BEWARE: MLS Imposing Fines!

WARNING! We are getting numerous fines from the MLS. You are responsible for making sure that you are not in violation, and also for paying any fines imposed! Please read the following:

MLS Rules Enforcement and Fines (from Realtracs MLS)

User complaints about wrong and missing information are on the rise. The reliability of the data in the Multiple Listing Service is very important to everyone who participates in the system and to buyers and sellers who rely on the information supplied by Realtors®.

The increase in wrong and missing information necessitates that MLS staff increase efforts to review listings on a daily basis and issue fines for rules violations. The goal is simply to clean up the listing data!

Most frequent problem areas:

1. Contact info in the "General Remarks" or "Directions" fields - $100 Fine! (e.g.-phone numbers, company or agent names, websites).
2. Wrong/missing school districts ("Call Board", or "Buyer to Check" not allowed!)
3. Wrong/missing room dimensions
4. Unclosed Pendings
5. Wrong Sales information (Sales dates, price, seller participation, etc.)
6. Tax ID (don't use XXX, etc. For new construction or recently subdivided parcels just repeat the property address)
7. Tax amount
8. Wrong area

The MTRMLS Board of Directors recently passed a rule change that will increase the fine for wrong or missing (required) data from $10 per item to $25 per item.

Please examine your listings for accuracy!

Complete "MLS Fines and Penalties" can be found under the Realty Association's Group Links (or under "Member Info" at mtrmls.com). Also, School Zone Info by county is available under our Group Links, see "School Zones." Some sites give you the option of typing in the street address to get the schools, while other districts require a phone call, but their numbers are on the appropriate "School Zones" site.)

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Part II

Donna Christ from RealTracs, talking about the importance of data integrity and the recent flurry of fines from the MLS:

"While we aren't in the business of fining, we ARE in the business of data integrity... and you should be also!

Apparently many agents are not taking their fiduciary responsibility to their selling clients seriously, and are putting in the schools field, "Call School" or "Call School Board." It is the listing agent's responsibility to provide accurate information on the MLS, and it is also his/her duty to his/her client! The listing agent is responsible for making that phone call! (Yes, it should be the responsibility of the buyer's agent to verify information.)

As an FYI, one of the staffers let us know that there were several re-zonings immediately after the close of school. PLEASE go back to your listings and verify that you have the right school information listed by making a phone call to the appropriate School District.

It was also requested that everyone be more careful about the directions they are putting on the listings! One of our member firms recently did a study and about 80% of the people who show up at open houses are getting their directions from Realtracs.com, the public side of our MLS! People new to the area don't have a clue where Highway 96 is (East or West?, Franklin or Fairview?, College Grove or Almaville?). Those of us who have lived here forever need to remember that not everyone else has! Write those directions for new residents.

Remember that there IS a public site of the MLS that many are going to. When you put inaccurate information into the private side, it shows up on the other side as well. Inaccurate information is a direct reflection of your work so make sure that you aren't presenting the wrong information or the implication of laziness. It just might impact your ability to obtain new clients in the future!

There are all kinds of Code of Ethics issues here relating to a "true picture in advertising" and agency. It isn't just about the fines. It's about your professional courtesy to one another and the public you serve as either a buyer or seller agent. It all goes back to the Golden Rule!"

'Nuff said!