BARRISTER'S BRIEFING: MLS is Coming—Here are the New Changes!

OneKey MLS, our new joint venture multiple listing service, will go live March 24, 2020. With this new change comes modifications to what you will see and input into our Matrix system, as well as some procedural changes. This article will address the most notable and important changes.

New Status Changes

Pending: As you may have already seen, Matrix has changed or added many status notations. The first is the change from “Contract” to “Pending.” Where a purchase agreement has been fully executed, with or without contingencies, the status term will now be called “Pending” instead of “Contract.” There is no change to the requirements for inputting this change.

Off Market: This status will cease and the status of “Cancelled” or “Withdrawn” will be available.

Cancelled: This status is new. The term “Cancelled” means that the underlying listing agreement had been unconditionally released, meaning that any licensee may approach the homeowner/landlord in an effort to secure a new listing agreement. Only broker/owners, office managers, or office administrators of the brokerage may make this change in the MLS system. Agents of the broker will not be able to make this change, as the listing belongs to the broker, not the agent.

Withdrawn: This status is new. The term “Withdrawn” means the homeowner no longer desires the representation of the listing broker (a unilateral choice of the homeowner), thus the relationship between the homeowner and the listing broker has ended. The listing is no longer active; however, the underlying listing agreement is still conditionally in effect. As a part of this term “Withdrawn,” an “Obligation Date” will also be established. This “Obligation Date” is the date that the underlying listing contract ends. This date could be the natural expiration date of the listing agreement or it could be an earlier date agreed to by both the homeowner and the listing broker.

(Note: The “Obligation Date” cannot be a date later than the original expiration date unless an extension of the listing agreement is mutually entered into by the parties before the listing is “Withdrawn”). Again, only broker/owners, office managers or administrative assistants of the brokerage may make this change in the MLS system. Until that Obligation Date has passed, a prospective licensee may not directly contact the homeowner in an effort to list the property. After the “Obligation Date” passes, the listing will automatically change to “Expired” in the MLS system.

Unchanged Status

The following status identifiers will remain unchanged:

Active: Listings that are available for showing and for purchase or rental.

Expired: The underlying listing agreement’s “Expiration Date” (or “Obligation Date”) has passed and a prospective licensee is free to solicit the homeowner to list the property.

Rented: A lease have been fully executed with no contingencies.

Sold: Title has passed.

Temporarily Off the Market: The listing is inactive, unavailable to show for a period of three (3) days or more. This status can remain indefinite or until the listing Expires.

Other Changes

In addition to the status changes, other changes are taking place. These include:

Expiration Date: Expiration dates will now be fully visible to all subscribers.

Use of Facilitators: OneKey will have members that are designated as “Facilitators” to assist members in gaining access to properties or in presenting offers or obtaining proof that offers were presented. These Facilitators will be authorized to reach out directly to the listing agent and/or broker to assist in expediting matters. Failure to comply with a Facilitator’s requests may result in an automatic fine.

LSC: This stands for “Last Status Change” and is similar to Matrix’s “Last Hotsheet Activity.” Activities will include: BOM (Back on Market), PC (Price Change), and EXT (Extended).

New Fields: New fields will include:
Obligation Date (as discussed above)
Auction: Y/N
Auction Terms of Sale: Y/N
Send to Zillow: Y/N (Not applicable if brokerage has opted out of Zillow Group Syndication)
For Residential Rental Properties Only:
Legal Rental Y/N
Permit Required: Y/N and Permit # and Permit Expiration Date (if Permit Required = Y)
New Commercial Subcategory in Transaction Type Field:
Business Only (Listing for the only the sale of the business, not the property)

Conclusion

Although these changes are not earth shattering, they are important to know and understand. Failure to know or use these functions could certainly impact a member’s ability to act in the best interests of their clients, cooperate with other Realtors, and could even result in fines or Code of Ethics violations. As OneKey goes live, we will continue to update and review rules and regulations that are important to all our members.

For additional information:  OneKeyMLSNY.com