Withheld Listings

Late Listing: “so let's just say that you are you've gotten your contract signed but for some reason there's something happened you just were not able to get into MLS within the 2 business day rule call us or email us let us know so we do know that “hey I'm trying to get this in there but this happened or this happened” so that way we know we can work with you on that, and that does happen you know there's all different reasons for that happening, so please, again power of communication, communicate with us so we can make sure that we can make it workable for you guys.”

15:00- Withheld Listings: 

"It's used for a couple different purposes typically if your sellers are not ready they need paint done you got photos you know lots of different reasons maybe there was you you were going to put the listing on but there was a medical emergency you know different reasons that is a true reason why withheld listing can be put on but there's always an or also an office exclusive now before adding it as an office exclusive please check with your broker and make sure your broker is okay with you doing an office exclusive especially right now with the new news that came out with Zillow and Redfin and if you guys are not aware of that I highly suggest you go on to your real estate news sites and check that out because those are some big happenings right now, office exclusives though can be within your brokerage.

So you have it in withheld it is NOT going out to any syndication sites at all it is not even "on the MLS" so again it is truly an exclusive listing at that time there is no public marketing and that's where clear cooperation comes in, and just know that you can have your listing in the withheld status for as long as you need to or for the whole duration of the listing it will expire and delete at the time of expiration if it stays in the withheld listing status so just know that too, but if you keep it in the withheld listing status up until closing because maybe it is a true office exclusive and you do want to put it on the MLS, when it's time to close it you definitely can do that, The steps are going to be then you have to activate it and then follow the proper procedures depending on where you're at that time of the transaction so that is what the withheld listing is used for."

"Clear cooperation goes in turn with the withheld listings because the clear cooperation policy would mean that it is not on the MLS, because you're not going to advertise that property until you have a a signed Active contract so at that time then you fall into the two business day rule where you have to put it into the MLS within two business days, which would then put you into the withheld status.

So when you're in there let's just say you publicly advertise, meaning a sign on the property, Facebook post, marketing email, any of that kind of stuff that will trigger the clear cooperation policy. What the clear cooperation policy is then, is you have ONE business day (different than 24 hours), one business day from the day of the public marketing so again if you put a Facebook post out there and it is not in the MLS within one business day you would need to make it Active or Coming soon on MLS.

So again, clear cooperation, if you advertise a property in any way shape or form that would need to go into the MLS within one business day. I know that people are not completely certain of what public marketing is again public marketing is the flyers yard signs what we see the most of is yard signs, emails, and Facebook posts etc. Now NAR did just pass a little interpretation of their policy that we are going forward with the same as what they're doing however there's a little bit of clarification that is needed but our interpretation right now is this: So they did state that broker-to-broker communication one-to-one is okay meaning if you have a listing contract, it is in withheld, it is not publicly marketed, but you want to talk to somebody at another brokerage a one-to-one conversation that now is okay. What is NOT okay with is if you contact several brokers outside of that brokerage, mass emailing or mass marketing of any sort would still be considered public marketing and that would flag the clear cooperation. I know that question was asked "does it have to be just the broker?" but the broker is a participant the agents fall under that broker, so agent-to-agent is okay as long as it's just one-on-one."

28:02 Compliance Prevention and best practices:

"Always be sure to check your data to make sure it is accurate this is something that we do see obviously hence why we get the notices and we do see this quite often so make sure that when you are listing with that seller you know you go through and you talk with them about it, you're doing the measurements, filling in the fields, please fill in even the fields that are not required- it is great information to have so make sure that as long as you are sure you can get the most accurate data then fill those fields in that's only going to help you sell the home, that's going to help appraisers appraise out the properties you need appraised, it's going to help the buyers when they're looking for something, they might see something specific so all that data is extremely important, but just make sure it's accurate. If you're not sure that it's accurate we do find that the city and county do work with you very well to verify data. DO NOT copy another agent's listing unless you have been able to verify their data because we do hear it a lot of times “well I just copied the previous listing” but it doesn't mean that that previous listing is always correct.

Realist tax that is a nice place to look, realist tax does pull once a month from the city/county so they're usually pretty up to-date so that you know if you have if it's not listed yet and you want to put it in there you can go right into your realist tax put in your property ID or your address pull that up and check out what tax record shows.

Again I can't say it enough. Please send in your virtual tours, your remarks, your supplements, anything you have questions on for compliance check. Send it to us, we will check any and everything that you guys have. We do not want to send out fines."