

In fact, fines are down so significantly that for the first time we are presenting you with the Top Three Violations for last month rather than the Top Five. That means the data in your MLS is more accurate than ever.

Did You Get Your E-Bill?

Friday 06 June 2008

MFRMLS Subscription Fees Due June 16

On May 9 – 12, we issued customized E-Bills to our subscribers. The E-Bill detailed your 2008-2009 Subscription Fees, gave you your Login ID, and provided links to our Online Payment Center. We also mailed a postcard to each subscriber, letting everyone know that their Fee Invoice has been loaded into the Online Payment Center. You don’t need an E-Bill to pay online; you can simply go to MFRMLS.com, and click on the “Pay MLS Fees” icon.

Thousands of subscribers have already paid online. Thank you for your prompt payment! If you haven’t paid already, remember Subscription Fees are due by 5:00 PM on Monday, June 16.

Your MFRMLS Subscription Fees are used to provide the state-of-the-art tools you have come to count on such as MLXchange, iMapp, Rate Plug (and more). It is also used to provide you with MLS support staff and training courses, ensuring that you have access to the answers you need to make the MLS services work for you.

New Phone System, New Number

Friday 06 June 2008

Our New Local number is 407-218-8607

On May 17, MFRMLS implemented a new phone system designed to give you improved service. The new system gives us detailed reports on call patterns that allow us to better staff our Help Desk, helping us to meet your demands so you spend less time on hold, less time interacting with our automated system, and more time talking to a friendly Help Desk Professional.

Along with the new phone system came a new local number. The new number is 407-218-8607. Our toll-free number (800-686-7451) and fax number (407-293-6461) remain unchanged; however, many of the phone numbers for individual staff members have changed. You can find up-to-date contact information on mfrmls.com, or you can download a PDF of our MFRMLS Staff Directory»

MFRMLS SHORT SALE RULE

Tuesday 06 May 2008

MFRMLS was founded to provide an atmosphere of open cooperation where Brokers can easily share listing data and be guaranteed compensation for their participation in a sale. The MFRMLS Board of Directors feels that it is in the subscriber’s best interest to allow Short Sales to be listed in the MLS, in order to assist our members and their clients.

Short Sales are a controversial topic, and we understand the opinions regarding how Short Sales should be handled vary widely depending on an individual’s experience and which side of the transaction they represent. The spectrum of opinions within our own membership ranges from disallowing Short Sales in the MLS to not implementing policy regarding Short Sales.

What is a Short Sale?

A Short Sale has occurred if title has transferred for a sales price insufficient to pay the total of all liens and costs of sale; and the Seller was not required to pay additional sums at closing to fully pay all deficiencies.

Why is it important to disclose a Short Sale in the MLS?

MFRMLS considers it a best practice to disclose Short Sale circumstances on the MLS. Although the National Association of REALTORS® has deemed the MFRMLS rule regarding Short Sales “permissive,” we hope all subscribers will exercise it when appropriate.

Offers of Compensation in the MLS are Unconditional. Short Sales are no exception.

Compensation in a Short Sale is not subject to change by third parties.

The offer of compensation made by the listing Broker in the MLS is NOT subject to change by a third party.

An offer of compensation to cooperating Brokers which states that it may be adjusted after execution of a contract for sale and purchase by a third party without the consent of the cooperating Broker is not an unconditional offer of compensation, and is, thereby, in violation of the MFRMLS Rules and Regulations. It is not appropriate to provide notes such as “50/50” or “half of what the lender will pay” in any fields available in MLXchange. Moreover, it is against MFRMLS Rules and Regulations to discuss compensation in any field other than the designated “Compensation” field, and compensation must be listed as a dollar amount, a percentage, or a combination of both. MFRMLS will soon be sending Courtesy Notices to listings that do not comply with this important rule. Take a moment and ensure your listings are in compliance.

The listing Broker is responsible for the compensation to the cooperating Broker as listed in the MLS if the lender approves the contract and the sale is consummated. Under a properly disclosed and properly structured Short Sale, if the lender does not approve the sale, or refuses to pay the compensation, the listing Broker is under no obligation to modify the offer of compensation to meet the lender’s requirements. Under these circumstances a sale would not be consummated and the Listing Broker would not be obligated to pay the compensation to the cooperating Broker.

How to disclose a Short Sale on the MLS

If you decide to incorporate the permissive MFRMLS rule as a best practice, the rule has two provisions that you must adhere to:

The Short Sale condition will be disclosed by selecting the “3RD Party Approval Req” drop down item from the “Realtor Info” field in “Listing Maintenance” in MLXchange.

If the “3rd Party Approval Req” drop down item is selected to designate the Short Sale circumstance, the following disclosure must be included in the “REALTOR® Only Remarks” and the “Public Remarks” sections of the listing:

“Listing price may not be sufficient to cover all encumbrances, closing costs, or other seller charges and sale of Property at full listing price may be conditioned upon approval of third parties.”

The full language of the Short Sale Listings rule (Article 4.1-1C) can be found in the MFRMLS Rules & Regulations »

Guidelines for Handling a Short Sale

MFRMLS has compiled a comprehensive guide that addresses the nuances of handling a Short Sale for both listing agents and buyer’s agents.

