Don’t get fined! Here are the top 10 MLS Violations of 2022:
- Failure to Change Status – The biggest source of fine income to the MLS has been the failure of agents to close out a listing when it recorded with the county. You have 72 hours to change the listing to SOLD. Now’s not the time to say “It’s Miller Time”. Close the listing in the MLS and then go party.
- Place Holder – Happens frequently. In the rush to make a listing live, listing Agents put something in a required field and forget to change it. Things like PIN numbers, Subdivision names, Street names, and taxes. My favorite? “Dan, what should I put here.” That one will get you a fine every time.
- Missing Associated Documents for Rental Income – The MLS looks for rental support documents every day AND we find quite few that are missing. Why do we require these documents? Some Agents will “enhance” the rental numbers to show a more friendly “Estimated Rental Performance” field. Just know that the MLS is “made aware” of these listings.
- Missing / Incorrect Area – Most agents get MLS Areas correct, but the MLS has had a large influx of agents from outside our area that can’t tell if Pasquotank County is Oceanfront property or not. Always check Appendix 2 of the MLS Rules and Regulations for a clear definition of our areas.
- Under Contract / Continue to Show status – Several times a month the MLS is asked if an agent can use U/C / SH status. The rule is you can only use it if the contract can be LEGALLY VOIDED BY THE SELLER. If the contract cannot be voided by the SELLER then the answer is NO!
Credit: Original content published here.