On October 22, 2020, the Board of Directors approved the following recommendations from the MLS Committee to amend the MLS Rules, as outlined below, and are effective immediately. For questions, please call 423.698.8001 and ask to speak with MLS Director Tonya Bell or MLS Coordinator Rheta Beck.
As outlined below, the MLS Rules, Section 1.17 was amended to ensure the entry of comparable sales reflects a true picture as related to production credits, eliminate production “double-dipping” created when a sale is reported more than one MLS to which the Participant or Subscriber belongs, and ensure quality comparable sale data:
Section 1.17. Reporting Sold Only Listings. When reporting production, “COMP” may be used for listing and/or selling agents who are not Participants and Subscribers in the MLS. If the Participant or Subscriber is going to report a comp sale, it must be reported within ten (10) days of the last day of the month in which the closing of the transaction occurred. If the Participant or Subscriber is the only licensee in the transaction, he/she may claim the production for both the listing and selling sides of the transaction. The agency status of the licensee is not a determining factor for claiming production. Reporting Purchases of Unrepresented Sellers/Comparable (“COMP”) Sale: Participants and Subscribers may report the sale of an unlisted property for statistical and comparable purposes provided the Participant or Subscriber:
a. Reports the sale within ten (10) days of the last day of the month in which the closing occurred;
b. Completes all required fields, included but not limited to any photo requirement as outlined in Section 1.2.5. Photos.
c. Obtains the buyer’s written consent to report the sold data to the MLS; and
d. Enters into the Agents Notes “COMP Purposes Only” and a description or condition statement of the property.
Failure to comply with all requirements of this Section 1.17 shall result in removal of the listing from the MLS compilation.