Pending Status

Once a contract has been signed for a property in a Short Sale circumstance, even if the contract is subject to approval by a court, lender, or other third party, the status of the property listing must be changed to "Pending" within two business days. Because Short Sale properties may be more likely to fall through, we understand the temptation to keep a listing as "Active," but this does a grave disservice to your fellow real estate professionals that may continue to recommend your client's property, unaware that the property is under contract.

Disclosure of Short Sale Issues to Buyer

MFRMLS attorneys have created a “Disclosure of Short Sale Issues to Buyer” agreement that describes the terms and conditions that a buyer can expect to encounter when they place an offer on a property in a Short Sale circumstance.

MFRMLS Subscription Fees Due Monday, June 16

Monday 05 May 2008

Invoice will be posted on Friday, May 9

Here’s what you need to know about your 2008-2009 MFRMLS Subscription Fees and how to pay online and on time.

  • Subscription fees are due no later than 5:00PM on Monday, June 16.
  • Your invoice will be posted on our Online Payment Center on Friday, May 9.
  • You will receive an E-Bill via Email that will show your subscription fees and point you to our Online Payment Center.
  • You will also receive a postcard in the mail letting you know when your invoice has been posted to the Online Payment Center.
  • The Online Payment Center accepts Visa, MasterCard, Discover and American Express. Sorry we cannot accept online check payments at this time.
  • Because of the cost savings provided by our Online Payment Center, manually processed payments will assess a $10.00 Personal Attention Fee.
  • Late payments will be assessed a $40.00 Late Payment Fee.

Thank you for your participation in MFRMLS!

Welcome Punta Gorda – Port Charlotte – North Port Association of REALTORS®

Monday 05 May 2008

Beginning May 6, the Punta Gorda – Port Charlotte – North Port Association of REALTORS® will begin contributing to our MLS. They are the third of five Southwest Florida REALTOR® Associations to integrate their MLS with MFRMLS. The Venice Area Board of REALTORS® integrated in March, The Englewood Area Board of REALTORS® came onboard in April, and in the coming months, you can look forward to seeing listings from the Manatee Association of REALTORS® and the Sarasota Association of REALTORS®.

MFRMLS Welcomes New President Marty Hunt

Monday 05 May 2008

Friday, April 18, 2008, the Mid-Florida Regional Multiple Listing Service (MFRMLS) swore in its newest President, Marty Hunt. MFRMLS is one of the top five real estate listing services in the country, serving more than 35,000 subscribers from 13 associations — an area that spans from the northern tip of Lee County to West Volusia County.

In 2008 and 2009, Mr. Hunt looks forward to continuing work with MFRMLS' world-class staff to create one of the most member-centric services in the real estate industry. Mr. Hunt says, "Our goal is to offer our subscribers valuable real estate technologies supported by responsive and respectful customer service. We would like to encourage every subscriber to benefit from the world-class services. We will be hiring a marketing professional to effectively promote and publicize the services we offer, which help our subscribers to be successful."

Mr. Hunt is placing education at the center of his platform. "It is important that we have education offerings that give our subscribers the best opportunity to be successful," says Hunt. With new expanded training staff and more formats like online and hands-on classes, MFRMLS is making it easier for subscribers to master the technology available to them.

During Mr. Hunt's time as President, he will also oversee the integration of five new associations to the MFRMLS family. The first of the new member associations, the Venice Area Board of REALTORS®, integrated in April, and the remaining four will go live throughout the spring and into summer. They include: Englewood Area Board of REALTORS®, Manatee Association of REALTORS®, Punta Gorda – Port Charlotte – North Port Association of REALTORS®, and Sarasota Association of REALTORS®. The addition of new associations means subscribers can search more properties from a broader area. The synergies and economies of scale offered by a larger membership allow MFRMLS to provide enhanced services and more value for each subscription.

Mr. Hunt is also dedicated to creating an open dialogue between subscribers and MFRMLS. Mr. Hunt said, "I am extremely interested in hearing about ways to make MFRMLS better for subscribers. I encourage each and every subscriber to provide suggestions to make MFRMLS work harder for them. That’s why we have begun to field regular member surveys to monitor satisfaction trends and identify methods to improve the services provided by MFRMLS."

Mr. Hunt brings 19 years of local real estate service to his presidency, and has served on the MFRMLS Board of Directors for six years. He was also recently awarded the Chairman's Award for Sales Excellence by his firm, Realty Executives.

IDX Compliancy

Monday 14 April 2008

IDX stands for Internet Date Exchange. It is a system that allows brokers to display MLS data on their websites and allow their listings to appear on other brokers’ websites. By employing an IDX solution on your website, you give your clients the ability to search the MLS and use your website as the place to start their search for a home.

If you choose to use an IDX solution on your website, there are a few important rules you’ll need to follow. One of the most important of these rules is that you must allow the listing firm to be identified on both the thumbnail and the detailed listing display. Some third party IDX solutions do not show the listing firm in the thumbnail, and that is a violation of the IDX Rules. Before you integrate IDX with your website, make sure it meets this requirement.

Should you happen to find another brokers’ website that is not identifying the listing firm, we would like to hear from you. We’ll contact the broker, let them know that their IDX solution is in violation of the IDX rules, and we’ll give them five business days to cure.

Here is how to report an IDX violation:

  • Send an Email to idx@mfrmls.com
  • Provide the URL of the website
  • Provide the name of the broker and/or the agent
  • Briefly explain the nature of the violation

You can find out more about IDX by reviewing our IDX Q & A guide.