2021 MLS Changes

                                                               

    2021 MLS Changes

 Updated 3-22-21

*Updates added in chronological order; therefore, check the bottom for the page for recent information.

1) In 2020, the MLS Master Group and Board of Directors approved updated MLS policy documents. These new documents have taken effect as of Feb. 15, 2021.

a. Rules & Regulations Document – located under the "MLS Documents" link on the Paragon homepage, followed by the "CAAR MLS Rules and Regulations" folder.

2021 MLS Rules & Regulations changes include:
  • Spelling and grammar changes (capitalization of Participant, Broker, Agent, etc)
  • Renumbering of several sections
  • Clarification of “Comparable Listings” status in Section 2.2
        o Days on Market behavior in Appendix C
        o Definition in Appendix G
        o Authorization Form in Appendix H
  • Clarification of Support Staff billing procedures in Section 12.2.D.
  • Clarification in Section 13.4 that actions to be taken for noncompliance with MLS Rules & Regulations are specified in Appendix F
  • Removed Appendix J
b. Supra eKey Lease Agreement – located under the "MLS Documents" link on the Paragon homepage, followed by the "CAAR Supra Information" folder.

c. Lockbox Policy #10 - located under the "MLS Documents" link on the Paragon homepage, followed by the "CAAR Supra Information" folder.


2) New “Comparable Only Status”
a. If entering a Comp Only Listing, use Appendix H.

b. Off-market status; category of Sold i. DOM and CDOM do not accrue.

c. Definition & Purpose
      i. Real estate transactions in which a CAAR MLS Subscriber has participated as the agent of one or more parties of the transaction, but which were sold outside of the MLS may be entered into the MLS for comparable purposes only.

    ii. The purpose of these listings is to increase the data available to CAAR MLS Subscribers for making comparative market analyses of future listings and giving credit for these transactions to the agent(s) involved.

d. Only one agent from such transaction may enter this listing and this Authorization Form must be uploaded onto the Document link of the listing.

e. This data will be available only to CAAR MLS subscribers.

f. This data will not be available in RETS/IDX feeds.

g. Comp Only listings must be entered within 7 calendar days of the closing date.

      i. From February 15, 2021 – March 15, 2021 – Agents may enter historical listings as far back as August 1, 2020.

      ii. Beginning March 16, 2021 – Agents may only enter listings 7 prior calendar days.

h. Comp Only listing to be started from a Partial and Provisional status.

i. Comp Only listing can be copy/cloned from Sold, Expired, Withdrawn listing if it’s the same agent/broker.

j. This status viewable and searchable by CAAR subscribers only (NOT for GAAR or HRAR subscribers).

k. Available in these classes:

     i. Residential

     ii. Land

     iii. Rental

     iv. Multifamily

l. The same set of required fields will be mandatory for listing entry in this status.

m. When searching for Comp Only listings, be sure to select “All Sold” so you receive Sold and Comp Only listings.

All sold status screenshot_2-17-2021

n. If you’ve customized your search screen, be sure to add “Comp Only LVT” to your search criteria.

Comp Only LVT screenshot_2-17-2021

The CAAR Board also recently approved the following MLS changes, which have taken effect as of Mon., Mar. 1st :

3) Seller Concessions

Fields for Seller Concessions have been updated in all classes. When marking a listing sold, Agents will be required to provide a dollar figure (can be zero) for concessions identified before and after contract ratification.

These new fields are labeled “Closing Costs at Ratification” and “Miscellaneous Seller Credits” (which are concessions negotiated post ratification).

Concession

4) Cumulative Days on Market (CDOM) and Days on Market (DOM)
1 - Off market time period to clear Cumulative Days on Market (CDOM) and Days on Market (DOM) will be 60 days (previously 90 days).

5) Reports
These following changes will affect reports. Please be sure to update your personalized reports to accommodate the changes. CAAR will be updating default system reports to accommodate the increased characters as best as possible.

1- Increase public remarks to 1,250 characters

2 - Increase agent remarks to 1,250 characters

3 - Increase picture count to 75

6) Updates in Anticipation of the April 13th Bright MLS Data Share
The following updates will be live to all CAAR, GAAR, and HRAR users as of Mon., Mar. 22nd to accommodate Bright MLS data:
  • New subdivision lookup values; includes look-up relationships
  • New Bright Lockbox lookup value; will be hidden as an option during listing input, but will appear as the lockbox choice on a Bright listing report
  • Dock/Ramp field has been added to Standard Features
  • “Bright Supplemental Info” has been added as a Remarks field; will hold labeled and concatenated Bright Data that was determined to be critical, but did not have a current field/match in CAAR
        o CAAR is creating board-specific reports that include this supplemental information so that GAAR & HRAR will not see this section on their reports
  • Additional compensation fields to include the following list. These fields will be viewable on Bright listings but not searchable. These fields will only appear on CAAR board-specific reports.
      o "Addl BA Comp/Remarks”; Holds Additional Buyer Agency Compensation Data & Remarks from Bright
      o “Addl SA Comp/Remarks”; Holds Additional Sub Agency Compensation Data & Remarks from Bright
      o “Addl TB Comp/Remarks”; Holds Additional Transaction Broker Compensation Data & Remarks from Bright
Frequently Asked Questions
1) I have a question about the 2021 MLS changes. Where do I submit a question?
Send your question to support@caar.com.