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FMLS is Making Changes

By Jen Bowman

Real Estate Broker/Owner with Keller Williams on the Water

February 27, 2009 12:21 AM

In metro Atlanta we have 2 multiple listing services, GA MLS and First MLS or FMLS. I received this notice from FMLS about some changes which I think are going to be good. This is not the complete notice, it's just a summary.

Economic conditions and other factors have made it necessary for FMLS to establish some new policies and to modify certain rules; see below:

FMLS Policies Short Sales Reference to "short sales" is allowed only in remarks, either public or private. The verbiage must include the following language: "potential short sale/subject to lender approval"

Auctions In accordance with all other requirements for listing input, properties subject to auction can be entered into the FMLS system only if they can be sold before the auction takes place. Such listings must include a reasonable list price. The following must be included in the "Remarks" field: "subject to auction, call listing agent". If the listing can only be sold at auction, it cannot be entered in the FMLS system.

If a current active listing becomes subject to auction only sale, it must be withdrawn from the FMLS system.

All improved and unimproved real estate listed for sale under an exclusive right to sell contract with a Principal Member must be listed with FMLS except as provided in Rules 3.2 and 3.3 hereof.

All FMLS listings are required to be placed in the proper class of property and in the actual geographical area in which they are located. Members shall make every effort to input accurate listing data into the FMLS system including, but not limited to, a list price that represents the amount the seller is willing and able to accept given other reasonable contract terms. Additionally, photos shall not be altered or enhanced in any way that might misrepresent the property.

This one is exciting to me: On March 11, 2009 a new field, Unit Sq Ft, will be added to the Residential Attached property type. Reference to square footage in the Remarks section is still prohibited. Reference to square footage shall not be disclosed or referenced in the FMLS computer system except for:

a) reference in "Remarks" to approximate square footage for Commercial property type

b) fields specifically provided for square footage in Residential - Attached property type (This is for condos and townhomes only.)

So many condo buyers want to know the square footage of a place and in the past it was prohibited to add it in the listing. This will make it so much easier for Buyers to compare units. If square footage is added to the listing in a residential detached (house) it will get kicked out of the system. For now, we will take what we can get, square footage in condos is a great change!

Area Boundaries were also discussed. Agents can login to FMLS for more details.

FMLS

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If you are thinking of buying or selling a home, contact local expert Jen Bowman, Realtor and Broker Associate with Success Realty serving the real estate needs of Decatur and Metro Atlanta, GA. 404-456-5024

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Heather the Realtor Orlando, Lake Mary

LemonTree Realty - Orlando, FL

First Time Home Buyers, Bank Owned Homes

Interesting to see the rules of other boards. We have always had price per sq ft for both listing and sold. Also we have had verbiage and a search field for short sales for quit some times. Except most people dont follow the rules properly and the verbiage is very verbose. :)

Feb 27, 2009 12:24 AM

Brent Johnson

Chase International South Tahoe Realty - South Lake Tahoe, CA

It is important for mls boards to make changes in order to adapt to the changing market. It sounds like FMLS is doing a good job of that.

Feb 27, 2009 12:30 AM

Jen Bowman

Keller Williams on the Water - Holmes Beach, FL

Realtor - Anna Maria Island & Bradenton FL

Heather, you are right, many agents don't follow the rules. It makes it more difficult for others when clients or prospects ask us about another agent's listing and we can see it's done wrong. I find myself telling a lot of people that the listing was put into the system wrong and I can't change that.

Brent, FMLS does actually listen to requests for changes in the system. I have sent in some and it's great when I see it implemented.

Thanks for your comments.

Feb 27, 2009 12:46 AM

Lenn Harley

Lenn Harley, Homefinders.com, MD & VA Homes and Real Estate - Leesburg, VA

Real Estate Broker - Virginia & Maryland

Rules?? What are rules???

Square feet for condos seems savf, but for town homes, if they are in the MLS and entered by the listing agent, the percentage of errors is extremely high in my area because of the basements, 3 story units build on a slab, garages, etc.. Many will add the square feed of below grade areas.

If agents can enter square feet for town homes, it could lead to many errors and mislead the buyers.

Feb 27, 2009 01:01 AM

John LaRocca

LaRocca Inspections - Burbank, CA

Hi Jen, gosh, there are so many RULES! How can you possibly remember them all?

I wanted to thank you for your recent comment and for taking the marketing survey I posted. People were wondering how many responses I got through my post. I ended up with 11 surveys taken after a few days on AR. Not too bad!

Have a GREAT weekend in Decatur!

Feb 27, 2009 05:43 AM

Kathryn Farmer

Dahlonega, GA

The Atlanta FMLS has now inacted a NEW RULE. IF an FMLS member sells a piece of property in a compulsory area, the buyers agent MUST pay an FMLS fee even if the listing agent is not an fmls member and DOES NOT HAVE IT LISTED ON FMLS!! They have decided they want to be paid even though they have done NOTHING toward getting this property sold ... WOW ... we should all be so lucky ... and so greedy!

Also, FMLS has now told Atlanta agents that they may not specify that the seller will pay the fmls fee in special stips in the listing agreement. I guess the GA RE Commission can relax ... FMLS is now telling us what we can & cannot put in our contract agreements with our clients! Overstepping by a mile I would say. FMLS is afraid that the comsumers will not want them if they see the fees.

Oh, and forget opting out ... even though I am taxed as a self employed person & pay my own business expenses ... I HAVE to belong to this fmls if my broker, who gets a kick back from FMLS, belongs ... so much for a self employed person making thier own choices about their buisiness expenses. And the real kicker is that we all pay for ANOTHER mls through our office fees monthly ... it is cheaper (GA MLS) and everything that is listed in FMLS is in GAMLS for the most part. Atlanta is HELD HOSTAGE to paying for two mls systems!

You would think our Board, our Brokers or someone would go to bat for us ... but NO ... the brokers get the kickback and many are part owners AND for whatever reason, they seem to run our Boards as well.

I am betting that they first time an agent that belongs to FMLS (by choice or force) sells a piece of commercial land or large farm property that is listed on LoopNet or LandBank by a non fmls listing agent and FMLS sticks its greedy paw out for its "share" .... that it is going to hit the fan ... can you say LAW SUIT.

I personally think letters to the Real Estate Commission and to the Attorney General would be a good start ... but again, the first time a large sale of something not listed by a non fmls broker incurs a charge ... we may be able to by pass all this. I mean, what next? An FMLS fee on eveything sold in GA ... whether listed with them or not ... what is to keep them from making the whole state "compulsory".

Maybe it will give rise to "NON FMLS BROKERAGES" ... but by the time that takes hold. FMLS will be so rich and powerful, there will be not stopping them.

Jul 21, 2013 03:50 AM

FMLS is Making Changes

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