Hello everyone, and welcome back to Farm Friday! The Federal Reserve just announced a 0.25 percentage point rate hike, with another six hikes scheduled throughout the rest of the year. These actions will result in the highest interest rates in years. Typically, when interest rates increase, the demand for financing goes down, resulting in fewer buyers on the market.
And what does that mean for real estate agents? It'll be harder to sell those listings you win despite the long-term housing shortage. The demand will start to level out with the supply, so we likely won't see listings selling practically as soon as they hit the market. One way to reach as many potential buyers as possible is to ensure you follow all of your local MLS rules and regulations.
What is the MLS?
The Multiple Listing Service (MLS) is an online database of properties listed by realtors across North America. It's an excellent tool for buyers and agents alike, but there are rules and regulations that real estate professionals must follow when posting properties on the MLS.
Top 10 MLS Rules Violations and How to Avoid Them
Most of the violations that come through an MLS compliance department are reported by subscribers and users of the MLS. Violation reporting is anonymous. While there are compliance staff members, the vast number of listings prevent them from combing through each property. Keep yourself protected from any potential legal action by knowing the top MLS rules violations and how to avoid them.
1. Invalid Address
As a professional real estate agent, you must ensure your property is correctly entered into the MLS. If you have multiple listings on one property, make sure each listing has its unique address. This ensures that every potential buyer can find your home quickly.
2. Duplicate Listings
If you list two different homes under one MLS ID, it's a violation, and you may not get any business from the second listing. Make sure you only enter one listing per property.
3. Missing or Incorrect Property Information
If you don’t include essential information about your property, such as square footage, lot size, or price range, it could cause problems later. You should also provide accurate contact information for the seller.
4. Misleading Photos
Make sure your photos accurately represent the condition of your property. Don’t use misleading pictures that show staged rooms or items that aren’t present in the house. Additionally, you shouldn't hide a property defect by failing to represent it in the MLS listing.
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5. Incorrect Expiration Date
You need to update the expiration date of your listing at least once a year. Check the listing agreement if you're unsure of the correct expiration date. While this may seem inconsequential, incorrect expiration dates are one of the most reported MLS violations.
6. Non-Compliant Exterior Photo
Most MLS rules and regulations require that a compliant exterior photo be uploaded to the listing service within a certain number of business days. In some areas, this period is as short as two days. Check with your association to see what they recommend.
7. Branded Media
Branding is important when marketing your property. However, the MLS will automatically brand your listing with the MLS logo and name. In most cases, you cannot have the photos branded with anything related to you as the real estate agent or your brokerage on the MLS.
8. Failure to Timely Input a Required Listing
The MLS requires that you input a required listing within a certain number of business days of receiving the completed form. If you fail to do so, you risk losing your listing. Be sure to review the requirements for each listing type in your MLS.
9. Withdrawal of Listing before Expiration
It's common for sellers to withdraw their listing before the expiration date. It's best to avoid this violation by ensuring you've provided an updated expiration date in the listing agreement.
10. No Contact Information
Include contact information for the appropriate properties in your listing. This information includes email addresses, phone numbers, and physical addresses. Make sure these details are up to date and not outdated.
Sell Your Listings Faster with Real Estate Photography
As I mentioned above, using professional real estate photography for all of your listings (both MLS and listings on other services) can sell the property faster and for more money. Visual marketing is essential for real estate agents. To learn more about real estate marketing, subscribe to The Good Stuff, our weekly email newsletter. Get content like this in your inbox every week!
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