Homesnap Pro is MLS On the Go!

 

My Florida Regional MLS (MFRMLS) is now providing Homesnap Pro – one of the best and most powerful real estate tools around – to you as a subscription benefit! Confirm your Homesnap Pro account and see what a difference it will make for you!

Here are just a few things you can do with Homesnap Pro:

  • Access real-time MLS information on your phone or tablet
  • Prepare and send a Rapid CMA
  • Get confidential showing information and agent competitive data
  • Connect and collaborate with your client and other agents
  • Agent-only profiles
  • Agent-only info
  • Protected listings
  • Branded email
  • Boosted exposure

Find out all the details about Homesnap Pro here.

Get the Homesnap Pro app from the App Store or Google Play.

Active with Contract status removal

After much review and consideration, the MFRMLS Board of Directors has approved the elimination of the Active with Contract (AWC) status. Below are key items to know regarding this change.

• On November 1, 2016 the option to select Active with Contract (AWC) as astatus in Matrix will be disabled.

• All listings currently in the AWC status as of November 1, 2016 will stay in that status unless changed. If you change your AWC listing to another status after November 1 the option to revert back to AWC will not be available.

• December 19, 2016 – any listing still in the AWC status will automatically move to the Pending (PNC) status.

• Saved Searches – if you have saved searches using the AWC criteria only, after December 19 those searches will not return with any results.

Frequently Asked Questions

1. Why the change?

The original purpose of the Active with Contract (AWC) status was to help accommodate the large influx of short sales that hit the market during the last recession. With the rebounding economy, less than 4% of the active residential inventory in our MLS is a short sale which in turn diminishes the need for the AWC status.

2. How do I handle backup offers on my Pending sales?

• If the owners want to accept back up offers, the “Backups requested Y/N” fieldis available on the ‘Change to Pending’ status page and is searchable.

• Remember also that pending listings are now allowed on public facing websites such as IDX sites, Realtor.com, MyFloridaHomesMLS.com, etc.; be sure to amend your remarks to include “taking backup offers” for additional exposure on the Internet.

3. Can I search “Back-up Requested Y/N” in Matrix?

• Yes, Back-ups Requested Y/N is an additional search control option, simply add the field using the “add/remove fields” on the search form.

4. The offer is signed between the seller and buyer but the bank has not approved the offer yet. How can I remain compliant with MFR and market my listing?

• Since there is an accepted offer between the buyer and the seller, use the Pending status.

• Also use the “Back-ups Requested Y/N” field to indicate you are acceptingBack-up offers and your listing will be searchable by other agents searching for Pending listings that are accepting back-up’s.

5. What about my saved searches?

• If the Pending status is already included in the saved search criteria, in additionto the AWC status, no adjustments are necessary.

• Searches and auto-emails with AWC as the only criteria –will return no results as of 12/19/2016.

• Searches and auto-emails with additional statuses selected (Active) will continue to have results based on the remaining criteria.

6. Are there any exceptions to the requirement to report the property as Pending oncethe offer is approved?

• The MFRMLS Board of Directors has decided against any exceptions forcontinuing to keep a listing in Active status when a contract has been accepted.

7. When my listing moves from AWC to Pending, what is the impact on the Days on Market (DOM) count?

• When a listing moves to pending status, Days on Market is calculated from the Listing date to the Contract date and no further days are accrued. When moving from AWC to Pending, the calculation will change to be equal to the days between list date and the contract date you reported when you originally changed the status to AWC.

8. What will happen with listing stats?

• You will see a gradual change during the time the status is disabled until the remaining listings in AWC are changed to Pending on December 19.

• We expect the natural attrition of approximately 200 listings per day moving from AWC to pending or sold will reduce the current number of AWC listings from 7,000 to approximately 1,000 between November 1 and December 19.

Don’t see your question addressed here? Email your question to: AWCremoval@mfrmls.com

MLS login portal to have PRO icons and links

Starting this week you will see new icons on the MLS login portal. All of them link to various resources and benefits related to PRO membership, such as:

1. Education and events calendar
2. Pay PRO dues and MLS fees online
3. PRO’s website – a general link to our site where you can view real estate statistics, update your personal info, etc.
4. Affiliates – search our vast database of Affiliate Business Partners
5. PRO Tools – all of your membership benefits in one place
6. Connect with us – our social networking pages

RatePlug system changes

As part of RatePlug’s ongoing commitment to keep you informed of industry changes, they wanted to update you about a new Federal Trade Commission requirement for those who offer commercial information about mortgages to clients or customers. This will have an impact on ALL real estate professionals. RatePlug wanted to be sure that this new requirement did not escape your notice. Click here to view a PowerPoint presentation demonstrating the new “Display Achieve” features.


Real estate professionals need to be aware of a new FTC rule — “Mortgage Acts and Practices – Advertising,” aka, MAP.

Among other things, it prohibits misrepresentations and imposes recordkeeping requirements on anyone who provides information about mortgage products to consumers.

This affects all real estate professionals, because “providing information” can mean something as simple as giving a client a lender’s rate sheet.

To view entire FTC MAP ruling go to:

http://ftc.gov/os/fedreg/2011/07/110719mortgagead-finalrule.pdf 

The rule’s requirements

The MAP rule prohibits misrepresentations in a commercial communication about any term of a mortgage credit product. And “commercial communication” is broadly defined: It covers any oral and written statement designed to “create an interest in purchasing goods or services” — in this case a mortgage credit product. That means any form of credit that is offered to a consumer and secured by the consumer’s dwelling.

And what kind of statement is considered to be creating such an interest? The definition is broad — any information about mortgage terms is covered, and under “mortgage terms,” the FTC includes interest rates, amount of taxes, variability of interest rates, prepayment penalties, and products sold in conjunction with a mortgage.

The rule applies to real estate professionals when they provide any information about the terms of a mortgage product to a consumer. For example, by giving a client a rate sheet for a particular lender, or providing an application for a specific mortgage product.

Disclaimers and recordkeeping

So a Realtor® gives a client information that falls under the rule. What does that mean? What does he/she have to do to be in compliance?

For starters, provide a disclaimer on whatever documents you give out or written statements you make; a properly crafted one can protect against later misrepresentation claims.

NAR’s sample disclaimer is simple and clear, “’Broker Name’ is not a mortgage lender. Contact ‘Lender Name’ directly for more information about its products and your eligibility.”

This language is included in all communications through the RatePlug system.  

Any “information” given to clients needs to be retained for two years.

Real estate professionals are required to keep all covered commercial communications for two years from the date that the communication was made to the consumer. All communications generated through the RatePlug program are archived and retrievable for 6 years.

Let PROTech transfer your listings

If you are transferring from one broker to another within PRO, MFR will not transfer them. You have 2 options:

1. With the approval of the originating and receiving brokers, withdraw the listings prior to filling out the agent transfer form and re-input them after your agent transfer process is complete. (This is the only option available when transferring from one board to another. Listings cannot be transferred between associations). Once you change offices, you will not be able to edit listings assigned to your former brokerage.

2. Save valuable time – provided all required signatures are present, PROTech will transfer your active listings for just $25 – there is NO limit to how many listings they’ll transfer. You’ll need to fill out the PRO Listing Transfer form. Click here to access that form. You must have both brokers sign the form, then fax it to PRO at 727.231.8060.

If you have any questions, please call PROTech at 727.344.PROS (7767)